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CFPB investigating Bank of America over phony accounts

bank-of-america-bloomberg-news
Bloomberg News
During a probe that grew out of the Wells Fargo scandal, BofA has acknowledged instances of "potentially unauthorized" accounts but said that the number of examples was "vanishingly small."

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Led by Trump appointee, CFPB is back in the enforcement business

Consumer Financial Protection Bureau (CFPB) enforcement actions
There were signs Kathy Kraninger would continue a rollback of consent orders and investigations, but many observers see an aggressive approach reminiscent of the Obama era.

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Why fintech rollouts are magnets for fraud

Survey of retail banks about fraud
Hackers go in for the kill when challenger banks and others launch retail products. So the companies are forced to step up their defenses — fast.

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Banks have upper hand in tech but no room to be complacent

Bank customer satisfaction by age group
The largest financial institutions have a golden opportunity to capture more market share because of the under-40 crowd's decided preference for digital banking, J.D. Power says. Yet so do nonbanks.

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Comerica searching for a new CFO

Carr-Muneera-Comerica
Muneera Carr, Comerica's CFO since 2017, will leave in October and James Herzog, who had been the bank's treasurer, will serve as interim CFO until a successor is named.

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Where banking-fintech partnerships fall short

fintech-gears-adobe.jpg
Financial Technology concept on the gearwheels, 3D rendering
alexlmx - Fotolia
Fintechs that simply offer cosmetic upgrades to the cumbersome American banking system won't survive.

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KeyCorp's Beth Mooney to retire next year; Gorman named successor

Keycorp Chairman and CEO Beth Mooney.
Beth Mooney, chief executive officer of KeyCorp, speaks during an interview in New York, U.S., on Thursday, Dec. 6, 2012. KeyCorp, which has 1,059 branches, is targeting $150 million to $200 million of expense reductions by December 2013, the Cleveland-based lender said in a statement. Photographer: Scott Eells/Bloomberg *** Local Caption *** Beth Mooney
Scott Eells/Bloomberg
Mooney was the first woman to lead a top-20 U.S.-based bank. Gorman, the Cleveland company's vice chairman and president of banking, will replace her on May 1.

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The derailment of California's payroll advance law

California State Capitol
California State Capitol
David Paul Morris/Bloomberg
A first-in-the-nation bill that drew unanimous support from the state Senate failed to get over the finish line this year. What happened?

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FDIC tries to ease small banks' concerns with capital rule revamp

FDIC Chairman Martin Gruenberg
Martin Gruenberg, chairman of the Federal Deposit Insurance Corp. (FDIC), said that the new proposed Community Reinvestment Act rule would make CRA exams more difficult for some banks
Andrew Harrer/Bloomberg
Regulators have redefined a simplified capital measure for community banks following criticism that their 2018 proposal did not go far enough.

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CFPB's Kraninger agrees: Her job security is unconstitutional

CFPB Director Kathy Kraninger
Kathy Kraninger, director of the Consumer Financial Protection Bureau (CFPB), speaks during an event at the Bipartisan Policy Center in Washington, D.C., U.S., on Wednesday, April 17, 2019. Kraninger, confirmed in December by the Senate, took over an agency created by the 2010 Dodd-Frank Act that regulates everything from credit cards to mortgages. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
The agency's director told congressional leaders and staff that she backs a Supreme Court challenge to the bureau's leadership structure.

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Consumer banking Enforcement Fintech Succession planning Capital requirements Kathy Kraninger CFPB News & Analysis Bank of America KeyCorp
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