Trump DOJ lawyer Jeffrey Clark joins the CFPB
The Trump administration has installed Jeffrey Clark, a former high-ranking official in the first Trump administration, at the Consumer Financial Protection Bureau. Clark had been indicted as part of the president’s efforts to overturn the 2020 election.
Judge agrees to immediately halt further CFPB firings
U.S. District Judge Amy Berman Jackson agreed to temporarily block the Trump administration from firing more CPFB employees and said the White House could not delete or destroy any of the bureau’s data or databases.
nCino grows through acquisitions as new CEO takes the reins
Sean Desmond, the new CEO of nCino, hinted at some of the products under development in an interview with American Banker.
Master account policy tweak signals Fed shift toward crypto
Federal Reserve Chair Jerome Powell said reserve banks will no longer factor “reputational risk” into master account decisions. The crypto industry is encouraged by the commitment, but says more changes are needed.
Provident hires ex-TD exec as new chief lending officer
Provident Bank announces its new chief lending officer; the SEC’s acting chairman asks a federal court to delay scheduling cases involving a rule on climate-related disclosure; the merger deadline for Capital One Financial’s proposed acquisition of Discover Financial Services is extended; and more in this week’s banking news roundup.
Watchdogs to investigate DOGE Treasury payments access
The probes come at the request of Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., respectively the ranking members of the Senate Banking and Senate Finance committees.
CFPB’s acting director was illegally appointed: Lawsuit
Consumer and employees groups are seeking a restraining order against CFPB acting Director Russell Vought, arguing that he was unlawfully installed and has “no power to direct” the bureau.
JPMorgan, Ingenico test appetite for biometrics at checkout
The rollout of new technologies in point-of-sale retail payments in the U.S. has historically been slow, and consumer adoption of those new payment flows can be even slower. Can consumers’ propensity for self checkout help push adoption?
Wells Fargo sheds fourth consent order in a month
The San Francisco-based bank announced that another consent order with the Office of the Comptroller of the Currency has been terminated. The six-year-old order was related to the bank’s risk compliance management and certain loan practices.
Automated mortgage insurance cancellation is a dangerous plan
A proposal to tie cancellation of private mortgage insurance policies to automated valuation models would add unnecessary risk to mortgage portfolios and would result in less, not more, affordable housing.