Why fintech-heavy Grasshopper bought a small Michigan bank
“I can’t just go fishing in the ocean,” said Grasshopper Bank CEO Michael Butler, referring to his bank’s ability to gather deposits. “JPMorgan Chase is out there with a yacht, and I’m driving a small speed boat.”
The CFPB’s trove of customer complaint data must be preserved
The customer complaints received by the Consumer Financial Protection Bureau are not just a list of grievances. They are a vital source of information for banks and financial services firms, and must be retained.
Strategas’ Trennert withdraws from Treasury job due to health
The co-founder of Strategas Securities is no longer in the running to become U.S. Treasury assistant secretary for financial markets due to a newly discovered health issue.
What bankers should know about CDFI changes and FDIC pullback
Decreased funding for Community Development Financial Institutions and the declawing of the Federal Deposit Insurance Corp. are top of mind for bankers.
‘It can eliminate things we don’t like doing’: Vlad Lukic on AI
Generative AI will remove toil from our day to day jobs, argues Lukic, who is managing director and senior partner at Boston Consulting Group.
OCC ends consideration of climate-related financial risks
The Office of the Comptroller of the Currency Monday announced it would cease its participation in interagency principles for regulating climate-related risks at banks it regulates.
The federal government needs to lead the fight against scams and fraud
More Americans than ever are falling victim to sophisticated financial scammers and fraudsters. A federal task force is needed to bring together the resources to effectively push back against criminals.
Lagarde sees danger that AI could breed inequality in Europe
The ECB president said demand for higher-skilled workers who can use AI would rise, while those less able to learn new skills could suffer.
Treasury’s halt of paper checks likely to reduce fraud
An executive order requiring the government to stop issuing paper checks is expected to help banks, which have seen a rise in check fraud with the introduction of mobile deposits and digital check imaging.
What the Rocket-Mr. Cooper deal means for mortgage lenders
This transaction, following Rocket’s purchase of Redfin, could be the start of the creation of large players to compete with the likes of Zillow.