Trump supporters are already questioning the integrity of election results in Pennsylvania, McKinsey discusses how the banking sector can "recover its multiple" in its annual review of global banking, and if you order a Quarter Pounder from McDonald's, you may not be lovin' it.
"What the Election Means for the Future of the CFPB"
This year's election has major implications for the agency's future. While former President Trump would likely fire Director Rohit Chopra (and may even try to shut the CFPB down), Vice President Kamala Harris would embolden the agency by allowing Chopra to continue pursuing his agenda.
"How Open Banking Will Shape the Future of Payments"
Banks and payments firms must come to terms with a new age of data sharing after the CFPB issued its final rule on open banking. Earlier this week, I sat down with American Banker reporter Kate Berry and IBAT CEO and President Christopher Williston to discuss the ins and outs of the rule on Banking with Interest, including how it could help fintechs while creating new risks for banks. Listen here.
"'Dimon Swipes at Regulators, Large Retailers: 'Time to Fight Back'"
The JPMorgan chief blasted a number of proposed and final bank regulations Monday during the American Bankers Association's annual convention, including the Basel III endgame capital rules, interchange fees, and the CFPB's new open banking rule. Dimon also claimed many banks have been unwilling to fight regulators over fears they would become targets. "It's gross," he said. "Time to fight back."
"JPMorgan Chase Sues Customers Who Exploited Viral 'Glitch'"
Regulators aren't the only stakeholders JPMorgan is getting tough with. The megabank is suing four customers over a check-fraud scheme promoted on TikTok that resulted in a loss of more than $660,000.
"Regulator Proposal Could Reshape Third-Party Relationships"
Banking regulators are scrutinizing BaaS providers more closely after last year's bank failures and the Synapse meltdown. Two attorneys explain how new regulations for brokered deposits and custodial accounts could change banks' partnerships with fintechs and other third-party vendors.
"Finding BaaS Talent Is Elusive, Expensive - and Essential"
To build BaaS practices that thrive amid such heightened scrutiny, banks must pay up to attract talent, improve their training programs, and find new, creative ways to keep existing employees around, this article says.
"Treasury Floats Financial Inclusion Strategy"
Treasury Secretary Janet Yellen announced a new national strategy on financial inclusion during the American Bankers Association's national convention, encouraging policymakers and banks to increase access to affordable credit, protect consumers from fraud, and expand access to savings and investments, among other measures. She also discussed her penchant for "robust capital liquidity" when asked about growing regulatory burdens from different banking agencies.
"CEO Succession Planning Is a Critical Task for Community Bank Boards"
Community banks need strong leaders to thrive in today's complex banking landscape. However, many are unprepared for leadership transitions. Review practical suggestions from two experts on compensation and talent on how to tackle challenges related to succession planning.
"Fed Rate Cut Draws Applause-and Caution-From Bankers"
Bankers claim the Fed's 50-bps cut will lead to a strong fourth quarter, but they caution the central bank to be careful with the pace of further loosening.
"Florida Accidentally Banned Banks From Doing Business in Sunshine State"
A state law designed to help startups fundraise inadvertently made it illegal for most banks to sell securities or shares of private companies in Florida. On Sunday, Florida's Office of Financial Regulation enacted a proclamation to fix the issue, and banks have resumed doing business in the state.
"Rep. Torres 'Cautiously Optimistic' About Passage of Trigger Leads Bill"
The bill, which could become part of an omnibus spending package later this year, would curb the ability of credit-reporting agencies to sell homebuyers' data to financial services providers.
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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