Slideshow RIP GSE reform, emoji translation and Mulvaney’s CFPB plan: Top stories of the week

Published
  • April 06 2018, 4:45pm EDT

GSE reform a likely scratch from this year’s to-do list; banks’ difficulties in speaking emoji; reactions to Mick Mulvaney’s plans for the CFPB; and more.

Time's up: GSE reform ain't happening this year

Momentum to overhaul the mortgage finance system had been slipping, and with Democrats divided over the Senate's banking relief bill there's virtually no chance more bipartisan deals can be worked out.

(Full story here.)

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Banks struggle to unmask true account owners for looming AML rule

Efforts by financial institutions to track "beneficial ownership" data in advance of a regulatory deadline next month is complicated by the challenge of getting customers to cough up the information.

(Full story here.)

When it comes to emojis, banks just ¯\_(ツ)_/¯

Customers are sprinkling symbols into their texts, and it's a challenge for banks to fine-tune systems to support the use of the cartoon code in communications.

(Full story here.)

Wells Fargo execs, directors got the boot. Will its auditor be next?

KPMG has been the bank's auditor since 1931. Critics say it's time for a change.

(Full story here.)

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Mick Mulvaney's CFPB plan is dangerous

His suggestion to force major agency rules to be preapproved by Congress is a threat to consumers and lenders alike.

(Full story here.)

Mulvaney thwarts Warren inquiry, citing CFPB structure

The agency's acting director uses a reply letter to the senator not to answer her questions but to underscore that Congress lacks the ability to compel answers to such questions.

(Full story here.)

Blockchain collective snags big fish: Ripple

Becoming a member of Hyperledger fits Ripple's ideal of allowing different blockchains or distributed ledgers to communicate with each other.

(Full story here.)

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How one small bank increased lending without hiring more lenders

Millennium Bank in Tennessee has quickened approval times on loan applications by using software that frees lenders from repetitive, manual tasks. The result: Loan balances have increased by more than 50% in less than two years.

(Full story here.)

It 'would stab a knife' into CFPB: Critics react to Mulvaney proposal

The latest salvo by the acting director of the Consumer Financial Protection Bureau — proposing in the agency's semiannual report that all CFPB rules be subject to congressional approval — left many observers stumped if not outraged.

(Full story here.)

5 takeaways from Treasury's call to action on CRA

The financial services industry and community reinvestment advocates both praised the Treasury Department's recommendations for reforming Community Reinvestment Act enforcement.

(Full story here.)