Someone paid $6.2 million for a banana taped to a wall, the U.S. could be headed for a "Liz Truss" moment, and in a setback to President-elect Trump, Matt Gaetz pulled out of contention to be attorney general. Here's what else you might want to read this week:
"Hold Off on New Rules Before Trump, GOP Lawmakers Tell Regulators"
GOP lawmakers castigated Fed Vice Chair Michael Barr, OCC Acting Comptroller Michael Hsu, and FDIC Chair Marty Gruenberg during a House Financial Services Committee hearing for what they called "disastrous" and "partisan" financial regulations issued under the Biden administration. The regulators agreed not to finalize any major rules prior to President-elect Trump's inauguration in January and to pause efforts on the Basel III endgame rule, LTD rule, liquidity rule, and brokered-deposit rule.
"Fed's Michael Barr, Like His Boss Jay Powell, Won't Leave if Trump Tries to Fire Him"
During the same hearing, the vice chair also told lawmakers that even if President-elect Trump tries to fire him, he intends to complete his term, which will end in July 2026. Questions have swirled over whether Trump will try to dismiss or demote him, though it's not clear the President-elect has the legal authority to pursue either option.
"Trump's Hunt for Treasury Secretary Down to the Wire"
Insiders say Trump is struggling to find someone who will be able to keep markets calm while he pursues his trade agenda. The frontrunners: Marc Rowan, co-founder of Apollo Global Management; Kevin Warsh, a former Fed governor; and Scott Bessent, founder of Key Square Group. Trump is expected to make a final decision this week (and may have already done so by the time you're reading this). We do know he won't be selecting Jamie Dimon, who, when he found out, responded that he hasn't had a boss in 25 years and didn't want one now. So there.
"2025 Bank M&A Survey: Primed for a Rebound"
Healthier balance sheets, a push for geographic expansion, and the need for scale should lead to a rebound in deal activity next year, according to the results of Bank Director's most recent annual survey on bank M&A. Read the findings here.
"Second Trump Era Expected to Breathe Life Into Fintech Funding"
Economic conditions are improving for fintechs and their investors with President-elect Trump bringing his deregulatory agenda to Washington. The two leading candidates to become the next chair of the House Financial Services Committee, Reps. Andy Barr, R-KY, and French Hill, R-AR, have also expressed support for fintechs.
"Republicans to Visa and Mastercard: Figure It Out, or We Will"
Some GOP senators signaled during a Tuesday hearing that they were willing to support the Credit Card Competition Act designed to increase competition among card networks and lower swipe fees. The bill, which is co-sponsored by Vice President-elect J.D. Vance, is gaining steam amid a rising populist trend in America.
"How The Role of Chief Risk Officer at Banks Is Evolving"
CROs have gained prominence and influence over the years, as the 2008 crisis, last spring's regional banking turmoil, and other episodes have underscored the importance of their roles. While they used to focus primarily on managing financial and operational risk, CROs today are increasingly weighing in on strategy and capital allocation decisions. To succeed going forward, they will need to focus on technological advancements and developing relationships with regulators, this article says.
"Trump's FDIC Has Work Cut Out for It in Repairing Culture"
The incoming Trump administration means new leadership at the FDIC, which will have a tall order in improving employee morale and overhauling the agency's culture. Progress won't come easy, but that doesn't mean it's out of reach, insiders say.
"Every Brand a Bank: Why Starbucks and Walmart Are Your Real Competition"
Consumer brands are expanding into financial services through products such as digital wallets and savings accounts, a trend that has many in the industry declaring what "counts" as a bank and what doesn't. What banks should be focused on instead is enriching customer relationships by differentiating themselves and expanding brand partnerships, this article says.
"The Upcoming Housing Battle That Could Roil Mortgage Costs Even More"
Economists and housing experts expect the second Trump administration to pick up where the first left off in trying to remove Fannie Mae and Freddie Mac from government conservatorship. Doing so could bring even more turbulence to an already troubled real estate market, however.
"How to Know What Your Customers Need Before They Do"
Banks need to know the best ways to reach their customers so they can anticipate issues and opportunities, according to this article, which offers several insights into how to do that. Spoiler alert: It's not all about digital offerings.
"Fed Report: CRE Loans, Governance Among Top Risks"
The report also shows that more banks received less-than-satisfactory supervisory ratings over issues related to cybersecurity, operational resilience, and AML compliance.
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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