President Trump released a bevy of documents related to the JFK assassination, and Warren Buffett really wants to give away $1 million. Consider yourself a news junkie? Test your knowledge of last week's events with this quiz from the Wall Street Journal. Here's what else you might want to read this week:
"Wall Street Learns That Scott Bessent Isn't Steven Mnuchin"
MAGA 2.0 hasn't been great for equities thus far, and Secretary Bessent hasn't done much to soothe The Street's concerns. (If anything, he's dismissed them.) Meanwhile, he's arguing that the White House is doing everything it can to stave off a financial crisis fueled by reckless government spending. "We are resetting, and we are putting things on a sustainable path," Bessent told NBC's Meet the Press over the weekend.
Bessent has also taken a far more expansive view of his role than most Treasury secretaries when it comes to banking policy. Earlier this week, I discussed why Bessent is taking charge and what it means for banks with Karen Shaw Petrou, managing partner of Federal Financial Analytics. Listen here.
"Mortgage Giants Fannie Mae and Freddie Mac Brace for Job Cuts"
The newly sworn in FHFA chief William Pulte removed eight directors from Fannie Mae's board and six from Freddie Mac's, added four new ones to each organization, and named himself chairman of both entities. Some in the housing world are concerned that the shake-up is designed to remove opposition to future job cuts at the GSEs and what that may mean for the troubled housing market.
"Not Even the Fed Knows What's Next"
The combined effects of reciprocal tariffs, mass deportations, tax and spending plans, and DOGE cuts are leading to near-term pessimism while clouding the long-term outlook. "I don't know anyone who has a lot of confidence in their forecast," Fed Chair Jerome Powell admitted during this week's post-FOMC press conference. Those who tuned in for clarity on the direction of rate policy and inflation were likely disappointed, though Powell was clear that the Fed will be slowing the pace of QT starting in April.
"A Trade War Puts Pressure on the Federal Reserve"
In this op-ed, two economists from the Fed's Shadow Open Market Committee outline how President Trump's tariff policies will complicate monetary policy and make it harder for the central bank to achieve its dual mandate.
"'Hitting bone': CDFI Industry Fears Deep Cuts Under Trump"
President Trump issued an executive order last week to significantly scale back the Treasury Department's CDFI Fund, throwing CFDIs in turmoil as they scramble to assess the impact. There's a lot of confusion about the order, as most of the affected institutions are in red states and Treasury Secretary Scott Bessent, for one, has repeatedly expressed support for CDFIs.
"How Banks Can Combat Share-of-Wallet Attrition"
Read four steps banks can take to expand their wallet share and "future-proof" customer relationships amid competition from fintechs and other digital-service providers.
"ICBA Calls for Taxes on Credit Unions, but Only Larger Ones"
After an unsuccessful attempt last year to get Congress to eliminate tax exemptions for all credit unions, the community bank lobby is now calling on lawmakers to end tax exceptions for CUs with more than $1 billion in assets. This is arguably the banking industry's best moment to call for this given the need for more money in the budget. That said, the GOP have little room to maneuver in budget negotiations, so if even one Republican objects to this idea, it's not going to go far.
"Trump Adviser: Banks Will Play 'Tremendous' Role in Crypto"
Banks' involvement in crypto will be critical for the industry's continued growth and expansion, says Bo Hines, one of the White House's top crypto advisers.
"Building a High-Performance Sales Culture"
Adopting new technologies and aggressively pushing products won't yield the results banks seek, according to one expert, who advises banks to focus on adopting sound coaching practices and building purpose-driven teams instead.
"Trump Organization Lawsuit Raises Questions on Capital One-Discover Deal"
Capital One is waiting on three regulatory approvals for its $35.3 billion purchase of Discover while it contends with a civil suit filed by the Trump Organization over allegations of debanking. The two issues are unrelated, but some experts think the lawsuit will influence the outcome of the merger review. "It's not a pure world," as one law professor put it.
"A Secret Mortgage Blacklist Is Leaving Homeowners Stuck With Unsellable Condos"
The blacklist, maintained by Fannie Mae, includes condo associations that the GSE believes don't have adequate insurance or that need to make critical repairs. Many new associations were reportedly added to the list after the Surfside condo collapsed in 2021.
"Morgan Stanley Went Big on DEI, and No One Is Happy About It"
Morgan Stanley employees discuss how the firm's diversity initiatives-defended by bank executives as "vigorous and well-intended"-contributed to a divisive culture at the investment bank. Now, like much of corporate America, the firm is scaling back these efforts.
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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