White House, CFPB take on ‘ineffective, time-wasting chatbots’
A new government effort intends to tackle unfriendly consumer practices. The CFPB is tasked with addressing chatbot misuse and customer service “doom loops.
Bank of Guam’s transformation into a more digital institution
Some of the challenges Bank of Guam faces are unique. But its search for vendors and local talent will feel familiar to community banks across the U.S.
The Senate is slipping from Democrats, and so is Harris’ maneuverability
Keeping control of the Senate in 2024 was always a tall order for Democrats. Republicans thus far are on track to eke out a narrow majority — an outcome that would limit a prospective Harris administration’s maneuverability in nominations and legislation.
CFPB cracks down on ‘scam’ contract-for-deed home purchase deals
Sellers of contract-for-deed home financing deals must provide disclosures, financing terms and assess a borrower’s ability to repay, the CFPB said in an advisory opinion.
A Michigan bank’s next big move may push it closer to Detroit
Though it hasn’t set a timeline, Oxford Bank, based north of the Motor City, is weighing a southward expansion that would add all the Detroit metropolitan area to its footprint.
White House rolls out funding to boost affordable housing
The administration will release $100 million in grant funds focused on slashing red tape at the state and local levels, and will advance other programs to increase home construction.
Former inspectors general urge senators to confirm Goldsmith Romero
A bipartisan group of ex-inspectors general pushes Senate leaders to quickly confirm Christy Goldsmith Romero to chair the Federal Deposit Insurance Corp. despite scheduling delays and the forthcoming election.
The conventional wisdom on mortgage quality is wrong
Pandemic era changes to credit reporting have dangerously distorted credit scores for mortgage borrowers. The market is in worse shape than we realize, writes a former Federal Housing Finance Agency director.
Wall Street banks score win in anti-ESG Louisiana debt spat
Republican State Treasurer John Fleming said he had concerns about big banks limiting business with firearms entities and Christian organizations, but has few options: “Only a small number, relatively speaking, of banks actually qualify to do the level of business that a state treasurer requires.”
‘Fraud is pervasive throughout the entire industry’: Crypto insider
Jake Donoghue, author of the book Crypto Confidential, shares some of the worst practices he saw as a founder of a cryptocurrency company.