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'There is no division in our industry': BofA's Moynihan

Brian Moynihan, chief executive officer of Bank of America.
Banks of all sizes need to stick together to ward off threats from "unregulated" fintechs and other nonbanks, Bank of America Chairman and CEO Brian Moynihan said Tuesday.

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A payday lender in disguise? New York investigates the Earnin app

Earnin
The Earnin app appears designed to look like other early wage access programs, but critics say it's actually a payday lender and New York regulators have taken notice.

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Why CFPB payday revamp is an even bigger deal than you think

CFPB Kathy Kraninger
Kathy Kraninger, director of the Consumer Financial Protection Bureau (CFPB), speaks during a Financial Stability Oversight Council (FSOC) meeting at the U.S. Treasury in Washington, D.C., U.S., on Wednesday, March 6, 2019. Treasury Secretary Steven Mnuchin this week invoked special accounting measures through June 5 to continue paying the U.S. governments bills without breaching the legal debt ceiling. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
The proposed rollback of underwriting requirements for small-dollar lenders could redefine a legal doctrine that governs rules affecting other companies as well.

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Morgan Stanley's new data strategy for higher quality AI

Gerard Heste and Liezel McCord of Morgan Stanley.
The bank is one of many to realize that artificial intelligence is only as good as the data fed into it.

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John Mack, Mary Meeker leaving LendingClub board

Outside of Lending Club offices
The San Francisco-based online lender said that the departures of two prominent board members are not the result of any disagreement with the company.

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There's another way to beat big banks at tech

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different balls in false balance
Gualtiero Boffi/tiero - stock.adobe.com
Community and regional banks may not be able to outspend their larger rivals, but they can be more nimble in implementing the necessary culture change.

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With lawyer as interim CEO, Wells Fargo looks to mend fences with regulators

Allen Parker
The bank's decision to select its general counsel as successor to Tim Sloan, albeit on a temporary basis, focused attention on its frayed relationships with the Federal Reserve and the OCC.

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House Democrat moves goalposts for GSE reform

Rep. Gregory Meeks
Representative Gregory Meeks, a Democrat from New York, questions Mike Pompeo, U.S. secretary of state, not pictured, during a House Foreign Affairs Committee hearing in Washington, D.C., U.S., on Wednesday, May 23, 2018. Pompeo said the U.S. wants North Korea to take "credible steps" toward giving up its nuclear weapons program, a sign the Trump administration is backing away from demands that Kim Jong Un complete denuclearization before sanctions against his country are eased. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
Rep. Gregory Meeks of New York signaled which legislative provisions Democratic leaders would accept in a bipartisan housing finance package.

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Post-crisis organizers find a whole new de novo ballgame

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While regulators now seem eager to help, organizers are discovering that they must raise more capital and have diverse business models to get charters approved.

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Warren doubles down on ending 'too big to jail'

Sen. Elizabeth Warren
Senator Elizabeth Warren, a Democrat from Massachusetts and 2020 presidential candidate, speaks during the South By Southwest (SXSW) conference in Austin, Texas, U.S., on Saturday, March 9, 2019. Warren said breaking up giant tech companies would "keep the marketplace competitive," during an appearance at one of the biggest technology events in the U.S. Photographer: Callaghan O'Hare/Bloomberg
Callaghan O'Hare/Bloomberg
The Massachusetts senator introduced legislation Wednesday that would require executives of large corporations to serve jail time when their companies commit crimes, including for violations of civil law.

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Payday lending Artificial intelligence Strategic plans GSE reform De novo institutions Brian Moynihan Elizabeth Warren Morgan Stanley CFPB News & Analysis Wells Fargo
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