What bankers think about merging regulators; Democrats rally for CFPB; mega transaction settles
American Banker
In-depth analysis, perspective and commentary on key issues affecting the banking industry.
Bankers want agency independence but split on consolidation: A survey of senior bank officers at community banks by fintech firm IntraFi found bankers nearly evenly divided on the idea of merging federal bank regulators, while an overwhelming 93% support maintaining agency independence.
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Warren, Democrats promise to fight for CFPB at rally: A rally outside the Consumer Financial Protection Bureau headquarters in Washington boasted 17 lawmakers and roughly 600 attendees, organizers said, who were decrying Trump administration efforts to effectively shutter the bureau.
BNY first to transfer $10 million over Clearing House RTP network: It was the largest U.S. transaction ever to instantly settle, following The Clearing House's new transaction ceiling that went into effect Sunday.
Fifth Circuit halts CFPB small-business data rule ?—?again: A federal appeals court in Texas has delayed the implementation of the Consumer Financial Protection Bureau's small-business data reporting rule slated to go into effect in July. How the Trump administration proceeds from here could be instructive on its approach to other CFPB rules.
BankThink: Here's what happened when Bank of America debanked my business: After nearly 10 years of banking my business, BofA debanked it because of overzealous anti-money-laundering enforcement. The Trump administration must bring back common sense to Bank Secrecy Act compliance.
AUDIT, RISK AND COMPLIANCE EXECUTIVE
1 周CFPB oversight extends well beyond banks. There is finally oversight for other non-bank players providing financial services. This provides a great benefit to banks as the banks are no longer being held to a higher standard than other financial providers. It also provides more protection to the consumer with the extended reach. The supreme court already ruled favorably on the constitutionality of the funding.
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CEO at McCormack and Associates, inc.
2 周Eliminate the CFPB!! We have the OCC, FRB, FDIC and state banking commissions. We never needed another regulator.