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Penalties and fines

USAA's penalty; GSE reform gets harder; Citizens' buy: Top stories of the week

February 22, 2019 3:58 PM

The Office of the Comptroller of the Currency orders USAA to improve risk management; White House's mixed signals complicate housing finance reform debate; Rhode Island bank snaps up dealmaking boutique; and more from this week's most-read stories:

USAA ordered to improve risk management, information security

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The enforcement action from the OCC comes on the heels of a CFPB consent order that said USAA reopened customers' accounts without consent and neglected stop-payment requests.

(Full story here.)

White House is making hard job of GSE reform even harder

Comptroller of the Currency Joseph Otting
Joseph Otting, comptroller of the U.S. currency, speaks during a Senate Banking Committee hearing in Washington, D.C., U.S., on Tuesday, Oct. 2, 2018. The hearing focused on implementation of a new law easing Dodd-Frank Act rules on community and midsize banks. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
The administration is sending conflicting signals on whether it has a plan to overhaul the housing finance system, further complicating an already complex debate.

(Full story here.)

Citizens to buy M&A firm in Atlanta

Acquisitions by Citizens Financial Group
The Rhode Island bank is one of several regionals that have snapped up dealmaking boutiques in recent years to bolster noninterest income.

(Full story here.)

Managers at Investors Bancorp hit the streets to pull in deposits

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"You can't meet customers at the headquarters," CEO Kevin Cummings tells his senior executives.

(Full story here.)

Banks try new tools to learn what doesn't click in digital

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Page views and sales results don't explain which customers do what, and why they do things (or don't do them), in online and mobile banking.

(Full story here.)

Why Kraninger's CFPB is mandating fewer consumer refunds

CFPB Director Kathy Kraninger
Kathy Kraninger, director of the Consumer Financial Protection Bureau (CFPB) nominee for U.S. President Donald Trump, listens during 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
The agency has required restitution in just one of six settlements under its new director, raising questions about whether the pattern will continue.

(Full story here.)

House probe of Deutsche Bank and Trump should be taken seriously

An illuminated sign for Deutsche Bank outside a bank branch in Frankfurt, Germany.
An illuminated sign for Deutsche Bank AG, continental Europe's biggest bank is seen outside a bank branch in Frankfurt, Germany, on Wednesday, July 10, 2013. The Frankfurt-based Bundesbank said last week that economic growth will slow this quarter after a strong expansion in the three months through June. Photographer: Krisztian Bocsi/Bloomberg
Krisztian Bocsi/Bloomberg
Congressional investigations are often rushed affairs that fail to dig beneath the surface. But the hiring of a veteran investigator who has tangled with Deutsche in the past suggests that this politically charged inquiry is likely to be thorough.

(Full story here.)

Bankers have another data security issue to worry about

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Banks want to encourage innovation by extending access to outside developers, but customer data remains vulnerable while in use by an application.

(Full story here.)

As BB&T-SunTrust shows, banks must grow, change or die

Competitive edge, balloons, hot air
Competitive edge and business advantage concept as a group of hot air balloons racing to the top but an individualleader with a small balloon attached giving the winning competitor an extra boost to win the competition.
freshidea - stock.adobe.com
Critics of the merger need to recognize the competitive threat banks face from big tech and other innovators.

(Full story here.)

Is weaker loan demand a bad omen?

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Recent data from the Federal Reserve suggests lenders are growing pessimistic about the credit environment. But is that a sign of trouble ahead, or just sound risk management?

(Full story here.)
Penalties and fines Enforcement actions Data privacy Housing finance reform BB&T SunTrust USAA Deutsche Bank CFPB News & Analysis
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