Fannie-Freddie limbo, Santander’s future, tragedy at Fifth Third: Top stories of the week

September 7, 2018 4:23 PM

Then-Treasury Secretary Henry Paulson and James Lockhart, then the director of the FHFA

Henry Paulson, U.S treasury secretary, right, listens to James Lockhart, director of the U.S. Office of Federal Housing Enterprise Oversight, speak at a news conference in Washington, D.C., U.S., on Sunday, Sept. 7, 2008. Paulson announced that the U.S. government will take control of Fannie Mae and Freddie Mac after the biggest surge in mortgage defaults in at least three decades threatened to bring down the companies making up almost half the U.S. home-loan market. Photographer: Jay Mallin/Bloomberg News

JAY MALLIN/BLOOMBERG NEWS

Will federal control of Fannie and Freddie ever end?

Maybe political winds or another downturn will spark housing finance reform. But 10 years after the conservatorships began, the companies are still in perpetual limbo.

(Full story here.)

How big a data security problem is the Fiserv glitch?

The company built a patch within 24 hours of being alerted to a vulnerability in messaging software used by many banks. Fiserv is looking into how this happened while addressing speculation about whether consumer data is still threatened.

(Full story here.)

Summary of federal regulatory matters that Santander Holdings USA, Santander Consumer USA and Santander bank have had to deal with in last four years.

For Santander's U.S. unit, even having a growth plan is an achievement

Scott Powell, the CEO of Santander Holdings USA, has spent years contending with a host of regulatory problems. He outlined a long-range vision that includes a branch-focused retail push and possible acquisitions.

(Full story here.)

Minal Hasan, founder and managing partner at K2 Global.

How a VC views the bank-fintech battle (hint: banks are losing)

Minal Hasan, a lawyer turned prominent fintech venture capitalist, has strong views on founder dramas, cryptocurrency, and why banks need to step up their technology game.

(Full story here.)

FBI data on active shooter incidents in U.S. in 2016 and 2017

Fifth Third seeks to regroup after fatal shootings at its HQ branch

A horrific tragedy unfolded at Fifth Third's main building in downtown Cincinnati, when a man opened fire on bystanders in and around the lobby-level branch. Three were killed, and the gunman died in a shootout with police.

(Full story here.)

a young caucasian man at his office desk with a rubber stamp with the word approved

nito - Fotolia

Varo Money's bank charter application gets conditional OCC approval

The OCC required the company to raise more capital and complete a CRA plan. Varo Bank still needs FDIC and Fed approval before opening.

(Full story here.)

Kathy Kraninger, director of the Consumer Financial Protection Bureau (CFPB) nominee for U.S. President Donald Trump, swears in to a Senate Banking Committee confirmation hearing in Washington, D.C., U.S., on Thursday, July 19, 2018. Kraninger, a little-known official who has worked for the White House's Office of Management and Budget (OMB) since March 2017, is poised to succeed her boss Mick Mulvaney as director of the CFPB. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

Would CFPB nominee hamstring the agency by slashing its budget?

Kathy Kraninger has been tight-lipped about her plans for the consumer bureau, but some point to signs that she could curb the agency's power by reducing staff and other costs.

(Full story here.)

TD Bank's mobile browser knocked offline by software update

Online maintenance caused the outage, the second time this year a glitch has caused problems for TD customers.

(Full story here.)

Caution Sign - Crisis Ahead

Jim Vallee/Jim Vallee - stock.adobe.com

Are fintechs a systemic risk?

Concentration risk, threats to data privacy and the potential for discrimination are among the unintended consequences of letting fintechs and tech giants dabble in financial services without bank-like regulation, an expert says.

(Full story here.)

Yong Lim

Morgan Stanley recruits Betterment exec to beef up digital strategy

To keep pace with its peers, Morgan Stanley is ramping up its online offerings in banking and wealth management.

(Full story here.)