The Consumer Financial Protection Bureau (CFPB), under the leadership of Mick Mulvaney, has withdrawn its request to the Office of Management and Budget (OMB) to conduct online surveys of consumers as part of research on debt collection disclosures. This move came after the American Bankers...
The Federal Reserve’s vice chair who is in charge of policing Wall Street, Randal Quarles, said late last week he is recusing himself from anything related to Wells Fargo. Reuters reported that in a memo, Quarles reported that he and his family sold their financial...
In the latest bit of bank regulation news surrounding beleaguered Wells Fargo, the tweets come from the top — from the top of the governmental food chain, so to speak and from the very Twitter account wielded by President Donald Trump. Reuters reports that the...
The Office of the Comptroller of the Currency (OCC) warned Wells Fargo in a scathing letter that it is mulling lodging formal enforcement actions against the bank over its auto insurance and mortgage businesses. According to news from The Wall Street Journal, citing people familiar with...
Jerome Powell, President Donald Trump’s pick as chairman of the Federal Reserve, said at his confirmation hearing that he supports rolling back some bank regulations, but will protect the central bank’s political independence. According to The Associated Press, Powell also strongly hinted that the Fed...
Joseph Otting was sworn in as U.S. comptroller of the currency on Monday to serve as the leading regulator of national banks. According to news from Reuters, Otting, a former banking executive and associate of U.S. Treasury Secretary Steven Mnuchin, will oversee big banks, such...
While a top U.S. bank regulator has been working to ensure that examiners go easier on the institutions they inspect, he pointed out that those changes will not happen overnight. According to news from Reuters, bankers at institutions regulated by the Office of the Comptroller of...
Joseph Otting, the former banking executive with close ties to Steve Mnuchin, the U.S. treasury secretary, was confirmed as the next U.S. Comptroller of the Currency, an office which has oversight of large financial institutions, such as Bank of America, JPMorgan Chase and Wells Fargo....
Will China’s invitation get the party started? Put a different way: If you open a country’s financial markets, will the (foreign) banks bring the capital? News came last week that China offered up plans to let outside investors into its markets — allowing for stakes big...
