CFPB firing line: DOJ moves to axe half the bureau’s staff
The Department of Justice is seeking court approval to immediately fire more than 600 employees, slashing the CFPB’s workforce by 53%.
LA bank to buy US commercial banking unit from Japan’s SMBC
Hope Bancorp’s acquisition of a business that serves Japanese companies should complement its historic focus on Korean business owners.
On the day of a would-be deadline, open banking is in flux
As the CFPB reconsiders its open banking rule, banks and fintechs are locked in a bitter battle over who will pay for the new digital infrastructure.
Australia cuts card fees; Wells Fargo pushes cross-border pay rail
Australia’s national Payments Systems Board has decided to remove surcharges on prepaid, debit and credit cards for electronic funds transfers, while lowering the cap on interchange fees. Also, Wells Fargo is seeking banks for its international payment network, and more in American Banker’s global payments and fintech roundup.
Monzo abandons US market to focus on Europe
The exit highlights the steep challenges and high customer acquisition costs foreign fintechs face when entering the U.S. banking sector.
Fed’s Barr: weakening oversight risks ‘race to the bottom’
Federal Reserve Gov. Michael Barr said Wednesday that his dissents over the past year on proposed regulatory changes reflect concern that oversight of banks could be significantly weakened.
Bowman says capital changes will fuel small business lending
Federal Reserve Vice Chair Michelle Bowman said the Fed’s proposed capital framework will inject up to $100 billion into the economy to support small-business loans.
Some markets thawing in time for spring homebuying season
While San Francisco had the biggest improvement in affordability for prices today versus 2019, Hartford remains in a very deep freeze, First American said.
Rep. Hill blames the Senate for failing to pass bank relief
House Financial Services Chairman French Hill is pushing regulatory relief for banks, reforming the Consumer Financial Protection Bureau and advocating a “whole-of-government” assault on fraud.
Banks need to get serious about climate risk in their mortgage books
A former federal housing regulator warns that U.S. banks are not engaging with the real and growing risks that climate change is creating in their existing mortgage portfolios. The consequences of inaction could be punishing.