Budget bill, SCOTUS give ‘clear path’ to CFPB firings
Supreme Court rulings and provisions in the recently-passed budget bill are bolstering the legality of the administration’s effort to fire more than 1,000 employees at the Consumer Financial Protection Bureau.
Mastercard, JPMorganChase, Citi, BofA share stablecoin plans
With the Genius Act near the finish line, top execs are revealing their plans for the digital asset during calls with analysts.
‘Crypto week’ takes a turn for the worse for banks
The Republican Freedom Caucus want to combine the market structure bill with another measure prohibiting the formation of a Central Bank Digital Currency. That move could tank the market structure bill’s chances of becoming law, and with it the banking industry’s best chances of getting its priorities enacted.
What crypto safekeeping rules mean for bank tech leaders
The OCC, Fed and FDIC issued a letter this week clarifying the rules governing crypto safekeeping, which emphasize proper management of cryptographic keys.
First Horizon beat on Q2 earnings, drops expense outlook
After a strong performance in the second quarter, the regional bank’s CEO, Bryan Jordan, talked about the resilience of borrowers in the current economic climate.
Card and check schemes dominate bankers’ fraud woes: Report
New research from American Banker finds that card and check fraud has gotten more problematic for bankers over time.
Fed’s Logan unconvinced of case for rate cuts
Lorie Logan, president of the Federal Reserve Bank of Dallas, said in a speech Wednesday that she is content to leave interest rates where they are, adding that she would want to see inflation fall to 2% before considering cuts.
Fed’s Barr fears deregulation is a prelude to calamity
Federal Reserve Gov. Michael Barr said Wednesday that policymakers are running the risk repeating historical mistakes of lightening banking rules when the economy is doing well, which he said has often set the stage for financial crises later on.
Morgan Stanley: Clients are getting used to uncertainty
Executives at the New York bank said that strategic activity has started to pick up over the last month. Morgan Stanley also reported second-quarter revenue and earnings that beat analysts’ expectations.
Trump says Fannie Mae suspects Schiff of mortgage fraud
Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.