Blockchain hype, CFPB outlook and Dodd-Frank's staying power: Top stories of the week

January 5, 2018 3:25 PM

Don't believe the hype: There are no good uses for blockchain

After 10 years of development, nobody has come up with a use for blockchain that has been widely adopted.

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House next to Green Bay Packers training facility for sale on blockchain

Could blockchains replace banks in real estate lending?

Startups that have developed the technology for real estate finance are starting to conduct a broader array of transactions, including property sales.

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Mick Mulvaney, OMB director and acting director of the CFPB

Mick Mulvaney, director of the U.S. Office of Management and Budget (OMB), listens during a House Budget Committee hearing on U.S. President Donald Trump's fiscal 2018 budget proposal in Washington, D.C., U.S., on Wednesday, May 24, 2017. Trump would dramatically reduce the U.S. government's role in society with $3.6 trillion in spending cuts over the next 10 years in a budget plan that shrinks the safety net for the poor, recent college graduates and farmers. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

CFPB 2018 outlook: More deregulation, more upheaval

If acting CFPB Director Mick Mulvaney ultimately prevails in the lawsuit challenging his position, he is expected to continue implementing the most significant changes to the agency in its six-year history.

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survey of how many business make ACH payments

Banks discover fee income in helping firms with e-payments

Commercial customers, including small businesses, seem ready to pay up to shift to faster, more sophisticated electronic invoicing and payments, and enterprising banks that provide them the technology to do so could find it lucrative.

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Senator Orrin Hatch, a Republican from Utah, speaks during a news conference after a weekly GOP luncheon meeting at the U.S. Capitol in Washington, D.C., U.S., on Tuesday, Nov. 28, 2017. The outlook for Republicans to deliver a U.S. tax overhaul by the end of the year brightened Tuesday after President Donald Trump addressed GOP Senate holdouts in a closed-door session. Photographer: Aaron P. Bernstein/Bloomberg

Aaron P. Bernstein/Bloomberg

Hatch retirement paves way for makeover atop banking panel

The announcement Tuesday by Sen. Orrin Hatch that he will retire at the end of the year could have a ripple effect throughout the Senate, including the leadership of the Banking Committee.

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US Bancorp signage stands outside a branch in Normal, Illinois, U.S., on Monday, July 10, 2017. US Bancorp is scheduled to release earnings figures on July 19. Photographer: Daniel Acker/Bloomberg

Daniel Acker/Bloomberg

U.S. Bancorp, Zions latest to hike pay after tax reform

The banks announced bonuses, wage hikes and charitable contributions resulting from the lower corporate tax rate enacted by Congress.

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List of snafus in banking accounts and access in 2017 caused by glitches.

Double-booking glitch at Capital One a red flag for banks

Customers saw transactions recorded multiple times and experienced drained accounts and long hold times. It's a warning to all financial institutions as they head further into mobile-only banking — glitches are more visible and painful and need to be addressed faster than ever.

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Sen. Chris Dodd, right, speaking at a news conference with Rep. Barney Frank at the White House on March 24, 2010.

Dodd-Frank is here to stay

The banking industry braced for big changes with the election of President Trump, but the financial reform law has proven its staying power over the past year.

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Retailers score latest win in fight to allow credit card surcharges

Merchants have been challenging surcharge bans in numerous states on free-speech grounds. They have the wind at their backs following another court victory on Wednesday.

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Senator Jeff Sessions, a Republican from Alabama, speaks before the Senate Judiciary Committee in Washington, D.C., U.S., on Tuesday, Jan. 10, 2017. Sessions will warn at his confirmation hearing Tuesday of a "dangerous trend" in violent crime and vow to better defend police while tackling accusations that he'll gut civil rights, as he seeks to become President-elect Donald Trump's attorney general. Photographer: Pete Marovich/Bloomberg

Pete Marovich/Bloomberg

For banks, DOJ reversal on pot will have 'chilling effect'

Attorney General Jeff Sessions' decision to rescind an Obama-era directive that helped foster the marijuana sector's growth raises new risks for banks and credit unions that do business with growers and dispensaries.

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