Bankers should be wary of the effects of a regulatory race to the bottom
Following President Trump’s aggressive bank deregulation agenda, the FDIC and OCC, and occasionally the increasingly politicized Fed, are in a race to slash compliance requirements. Bankers should remember that the pendulum can always swing back.
Five areas to watch as bank earnings season begins
Banks will start reporting their fourth-quarter earnings on Tuesday. But it’s what bankers say about the next 12 months that will probably attract the most interest from industry observers.
Legal battle sours merger between San Diego credit unions
San Diego County Credit Union and California Coast Credit Union, which last year announced plans to merge, are now duking it out in court. SDCCU alleges there are widespread compliance problems at Cal Coast, which Cal Coast denies.
Big banks talk about digital assets a lot, use them a little
New research from American Banker details how the 50 largest U.S. banks are using stablecoins, cryptocurrencies and other distributed ledger technology.
Powell says DOJ served Fed subpoenas, threatened indictment
Federal Reserve Chair Jerome Powell said the central bank has been served grand jury subpoenas and been threatened with criminal indictment, moves he called “pretexts” to influence interest rates through “political pressure or intimidation.”
Google unveils new agentic commerce protocol for retailers
Universal Commerce Protocol is an open standard that establishes a common language for AI agents and systems to work together, and will allow consumers to purchase products from retailers directly through Google’s AI Mode in the browser or the Gemini app.
Vought capitulates to court order, asks for CFPB funding
Acting CFPB Director Russell Vought agreed to request $145 million in funding from the Federal Reserve, yielding to a court order to avoid a contempt citation.
Plaid hires former FDIC chair Jelena McWilliams
Jelena McWilliams, former chair of the FDIC, is joining data sharing fintech Plaid as its new president of corporate and external affairs.
Prosperity Bancshares closes one M&A deal, gets thumbs-up for another
Prosperity Bancshares is fast-tracking bank acquisitions; PNC closed its acquisition of FirstBank Holding Company; BrightBridge Credit Union finalized its merger with Arrha Credit Union; and more in this week’s banking news roundup.
With CFPB nominee lapse, Vought continues as acting director
The Senate allowed the nomination of a permanent director of the Consumer Financial Protection Bureau to lapse, giving acting Director Russell Vought more time to lead the agency on a temporary basis.