President Joe Biden warned of a "tech-industrial complex" and "oligarchy" of the ultrarich in an Oval Office address, President-elect Donald Trump is planning to transform the nation's capital in a number of ways, and cancer rates among younger women are rising. Here's what else you might want to read this week:
"Trump Team Eyes Hiring Freeze, Regulatory Rollbacks for CFPB"
Director Rohit Chopra will soon be out as head of the CFPB, but who will replace him? Finding someone may be difficult, given GOP demands to eliminate the agency. Republicans currently serving on the FDIC and FTC are on the shortlist.
Meanwhile, the CFPB remains highly active under Chopra. It published a report and guidance documents for states on how to step up enforcement once the Trump administration takes office. The agency also sued Capital One on Tuesday, claiming the bank cheated its customers out of $2 billion by misleading them about one savings product and not informing them of another that paid far more in interest.
"FDIC's Gruenberg Cautions Against 'Complacency,' Urges Strong Supervision"
Outgoing FDIC Chair Marty Gruenberg warned that innovative products and services can trigger financial crises in what was likely his last speech as head of the agency. He also discussed unfinished rules, as well as the risks associated with the growth of the nonbank sector.
"4 Regulatory Developments Coming in 2025"
Community banks must grapple with several major regulatory changes in 2025, including CRA modernization and Section 1071 of the Dodd-Frank Act. Be sure to check out ICBA's comprehensive plan to deal with what it calls "a regulatory system that is flat-out broken."
"What if the Fed U-Turns and Raises Rates This Year?"
Investors are starting to consider whether the Fed panicked and began cutting rates too soon last September. Considering the heat it took for moving too slowly to combat inflation in 2022, some even think the central bank could do a U-turn and hike rates this year.
Bank Director traces the rise and fall of Shan Hanes, the former CEO of failed Heartland Tri-State Bank, from pillar of the community to pig-butchering victim to federal-prison inmate. For bank boards and execs, it's a cautionary tale, equal parts fascinating and harrowing.
"Rep. Andy Barr to Reintroduce De Novo Bank Bill"
Rep. Andy Barr, R-KY, claims the bill will enable financial inclusion by expanding access to financial services. The congressman has introduced it twice before, but with Republicans now controlling the House and the Senate, it has a much better chance of passing this time around. Barr joined Banking with Interest last fall to discuss his rationale for the legislation; listen here.
"2025 Will Be the Year of the Credit Card"
The majority of new account openings at banks are credit cards, not checking or savings accounts. Read tips and advice on how your institution can capitalize on shifting consumer preferences and spending habits.
"Supreme Court to Determine What Constitutes 'Truth' in Banking"
SCOTUS heard oral arguments in a case that could determine whether the federal government can prosecute misleading statements, in addition to outright falsehoods, in consumers' dealings with bank regulators and financial institutions.
"Home Loan Banks Gain Flexibility Under FHFA Liquidity Rule"
To make it easier for FHLBs to provide credit to member institutions, FHFA issued a final rule exempting interest-bearing deposits and "authorized overnight investments" from capital requirements, effectively treating them like repos with the Fed.
"JPMorgan Chase and Goldman Sachs Post Surging Profits"
The Wall Street behemoths kicked off earnings season with a bang, benefitting from a surge in deal activity, trading, and fundraising as their corporate clients grew more optimistic about the economy under the incoming Trump administration.
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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