McKernan’s nomination to lead CFPB moves forward
The nomination of Jonathan McKernan to lead the Consumer Financial Protection Bureau moves to the full Senate, where he’s likely to be confirmed along party lines.
Why credit union-bank mergers have hit a lull
Following a record-setting 2024, only one transaction involving a credit union buying a bank has been announced so far this year. Seller concerns about regulatory approval and pushback from bank industry groups have contributed to the slowdown.
Achieva Credit Union appoints Eric Jenkins as new CEO
Jenkins succeeds retiring CEO Gary Regoli at the Florida-based credit union, which has acquired several community banks and launched a bitcoin service that it later shut down.
Flex, fintech for small business owners, raises $225 million
The company lets business owners co-mingle personal and business finances in one app.
Congress moves on nullifying overdraft, larger participant rules
A pair of Congressional Review Act resolutions directed at the Consumer Financial Protection Bureau’s overdraft and larger participant rules are expected to make it to President Donald Trump’s desk.
Trump likely to defer tariffs on goods, services under USMCA
Commerce Secretary Howard Lutnick said the president is likely to defer his 25% tariffs on Canada and Mexico for all goods and services covered by the North American trade agreement.
Senate stablecoin bill is deeply flawed
The GENIUS Act is an ill-conceived bill that will allow the largely unregulated sale of stablecoins to the public. The risks it poses for investors, the financial system and the broader economy are unacceptably high.
Exclusive: Rep. Andy Barr to reintroduce bank merger bill
The chairman of the House Financial Services Subcommittee on Financial Institutions will reintroduce a bill at noon today designed to speed up the bank merger review process.
CFPB says supervision is happening, but examiners disagree
Ahead of a court hearing, the top lawyer at the Consumer Financial Protection Bureau says he ordered supervisory staff to get back to work. But examiners and supervisors are disputing that work is being done, noting that travel credit cards have been cut off.
Banking groups clash over state vs. federal escrow rules
A coalition of national financial organizations filed a friend-of-the-court brief for preemption after regulators filed one against it in a key servicing case.