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Comprehensive analysis of the banking industry's first big legislative victory since the crisis; lawsuits target banks with websites in violation of the Americans with Disabilities Act; what a homegrown app for millennials has to teach Wells Fargo; and more from this week's most-read stories.
Senate Banking Committee Chairman Mike Crapo
Senator Mike Crapo, a Republican from Idaho and chairman of the Senate Banking Committee, smiles while waiting to start a confirmation hearing for Richard Clarida, vice chairman of the U.S. Federal Reserve nominee for U.S. President Donald Trump, not pictured, in Washington, D.C., U.S., on Tuesday, May 15, 2018. Clarida told U.S. lawmakers he would support policies that take a balanced approach to achieving the Feds goals of maximum employment and price stability. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

Congress seals deal on Dodd-Frank reforms

The bill passed by the House took a more cautious approach to relief than prior legislative proposals but has still been hailed by banking industry groups.

(Full story here.)
House Speaker Paul Ryan
U.S. House Speaker Paul Ryan, a Republican from Wisconsin, pauses while speaking during a press conference on Capitol Hill in Washington, D.C., U.S., on Wednesday, April 11, 2018. Ryan's surprise announcement that he won't seek re-election clears the way for his deputies -- Kevin McCarthy of California and Steve Scalise of Louisiana -- to vie for the top GOP position ahead of a November election that may upend control of the chamber. Photographer: Al Drago/Bloomberg
Al Drago/Bloomberg

Reg relief is about to pass — get ready for the spin

Why both Republicans and Democrats are exaggerating legislative changes to the Dodd-Frank Act.

(Full story here.)
Chart of selected ADA lawsuits filed against banks

Banks are sitting ducks for ADA lawsuits

Several dozen banks have been accused of operating websites that violate the Americans with Disabilities Act. Here's why trial lawyers are targeting them and are expected to sue more.

(Full story here.)
U.S. Capitol
The U.S. Capitol is reflected in a Capitol Visitor Center fountain in Washington, D.C., U.S. Photographer: Andrew Harrer/Bloomberg
Bloomberg Creative Photos/Bloomberg

Reg relief's done. What's next for banks?

The Senate bill is a huge win for the banking industry, but there are still plenty of unresolved legislative issues of interest to financial institutions.

(Full story here.)
Generational preferences for mobile-only banking

What a homegrown app for millennials has taught Wells Fargo

The bank found that mixing personal finance management with positive reinforcement allowed it to appeal to younger customers.

(Full story here.)
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Does Fifth Third's merger math add up?

The high multiple Fifth Third is paying for MB Financial raises questions about whether it can cut enough costs, realize enough growth and win over skeptical investors.

(Full story here.)
Car dealer
Vehicles sit on display for sale at a Nissan Motor Co. car dealership in Patchogue, New York, U.S., on Friday, April 27, 2018. WARD's Automotive Group is scheduled to release auto sales figures on May 1. Photographer: Johnny Milano/Bloomberg
Johnny Milano/Bloomberg

Trump makes repeal of CFPB auto lending rule official

The CFPB policy was aimed at preventing discriminatory markups on indirect loans made by car dealers, but current acting CFPB Director Mick Mulvaney said the guidance "seemed like a solution in search of a problem."

(Full story here.)
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A crumpled up home loan application (stamped with the word "denied") has been discarded on the ground in disappointment and frustration. All information written is fictional.
Kabby - stock.adobe.com

HMDA measure in reg relief bill is misunderstood

A provision to remove new mortgage recordkeeping requirements would help overburdened community banks lend without disrupting data collection that is used to police discrimination.

(Full story here.)
President Trump's announcement of Paris Agreement withdrawal
U.S. President Donald Trump speaks during an announcement in the Rose Garden of the White House in Washington, D.C., U.S., on Thursday, June 1, 2017. Trump announced the U.S. would withdraw from the Paris climate pact and that he will seek to renegotiate the international agreement in a way that treats American workers better. Photographer: T.J. Kirkpatrick/Bloomberg
T.J. Kirkpatrick/Bloomberg

Think you've seen the Trump effect on regulation? Just wait

With Congress set to approve a regulatory relief bill and vote on an FDIC chairman, banks will soon see the deregulation they've long been anticipating.

(Full story here.)
Joseph Otting
Joseph Otting, Comptroller of the Currency nominee for U.S. President Donald Trump, listens during a Senate Banking Committee nomination hearing in Washington, D.C., U.S., on Thursday, July 27, 2017. Otting, who has served as OneWest Banks chief executive officer, would bring a lengthy resume working for banks that are overseen by the agency he's been tapped to run. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

OCC gives banks green light to compete with payday lenders

The agency's bulletin opens the door to banks' making more short-term loans to borrowers with lower credit scores — with few parameters beyond "sound underwriting."

(Full story here.)
Regulatory reform ADA M&A Auto lending HMDA Payday lending Wells Fargo Fifth Third CFPB News & Analysis Fifth Third Bancorp
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