House Republicans blast CFPB’s Chopra in marathon hearing
Republican members of the House Financial Services Committee blasted Consumer Financial Protection Bureau director Rohit Chopra as an ‘extortionist’ and labeled his efforts to rein in discrimination as ‘McCarthyism’ during a four-hour hearing Wednesday.
Credit union, fintech leaders discuss the perks and perils of partnering
For small credit unions, enlisting outside helps accelerate the development of new products — as long as all risks and regulations are properly addressed.
The non-QM product gaining steam in a low-volume market
If a lender can address language barriers, the loans can be simple to originate and are likely to deliver higher yields as well as ultra-low delinquency rates, experts said.
Republicans court Democratic support of crypto bill
House Financial Services Committee Chairman Patrick McHenry, R-N.C., said that he has an “open door” for bipartisan rulemaking when it comes to the Republican crypto oversight bill.
Comerica plans to wind down its mortgage warehouse business
CEO Curtis Farmer said the warehouse sector, where Comerica provides lines of credit to mortgage banking companies, has not been providing much help as the company seeks to bolster deposits.
BofA eyes seven new markets, including New Orleans and Milwaukee
Bank of America is also planning to expand into Madison, Wisconsin; Boise, Idaho; and Birmingham, Alabama, a company executive said. The goal is to find growth opportunities that don’t require operating a large number of branches, the executive indicated.
SECU names its first female CEO
State Employees Credit Union in Raleigh, North Carolina, named Leigh Brady as its new chief executive. Outgoing CEO Jim Hayes will run State Department Federal Credit Union in Alexandria, Virginia.
Democrats still have questions for regulators about the bank failures
Lawmakers questioned Treasury Secretary Janet Yellen on concerns including bank consolidation, the systemic risk exception, and the need for regulation of cryptocurrency during Tuesday’s House Financial Services Committee hearing. During the hearing lawmakers highlighted gaps they see in post 2008 financial regulations at a time when they say big banks wield growing influence on the […]
At CFPB hearing, Sen. Vance blasts the Federal Reserve and JPMorgan Chase
Sen. J.D. Vance, R-Ohio, lambasted the Federal Reserve for increasing the dominance of “too big to fail” banks and failing to rein in systemic risk. He asked whether the Office of the Comptroller of the Currency is a better regulator than the Fed.
The cautionary tale of inflation in Great Britain
Just as the United States is getting good news in its war against inflation, the picture is very different across the pond. Some of that is bad luck, but there are lessons on what not to do as well.