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The online lender hires Ronnie Momen from GreenSky as its chief lending officer; aggregators back Capital One in dispute with Plaid; bank CEO who gave mortgage to Paul Manafort uses fire-and-hire maneuver to reap windfall at taxpayer expense; and more from this week's most-read stories.
Outside of Lending Club offices

LendingClub turns to outsider to oversee credit operations

The company, which is dealing with a lawsuit from the Federal Trade Commission tied to certain fees, hired Ronnie Momen from GreenSky as its chief lending officer.

(Full story here.)
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In data dispute with Capital One, Plaid stands alone

Other aggregators came to the bank's defense, while one CEO suggested Plaid's very public protest was unfounded.

(Full story here.)
Steve Calk and Rahm Emanuel

Bank CEO's fire-and-rehire maneuver reaps windfall at taxpayer expense

A multimillion-dollar deal between Chicago Mayor Rahm Emanuel and Stephen Calk, the man who would later become Paul Manafort's banker, was supposed to deliver 400 new jobs to the city. Here's what really happened.

(Full story here.)
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Why banks like Barclays are testing quantum computing

Barclays, Morgan Stanley, True Positive and other firms are turning to the technology for simulations and problems that demand large quantities of computing power.

(Full story here.)
Jerome Powell
Jerome Powell, chairman of the U.S. Federal Reserve nominee for U.S. President Donald Trump, waits to begin a Senate Banking Committee confirmation hearing in Washington, D.C., U.S., on Tuesday, Nov. 28, 2017. Powell signaled broad support for how the Fed operates, regulates and guides the economy, offering a full-throated defense of the government institution he's about to lead. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

Fed's Powell has some explaining to do on stress test move

The chairman of the Federal Reserve is testifying before Congress this week, where he will likely face tough questions about the agency's decision to let two banks slide on their exams late last month.

(Full story here.)
FHFA Director Mel Watt.

FHFA leadership structure is unconstitutional: Judges

A federal appeals court in Texas agreed with Fannie Mae and Freddie Mac shareholders that the FHFA, led by a single director, violates the separation of powers.

(Full story here.)
House Financial Services Committee Chairman Jeb Hensarling
Representative Jeb Hensarling, a Republican from Texas and chairman of the House Financial Services Committee, speaks during a television interview at the U.S. Capitol in Washington, D.C., U.S., on Friday, Sept. 8, 2017. Congress cleared legislation Friday to suspend the U.S. debt limit and provide $15.25 billion for hurricane relief under a deal between President Donald Trump and Democrats that infuriated conservative Republicans. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

Next stage of GOP's Dodd-Frank grief: Acceptance

With the recent focus on capital formation bills, lawmakers appear to be putting their Dodd-Frank angst aside.

(Full story here.)
Pedestrians walk past a Wells Fargo bank branch in Los Angeles.

Wells Fargo should have seen add-on-product trouble coming

The bank had numerous warnings that there could be severe regulatory consequences related to deceptively advertised add-on products. It is paying the price for failing to do more in response.

(Full story here.)
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Why regional bank CEOs are lukewarm on more M&A

While the regulatory environment is more accommodating for big deals, many regionals still have their reasons for staying on the sidelines.

(Full story here.)
Rising interest expenses at JPMorgan Chase, Wells Fargo and Citigroup

Deposit costs, card woes, trade wars: Red flags abound in 2Q results

Price competition on deposits may finally force the largest banks to pay up, and consumers' aggressive use of rewards and promotional rates is weighing on card income. And then there are those tariff fights that could hurt global clients.

(Full story here.)
Data management Dodd-Frank M&A Earnings Wells Fargo FHFA Lending Club
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