President-elect Donald Trump is already turning heads (including GOP lawmakers') with his cabinet picks, Mark Zuckerberg covered a rap song for his wife's anniversary present, and according to a former Pentagon official, the truth is indeed out there. Here's what else you might want to read this week:
"Has CFPB Started a War Over Open Banking, or Created New Opportunities for Banks?"
Banks shouldn't wait on the outcome of the Bank Policy Institute's lawsuit against the CFPB or for the Trump administration to assume the reins before implementing open banking, according to this article, which argues that most of the spoils will go to early entrants. That caveat likely applies to institutions under $850 million in assets, which are officially exempt from the rule but may have to adhere to it for competitive reasons. For a deep dive into the implications of open banking, check out this episode of Banking with Interest.
"Warren Will Lead Democrats on the Senate Banking Committee"
With Sens. Mark Warner, D-VA, and Jack Reed, D-RI, serving key roles on other major committees, Sen. Elizabeth Warren, D-MA, is set to become the ranking member of the Senate Banking Committee. That doesn't necessarily mean she'll become chair next time the Senate flips, however. Check out this week's episode of Banking with Interest to learn more.
"Execs from 6 Banks Weigh In on Impact of Trump's Election"
Leaders from Citi, Fifth Third, and other institutions discuss what the industry can expect from a second Trump administration.
"US Community Bank NIMs Improve in Some Regions; Loan Growth Still Weak in Q3"
Sub-$10B-asset banks in the Midwest, South Central, and Southeast regions saw their net interest margins improve year-over-year during the third quarter, while loan growth slowed in all U.S. regions during the period, S&P Global Market Intelligence found.
"Swipe Fees Get Renewed Washington Focus in Aftermath of Election"
Sens. Dick Durbin, D-IL, and Roger Marshall, R-KS, have scheduled a last-minute hearing on the Credit Card Competition Act, which aims to lower swipe fees, increase consumers' choices, and enhance competition. The bill has languished in Congress for years despite bipartisan support from Democrats and populist Republicans, including, at one point, Vice President-elect J.D. Vance.
"Community Banks Need to Step Up Third-Party Practices"
Small and midsize banks aren't performing adequate oversight on third-party vendors despite increased regulatory scrutiny of the space, according to a new report from Jones Walker, a law firm focused on cybersecurity.
"A Financial Regulator's Time in the Spotlight Nears"
Move over, FDIC, OCC, and SEC. With President-elect Trump returning to the White House, crypto legislation is set to become a priority, and that means attention will largely shift to the CFTC.
"Gen Z is 30% More Likely to Open a New Savings Account. What's Driving Their Choices?"
Gen Zers are 30% more likely to open a savings account than older generations, according to a new survey from the data analytics company YouGov. But banks won't benefit unless they adapt their offerings to Gen Z's preferences and decision-making processes, this article says.
"Wealth Is an Opportunity Banks Can't Ignore"
For many banks, wealth management is an afterthought. That's a mistake, according to one expert, who says prioritizing wealth management can increase growth opportunities and enhance resilience. He offers three tips to help banks succeed in the space.
"Now is the Time to Pursue Opportunities in Small-Business Lending"
Banks are concerned about liquidity and credit risk, though small-business borrowers are proving more resilient than many thought, according to new analysis from Abrigo. With interest rates topping out, now could be a good time for banks to grow their portfolios of small-business loans.
"Comerica Sues CFPB Over 'Costly' Prepaid Card Probe"
In the lawsuit, the bank called the agency's investigation into its handling of the Direct Express prepaid card program "aggressive and overreaching" and claimed to have suffered "substantial harm" from the probe after its contract wasn't extended.
"Underbanked U.S. Population Grows to 14.2%, FDIC Finds"
While the share of unbanked households fell to 4.2% last year from 4.5% in 2021, the share of underbanked households-defined by the FDIC as "banked households that use nonbank products to meet their core financial needs"-grew to 14.2% from 14% over the same period.
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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