Blockchain hype, Mulvaney's BCFP, pot banking: Top stories of the week

December 7, 2018 3:04 PM

Ram Komarraju, head of innovation and solution delivery for CLS; Christopher Whalen, chaiman, Whalen Global Advisors; Amber Baldet, co-founder and CEO Clovyer

Blockchain backers concede the hype is turning off bankers

To convince skeptical bankers about the benefits of distributed ledger technology, some suggest it needs to be separated from the volatile digital currency it underlies.

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Mick Mulvaney, director of the Office of Management and Budget (OMB), during a meeting with U.S. President Donald Trump, not pictured, in the Cabinet Room of the White House in Washington, D.C, U.S., on Wednesday, Oct. 17, 2018. Trump plans to withdraw the U.S. from a treaty that gives Chinese companies discounted shipping rates for small packages sent to American consumers, another escalation of his economic confrontation of Beijing. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

Mulvaney's misfire: CFPB name change could cost industry millions of dollars

An internal agency analysis says changing the name of the bureau to the BCFP, as Mulvaney wants, could cost banks, credit unions and mortgage firms $300 million. It doesn't have to be this way.

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The one banking bill Congress might actually pass next term

The financial industry is not expecting movement on a lot of legislation given a divided Congress, but one measure is beginning to attract widespread attention.

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John Turner of Regions Financial

Regions not interested in bank acquisitions, CEO says

Speaking at an investor conference Wednesday, John Turner said that sellers' asking prices are too high and that Regions would prefer to buy a nonbank that could help boost fee income.

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Tim Sloan, chief executive officer and president of Wells Fargo, speaks during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington.

Wells Fargo's latest troubles suggest tougher stance by OCC

An eight-month-old consent order appears to be forcing the San Francisco bank to grapple more deeply than it did previously with the many failures that led to its account-opening scandal.

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Nick Vedros

Capital One under no pressure to buy Walmart loans, CEO says

Amid negotiations with Synchrony Financial over the potential purchase of a $10 billion portfolio, Capital One's Richard Fairbank indicated Wednesday that he is willing to walk away.

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Representative Maxine Waters, a Democrat from California and ranking member of the House Financial Services Committee, speaks during a hearing in Washington, D.C., U.S., on Wednesday, Nov. 14, 2018. Randal Quarles, vice chairman of supervision at the U.S. Federal Reserve, played down the risk of automation eliminating jobs and noted the "strong demand for labor in our current economy" as well as the hope that technology will enhance worker productivity. Photographer: Zach Gibson/Bloomberg

Zach Gibson/Bloomberg

Waters likely to raise affordable housing's profile in GSE debate

The Democrat, who will likely head the Financial Services Committee, has signaled she'll make expanded housing opportunities for lower-income consumers a top priority.

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Rep. Maxine Waters, ranking member of the House Financial Services Committee, and Chairman Jeb Hensarling.

Representative Maxine Waters, a Democrat from California and ranking member of the House Financial Services Committee, left, speaks with Representative Jeb Hensarling, a Republican from Texas and chairman of the House Financial Services Committee, listen as Ben Carson, secretary of Housing and Urban Development (HUD), not pictured, testifies during a hearing on Capitol Hill in Washington, D.C., U.S., on Wednesday, June 27, 2018. Carson is testifying to discuss oversight of his department. Photographer: Al Drago/Bloomberg

Al Drago/Bloomberg

How Waters will keep pressure on CFPB

Democrats on the House Financial Services Committee are expected to shine a spotlight on Trump-appointed regulators, but that light might shine brightest on one agency in particular.

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Bullet point chart on typical borrower at CommonBond

Fifth Third's millennial play: Helping them refinance student loans

The Midwest regional recently announced a referral partnership with the fintech lender CommonBond. By offering customers an option to refinance student loans at more favorable terms, the bank is hoping to cultivate their loyalty.

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Suspicious activity reports as of Oct 2018

Is regulators' green light on AML tech a game changer?

Bank and credit union regulators issued a statement giving institutions the go-ahead to try artificial intelligence and other emerging tech to detect money laundering. It's just what some institutions have been waiting for.

(Full story here.)