Slideshow Mobile pay revolution, Mnuchin's pipe dream, Mulvaney's Siberia?: Top stories of the week

Published
  • May 04 2018, 4:32pm EDT
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China's mobile payment lessons for U.S. bankers; unpacking Mick Mulvaney's CFPB relocation musings; Steven Mnuchin's wishful thinking on GSE reform; and more from this week's most-read stories.

Lessons from a mobile payments revolution

There is no disputing that China is ahead of the rest of the world in mobile payments. What insight does it offer U.S. bankers?

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The real reason Mulvaney wants CFPB employees in the basement

Acting CFPB Director Mick Mulvaney's staff is selling the move of agency employees as a cost-cutting measure. Don't buy it.

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Small bank is using Wells Fargo as a punching bag. It's a risky move

A New Jersey community bank has launched a campaign that takes digs at the megabank while highlighting its own values. Should others follow its lead?

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Mnuchin wants GSE reform in 2019. There's a problem with that

The Treasury secretary has said that he doesn't see changes to the housing finance system happening this year, but he's hopeful something can be done after the elections.

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Why this community bank took the plunge on a new core platform

Many banks talk about the need to replace legacy core systems, but relatively few go through with it. The CEO of Mechanics Cooperative Bank in Massachusetts explains the case he made to his board that the promise outweighed the risk.

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American Samoa finally gets a public bank. And U.S. states are watching

The Federal Reserve's decision to allow the Territorial Bank of American Samoa access to the U.S. payment system creates only the second public bank in the country, and may pave the way for others in California, New Jersey and elsewhere.

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CFPB's Mulvaney misled Congress about land deal, watchdog says

The group says Mulvaney, who also runs OMB, was not totally forthcoming with the Senate Budget Committee about the foreclosure of a property he owns in South Carolina.

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How huge Wells Fargo fine could leave customers in the cold

Not a penny of the $1 billion fine against Wells Fargo will end up in the hands of customers harmed by practices flagged by regulators.

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Little-noticed reg relief measure would combat card fraud

The provision would make it harder for criminals who use real Social Security numbers to create fake personas and then apply for credit.

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CRE borrowers are repaying early. It's a problem for banks
Borrowers can get better rates elsewhere, so they're repaying ahead of schedule, leaving banks in the lurch. The steps lenders would have to take to keep the business could be prohibitively expensive.

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