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One firm's inability to access bank data shows how fragile fintechs can be; payments processor Square quietly withdraws bank application; turnover of chief risk officers is on the rise; and more from this week's most-read stories.
Capital One branch
The consent order between the Federal Reserve and Capital One required the bank to submit progress reports on its efforts to improve its risk management functions.
Michael Nagle/Bloomberg

Fintechs' vulnerability apparent in Capital One data-access flap

Whatever the reason that Plaid, a prominent data aggregator, can no longer access data from Capital One, the situation demonstrates how fragile fintechs are when they lose banking access.

(Full story here.)
Jelena McWilliams
Jelena McWilliams, member of the board of directors with the Federal Deposit Insurance Corporation (FDIC) nominee for U.S. President Donald Trump, listens during a Senate Banking Committee confirmation hearing in Washington, D.C., U.S., on Tuesday, Jan. 23, 2018. If confirmed by the Senate, McWilliams would join other Trump appointees who are crucial to his goal of rolling back rules for the financial industry. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

Square quietly withdraws bank application

The payments processor has pulled its submission to the FDIC to become a depository bank but says it plans to make a second attempt soon.

(Full story here.)
Casually-dressed professional using a tablet in conjunction with a large monitor.

Why RBC, JPMorgan are backing a new standard for financial apps

A new standard would make financial apps work together the way iPhone apps do. Twelve large banks, including JPMorgan Chase, Morgan Stanley and RBC, are already using it.

(Full story here.)
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Banks seek new blood to fill evolving CRO role

Turnover of chief risk officers is on the rise as CEOs look to add executives whose experience goes far beyond assessing credit risk. Sometimes they are promoting from within, but often they are poaching talent from rival banks.

(Full story here.)
Crypto laundering (1).png

Crypto money laundering up threefold in 2018: Report

Theft and money laundering are both thriving in the crypto world, according to a report released Tuesday by CipherTrace.

(Full story here.)
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What's behind the slowdown in CRE lending

Commercial real estate is their bread and butter, but many banks are scaling back in this vital loan category. Here's why.

(Full story here.)
Acting CFPB Director Mick Mulvaney, also head of OMB (Office of Management and Budget)
Mick Mulvaney, director of the Office of Management and Budget (OMB), speaks to an attendee at an event on lowering drug prices in the Rose Garden of the White House in Washington, D.C., U.S., on Friday, May 11, 2018. President Donald Trump is proposing a sweeping effort to bring down U.S. drug prices in a long-awaited plan meant to fulfill a promise he has been pushing since his bid for the White House. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

What happens to CFPB if Mulvaney gets picked as Trump's chief of staff?

There is yet more drama surrounding leadership of the CFPB as President Trump reportedly considers promoting Mick Mulvaney to White House chief of staff.

(Full story here.)
Comptroller of the Currency Joseph Otting and FDIC Chairman Jelena McWilliams

Pressure mounts on FDIC, Fed to follow OCC's small-dollar lead

The Office of the Comptroller of the Currency's bulletin is seen as just one piece of the regulatory puzzle to coax banks into installment lending.

(Full story here.)
Senator Patrick Toomey.
Senator Patrick Toomey, a Republican from Pennsylvania, questions John Stumpf, chief executive officer of Wells Fargo & Co., not pictured, during the Senate Committee on Banking, Housing, and Urban Affairs in Washington, D.C., U.S., on Tuesday, Sept. 20, 2016. Stumpf, struggling to quell public rancor after the bank's employees opened unauthorized accounts for legions of customers, said the company has expanded its review of the matter to include 2009 and 2010. Photographer: Pete Marovich/Bloomberg
Pete Marovich/Bloomberg

How Pat Toomey could shape banking policy

If the GOP keeps the Senate, the Pennsylvania Republican, who has pressed for bigger changes to the Dodd-Frank Act than recently enacted regulatory relief legislation, could be the next banking chair. Here's what that means.

(Full story here.)
Statistics on biometric growth expectations in devices

Corporate customers want retail's bells and whistles, too

"Banks should be investing in innovation in this area or risk getting left behind," a fintech CEO warns.

(Full story here.)
Fintech Data sharing ILCs CRE Money laundering Mick Mulvaney CFPB News & Analysis JPMorgan Chase RBC
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