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Fallout from the Fed's blow to Wells Fargo; a call for calm in the rush to regulate cryptocurrencies; point-of-sale lending has its day; and more.
Signage displayed at a Wells Fargo bank branch in New York.

Fed drops hammer on Wells Fargo as four board members ousted

The Federal Reserve voted unanimously Friday to impose an unprecedented enforcement action against Wells Fargo in response to its phony-accounts scandal as the bank said it would remove four members of its board.

(Full story here.)
A man uses a Wells Fargo ATM inside a branch in New York.
A man uses a Wells Fargo & Co. automated teller machine (ATM) inside a bank branch in New York, U.S., on Tuesday, July 12, 2016. Wells Fargo & Co. is scheduled to release earnings figures on July 15. Photographer: Eric Thayer/Bloomberg
Eric Thayer/Bloomberg

Fed's stinging Wells rebuke puts all banks on notice

The Federal Reserve on Friday slapped Wells Fargo with one of the harshest orders it has ever handed down, but the message it sent went far beyond a single institution.

(Full story here.)
Golden coin imprinted with a Bitcoin logo.

Cryptocurrencies are far from unregulated

Despite panicked cries to the contrary on social media and cable news, federal authorities are keeping a careful eye on evolving digital currency markets, as regulators are likely to tell Congress on Tuesday.

(Full story here.)
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Why point-of-sale lending is hot right now

It's not necessarily new, but a confluence of trends — advances in technology, changing consumer preferences and banks' need to diversify their balance sheets — has made it more popular than ever.

(Full story here.)
AB-GENDER-020218

The weak point in banks' rosy pay-gap numbers

Large banks have begun sharing their adjusted gender pay gap ratios — how much women are paid versus men for similar jobs. The trouble is, they don't have similar jobs.

(Full story here.)
Rep. Barney Frank, D-Mass., and Sen. Chris Dodd, D-Conn., in 2010
Representative Barney Frank, a Democrat from Massachusetts and House Financial Services Committee chairman, left, speaks at a news conference with Senator Christopher "Chris" Dodd, a Democrat from Connecticut and Senate Banking Committee chairman, at the White House in Washington, D.C., U.S., on Wednesday, March 24, 2010. Dodd said President Barack Obama wants to move quickly on financial-reform legislation with the goal of getting a strong bill to sign this year. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Christopher Dodd; Barney Frank
Andrew Harrer/Bloomberg

Pink slips coming for big chunk of Dodd-Frank agency staff

More than one-third of the Office of Financial Research's staff could soon be laid off, but the agency seems to lack the political clout needed to block the move.

(Full story here.)
A monitor displays Equifax signage on the floor of the New York Stock Exchange.
A monitor displays Equifax Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Sept. 8, 2017. The dollar fell to the weakest in more than two years, while stocks were mixed as natural disasters damped expectations for another U.S. rate increase this year. Photographer: Michael Nagle/Bloomberg
Michael Nagle/Bloomberg

Is CFPB punting on Equifax? It's complicated

It is unclear whether the Consumer Financial Protection Bureau is abandoning its supervisory oversight of Equifax or just taking a back seat to the Federal Trade Commission as the latter investigates the credit bureau.

(Full story here.)
Federal Reserve Chairman Jerome Powell.

What the Wells order means for bank directors

The Federal Reserve's order restricting Wells Fargo puts other bank boards on notice that they could be singled out for failure to perform, but also makes it easier for them to avoid that fate.

(Full story here.)
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Cap on Wells Fargo's asset growth could be gift to competitors

If the Fed order is lifted quickly — a big if — then the impact on Wells should be minimal. But if it lingers past 2018, then the bank could find itself on the losing end of the battle for customers and top talent.

(Full story here.)
FHFA Director Mel Watt.

How FHFA could reform housing finance if Congress doesn't

As conservator, FHFA Director Mel Watt has substantial leeway to remake the government-sponsored enterprises without congressional input. Here's one way he might do so.

(Full story here.)
Enforcement actions Equal pay Point-of-sale Housing finance reform Wells Fargo FHFA CFPB News & Analysis Equifax Cryptocurrency
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