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GSE reform a likely scratch from this year’s to-do list; banks’ difficulties in speaking emoji; reactions to Mick Mulvaney’s plans for the CFPB; and more.
Signage in front of the Fannie Mae and Freddie Mac headquarters.

Time's up: GSE reform ain't happening this year

Momentum to overhaul the mortgage finance system had been slipping, and with Democrats divided over the Senate's banking relief bill there's virtually no chance more bipartisan deals can be worked out.

(Full story here.)
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Banks struggle to unmask true account owners for looming AML rule

Efforts by financial institutions to track "beneficial ownership" data in advance of a regulatory deadline next month is complicated by the challenge of getting customers to cough up the information.

(Full story here.)
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When it comes to emojis, banks just ¯\_(ツ)_/¯

Customers are sprinkling symbols into their texts, and it's a challenge for banks to fine-tune systems to support the use of the cartoon code in communications.

(Full story here.)
Signage is displayed at a Wells Fargo bank branch in New York.

Wells Fargo execs, directors got the boot. Will its auditor be next?

KPMG has been the bank's auditor since 1931. Critics say it's time for a change.

(Full story here.)
Acting CFPB Director Mick Mulvaney
Mick Mulvaney, director of the Office of Management and Budget (OMB), listens during a Senate Budget Committee hearing in Washington, D.C., U.S., on Tuesday, Feb. 13, 2018. Mulvaney discussed the $4.4 trillion federal budget plan that would slash entitlements and other domestic programs in favor of higher spending on the military and immigration enforcement. Photographer: Zach Gibson/Bloomberg
Zach Gibson/Bloomberg

Mick Mulvaney's CFPB plan is dangerous

His suggestion to force major agency rules to be preapproved by Congress is a threat to consumers and lenders alike.

(Full story here.)
Acting CFPB Director Mick Mulvaney
Mick Mulvaney, director of the Office of Management and Budget (OMB), speaks during a press briefing at the White House in Washington, D.C., U.S., on Friday, Jan. 19, 2018. Federal government funding runs out at midnight Friday. Legislation to extend the deadline passed the House on Thursday and is set for a showdown in the Senate Friday, in which Democrats are poised to block the bill. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg

Mulvaney thwarts Warren inquiry, citing CFPB structure

The agency's acting director uses a reply letter to the senator not to answer her questions but to underscore that Congress lacks the ability to compel answers to such questions.

(Full story here.)
Brian Behlendorf is executive director of the Hyperledger Project, which seeks to establish common standards for blockchain technology. It is embedded within the nonprofit Linux Foundation, which has about 1,000 corporate members.

Blockchain collective snags big fish: Ripple

Becoming a member of Hyperledger fits Ripple's ideal of allowing different blockchains or distributed ledgers to communicate with each other.

(Full story here.)
What SMEs seek from credit providers, according to Aite Group

How one small bank increased lending without hiring more lenders

Millennium Bank in Tennessee has quickened approval times on loan applications by using software that frees lenders from repetitive, manual tasks. The result: Loan balances have increased by more than 50% in less than two years.

(Full story here.)
Mick Mulvaney, director of the Office of Management and Budget and acting-director of the Consumer Financial Protection Bureau.

It 'would stab a knife' into CFPB: Critics react to Mulvaney proposal

The latest salvo by the acting director of the Consumer Financial Protection Bureau — proposing in the agency's semiannual report that all CFPB rules be subject to congressional approval — left many observers stumped if not outraged.

(Full story here.)
Treasury building
A statue of Albert Gallatin stands outside the entrance of the US Treasurey Building in Washington DC. on February 25, 2005. Photographer: Ken Cedeno/Bloomberg News
Ken Cedeno Bloomberg News/Bloomberg News

5 takeaways from Treasury's call to action on CRA

The financial services industry and community reinvestment advocates both praised the Treasury Department's recommendations for reforming Community Reinvestment Act enforcement.

(Full story here.)
GSE reform AML Blockchain CRA Elizabeth Warren CFPB News & Analysis Wells Fargo Treasury Department
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