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A BankThink argues that Treasury's GSE cash infusions are just the return of stolen money; MUFG wants its Union Bank to be one of the nation's 10 largest; fintech promises a 30-minute mortgage; and more.
Treasury Department building
The U.S. Department of the Treasury building stands in Washington, D.C., U.S., on Friday, July 29, 2011. President Barack Obama and congressional leaders began a fresh attempt to reach agreement on raising the U.S. debt cap, with a potential framework for a deal emerging two days before a default deadline. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

This isn't a bailout, this is return of stolen funds

News that the GSEs need an infusion from Treasury to cover quarterly losses underscores problems with the government's 2012 decision to "sweep" the housing giants' profits.

(Full story here.)
pie chart showing bank execs concerns about blockchain

The reasons U.S. blockchain adoption has stalled

JPMorgan Chase is said to be dropping its Quorum blockchain technology, and little is happening with other blockchain projects that have been in the works for years. What gives?

(Full story here.)
Steve Cummings, CEO of MUFG Americas.

MUFG's big U.S. expansion is just getting started

The holding company for Union Bank — itself a unit of the Japanese giant Mitsubishi UFJ Financial Group — is on a mission to double its size and become one of the nation's 10 largest banks.

(Full story here.)
Jason van den Brand

A mortgage in 30 minutes? Fintech says it's coming

Lenda, launched in 2014, currently makes mortgages start to finish in two weeks. But it's aiming to make it a process that can be finished on a borrower's lunch break.

(Full story here.)
Attorney General Jeff Sessions
Jeff Sessions, U.S. attorney general, listens during a law enforcement roundtable on sanctuary cities with U.S. President Donald Trump, not pictured, in the Roosevelt Room of the White House in Washington, D.C., U.S., on Tuesday, March 20, 2018. "This is something I don't think anybody in this room can understand when it comes to the other side," Trump said referring to sanctuary-city advocates. Photographer: Kevin Dietsch/Pool via Bloomberg
Kevin Dietsch/Bloomberg

DOJ pot crackdown has yet to hit banks

Attorney General Jeff Sessions made headlines in January when he tightened federal marijuana enforcement. But the good news for financial institutions looking to service the pot industry is that the rest of the government has responded with a shrug.

(Full story here.)
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Latest weapon in battle for deposits: A digital-only bank

The field is crowded, but that's not stopping well-established banks from trying to reach new markets by creating separately branded digital units.

(Full story here.)
BBVA signage
A BBVA logo sits on display outside a Banco Bilbao Vizcaya Argentaria SA bank branch in Madrid, Spain, on Tuesday, July 22, 2014. BBVA, Spain's second-biggest bank, agreed to purchase state-run Catalunya Banc SA for 1.19 billion euros ($1.6 billion) as the government lined up buyers for nationalized lenders. Photographer: Angel Navarrete/Bloomberg
Angel Navarrete/Bloomberg

BBVA-backed fintech launches global bank account

Denizen is designed for expats and migrants to receive money and make payments without international transfer fees or currency exchanges.

(Full story here.)
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Intelligent house, smart home and home automation concept. Symbol of the house and wireless communication.
Jakub Jirsak/Jakub Jirsák - stock.adobe.com

Here's how blockchain could help the mortgage industry

Governments are studying ways blockchain can safeguard property records and simplify how they get tracked.

(Full story here.)
State Street
The State Street Financial Center building located at One Lincoln Street in the Financial District of Boston, Massachusetts on Monday, October 15, 2012. Completed in 2003, it stands 503 feet tall, and is the 15th tallest building in Boston.
Scott Eisen/Bloomberg

Regionals may lose 'systemic' label, but they're not out of the woods

The regulatory relief bill frees some regional banks from the tough supervision reserved for larger companies, but regulators still can subject them to onerous requirements.

(Full story here.)
Sen. Lindsey Graham, R-S.C.
Senator Lindsey Graham, a Republican from South Carolina, listens during a Senate Judiciary Committee hearing in Washington, D.C., U.S., on Wednesday, July 26, 2017. The hearing is entitled Oversight of the Foreign Agents Registration Act (FARA) and Attempts to Influence U.S. Elections: Lessons Learned from Current and Prior Administrations. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

Graham unveils Senate measure to repeal CFPB payday rule

The congressional resolution to overturn the payday regulation comes as acting CFPB Director Mick Mulvaney has already said the agency will reconsider the rule internally.

(Full story here.)
GSEs Blockchain Growth strategies Digital mortgages Marijuana banking Deposits Fintech Regulatory relief Payday lending
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