The French government collapsed after a no-confidence vote on the prime minister, the CEO of UnitedHealthcare was fatally shot in NYC, and President Biden pardoned his son, Hunter. On a lighter note, want to travel full-time? Here's what it costs to lease an apartment on a cruise ship.
"What Trump's Views on Too-Big-to-Fail Mean for Your Bank Account"
President-elect Trump's criticism of regulators' move to protect uninsured deposits after Silicon Valley Bank and Signature Bank failed last year is a warning for uninsured depositors today, the Wall Street Journal wrote.
"Powell Says He's Not Worried About the Fed Losing Its Independence Under Trump"
During a wide-ranging interview Wednesday, Fed Chair Jerome Powell downplayed the notion of a "shadow" Fed chair that would exert influence on the central bank throughout the remainder of his term. He also discussed the stronger-than-expected economy, the Fed's role in crypto policy, and what he referred to as the U.S. government's "unsustainable" fiscal path.
During this week's episode of Banking with Interest, I explore the subject of Fed independence with Sam Sutton, the primary author of Politico's Morning Money newsletter, as well as a potential brewing conflict between Powell and the incoming Trump administration.
"Tax Cuts to Take Center Stage"
Analysts expect the incoming Trump administration to prioritize extending the tax cuts from the 2017 Tax Cuts and Jobs Act. But the details of any possible changes are still unclear. It's a topic many banks are interested in, given how it may affect their marginal rates and corporate structures.
"Tips to Better Bank Vendor Management"
Community banks are offering an ever-expanding menu of services, which is naturally leading to more third-party relationships. This article offers several suggestions to help banks manage those relationships more effectively.
"Banks Need to Reclaim Their Position At the Center of the BaaS Model"
Speaking of third parties, the BaaS model is here to stay, but the Synapse debacle proves why banks and fintechs should partner directly and rely less on middleware providers that lack compliance and oversight expertise, says one banker and former FDIC official in this op-ed.
"The Year in Compliance: 6 Notable Updates for Community Banks"
Community banks should be monitoring new guidance and a number of new and proposed rules for potential changes to their compliance processes, including the CFPB's guidance on "phantom" opt-in overdraft agreements and the FDIC's proposed rule for FBO accounts in BaaS partnerships, this article says.
"Trump Nominates Paul Atkins as SEC Chair"
In yet another crypto-friendly nomination, President-elect Trump has picked Paul Atkins to run the SEC. Atkins has touted the need for clearer regulations that don't stifle innovation and criticized Gary Gensler for his heavy-handed approach to the industry. Bitcoin surged above $100K for the first time upon the announcement.
"Data Brokers Face Sweeping New Regulations from CFPB"
The agency issued a proposal that would classify data brokers as consumer reporting agencies, requiring them to comply with the Fair Credit Reporting Act when selling sensitive customer data. The move is aimed not only at protecting consumers' information, but also at addressing national security concerns.
"GAO Report Flags Fed, FDIC Supervisory 'Weaknesses'"
The Government Accountability Office published a report highlighting weaknesses in the FDIC's and Fed's processes for escalating supervisory concerns and recommended changes at each regulator, including a system for the FDIC to track supervisory recommendations. The OCC received relatively better marks.
"Is Friendly Fraud a Legitimate Dispute?"
Customers are increasingly misusing chargebacks designed to protect them from abusive merchant practices and identity theft, often leaving banks footing the bill. One payments expert shares several tips to help banks reduce chargebacks.
------------------------------
Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
------------------------------