Mortgage bank president booked on murder, DUI charges
The wholesale and non qm lender said it’s placed Serene Vernon on administrative leave and elevated capital markets officer John Hamel to the role of president.
Trump taps Treasury’s Bessent as acting CFPB director
The president has named Treasury Secretary Scott Bessent to run the Consumer Financial Protection Bureau on an acting basis after firing CFPB Director Rohit Chopra over the weekend.
How Elon Musk’s influence could upend Treasury payments
As Elon Musk and his associates gain access to internal computers, Oregon Democratic Sen. Ron Wyden slammed the move and said it poses a national security risk. Musk claims the Treasury system isn’t adequately fighting fraud, and is also attempting to shut down USAid.
California’s wildfires could spark a dangerous new banking crisis
The devastation of communities across Southern California will, inevitably, cause tremendous stress on the banks that serve them. This should be a wake-up call for regulators to take climate risk more seriously.
UK’s banking watchdog probes Barclays over IT outage
An IT problem at the bank left thousands of customers locked out of their accounts for several days.
What banks need to know about Elon Musk’s X Money
The partnership with Visa Direct sets X Money up with infrastructure to be a global payments powerhouse, but getting consumers to actually use it will be an even bigger challenge.
Chopra out at the CFPB
Former Consumer Financial Protection Bureau Director Rohit Chopra in a Feb. 1 letter to President Donald Trump confirmed that his “term as CFPB Director has concluded.”
Bank groups urge Bessent to tap Bowman for Fed vice chair
State banking associations across the country said that Michelle Bowman should be the Federal Reserve vice chair for supervision, not least because she already sits on the Fed board and could start immediately.
Wells Fargo’s co-CEO of corporate and investment banking steps down
Jon Weiss, Wells Fargo’s co-CEO of corporate and investment banking resigned from his position with plans to retire; A new CFPB report says military service members paid more for auto loans and add-on products; City National Bank’s Kelly Coffee is leaving the bank after her 2023 demotion; and more in this week’s banking news roundup.
Crypto.com to delist Tether, PayPal stablecoins due to EU regs
The cryptocurrency exchange made the move to follow the Markets in Crypto-Assets Regulation, which tightens rules for digital assets in the European Union.