Slideshow Wells rocked, crypto regulation and POS lending: Top stories of the week

Published
  • February 09 2018, 4:06pm EST
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Fallout from the Fed's blow to Wells Fargo; a call for calm in the rush to regulate cryptocurrencies; point-of-sale lending has its day; and more.

Fed drops hammer on Wells Fargo as four board members ousted

The Federal Reserve voted unanimously Friday to impose an unprecedented enforcement action against Wells Fargo in response to its phony-accounts scandal as the bank said it would remove four members of its board.

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Fed's stinging Wells rebuke puts all banks on notice

The Federal Reserve on Friday slapped Wells Fargo with one of the harshest orders it has ever handed down, but the message it sent went far beyond a single institution.

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Cryptocurrencies are far from unregulated

Despite panicked cries to the contrary on social media and cable news, federal authorities are keeping a careful eye on evolving digital currency markets, as regulators are likely to tell Congress on Tuesday.

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Why point-of-sale lending is hot right now

It's not necessarily new, but a confluence of trends — advances in technology, changing consumer preferences and banks' need to diversify their balance sheets — has made it more popular than ever.

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The weak point in banks' rosy pay-gap numbers

Large banks have begun sharing their adjusted gender pay gap ratios — how much women are paid versus men for similar jobs. The trouble is, they don't have similar jobs.

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Pink slips coming for big chunk of Dodd-Frank agency staff

More than one-third of the Office of Financial Research's staff could soon be laid off, but the agency seems to lack the political clout needed to block the move.

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Is CFPB punting on Equifax? It's complicated

It is unclear whether the Consumer Financial Protection Bureau is abandoning its supervisory oversight of Equifax or just taking a back seat to the Federal Trade Commission as the latter investigates the credit bureau.

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What the Wells order means for bank directors

The Federal Reserve's order restricting Wells Fargo puts other bank boards on notice that they could be singled out for failure to perform, but also makes it easier for them to avoid that fate.

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Cap on Wells Fargo's asset growth could be gift to competitors

If the Fed order is lifted quickly — a big if — then the impact on Wells should be minimal. But if it lingers past 2018, then the bank could find itself on the losing end of the battle for customers and top talent.

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How FHFA could reform housing finance if Congress doesn't

As conservator, FHFA Director Mel Watt has substantial leeway to remake the government-sponsored enterprises without congressional input. Here's one way he might do so.

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