Readers react to President Trump considering a credit union regulator to head of the Consumer Financial Protection Bureau, debate a delay for top banking nominees, opine on the value of blockchain, and more.
The Trump administration should not name J. Mark McWatters as head of the consumer agency, given his lack of experience overseeing commercial banks and his leadership of the National Credit Union Administration, a cheerleader for the industry it supervises.
Sen. Sherrod Brown called on the Trump administration to support the Consumer Financial Protection Bureau's enforcement action against PHH Corp., which agreed to a $45 million settlement this week related to foreclosure abuses.
The banking industry braced for big changes with the election of President Trump, but the financial reform law has proven its staying power over the past year.
Rep. Emanuel Cleaver, D-Mo., has emerged as one of the most outspoken members of Congress when it comes to fintech, both embracing its potential and calling for regulatory guardrails.
The Consumer Financial Protection Bureau dominated three of the top most read stories of last year, while Ripple upstart seized two. Other highlights included our annual Women in Banking package, the aftermath of the Equifax data breach and news of Amazon's possible banking plans.
If acting CFPB Director Mick Mulvaney ultimately prevails in the lawsuit challenging his position, he is expected to continue implementing the most significant changes to the agency in its six-year history.
In his current position as chair of the National Credit Union Administration, J. Mark McWatters has publicly advocated for cutting back the CFPB’s oversight of the credit union industry.
From the identity of bankers in the 21st century to the regulatory turmoil in Washington to the huge impact of technology on the industry, readers expressed an array of strong opinions about what happened in 2017.
J. Mark McWatters, chairman of the National Credit Union Administration, is said to be in contention to take over as director of the Consumer Financial Protection Bureau.
