CFPB puts forward ambitious agenda despite court decision
The Consumer Financial Protection Bureau doubles its anticipated rulemaking agenda from last year, even as bureau employees expect mass layoffs.
Onetime taxi lender gets a boost from fintech banking foray
Medallion Financial CEO Andrew Murstein sees more growth on the horizon for the New York lender’s fintech banking operation, which saw activity spike in the first half of the year.
Truist Foundation invests in commercial corridors in the Southeast
Truist Foundation will fund a multiyear economic development initiative to revitalize business corridors in five Southeastern cities; First Horizon has hired Wells Fargo’s Shaun McDougall to head consumer banking; Ally Financial commits over $150 million to support workforce development; and more in this week’s banking news roundup.
Fed to sunset program overseeing banks’ use of emerging tech
The Federal Reserve said it would rescind its novel activities supervision program created to monitor how banks use emerging tech.
What Adyen’s tariff troubles portend for payments companies
Pressure on Asian merchants that sell to the U.S. caused the Dutch payment company to reduce its outlook. Payment experts say it’s a matter of time before other firms face the same challenges.
Consumer groups urge FHFA not to mix crypto with mortgages
Advocates warned the Federal Housing Finance Agency that allowing cryptocurrency assets to be used in the underwriting of Fannie and Freddie mortgages risks taxpayer losses and market instability.
DC Circuit panel lets Trump administration fire CFPB staff
By a 2-1 vote, a three-judge panel of the DC Circuit Court of Appeals ruled that the CFPB’s union did not have a reviewable claim under the Administrative Procedure Act. Employees expect a mass reduction-in-force immediately.
In-store biometric payments are set to take off
Paying for items with your palm or face isn’t commonplace yet, but it’s coming. What banks need to know.
Stablecoins are a first step toward global, on-chain financial markets
Well-regulated stablecoins will open the door to a wide range of financial activities, including 24/7 global markets for any asset class imaginable. Traditional banks should take note.
Experts warn banks about the dangers of overreliance on AI
The growing use of generative and agentic AI in banks is setting off some alarms.