Financial firms say the database is unreliable and would like to see it removed from public view. But the industry would also lose access to competitive insights that can be gleaned from the massive trove of consumer complaints.
President Trump plans to tap nominees to head the independent financial regulators that will be more willing to listen to industry than past heads, a senior White House official said Thursday.
Federal regulators supported several changes the banking industry has been seeking in an appearance before the Senate Banking Committee on Thursday, acknowledging the need to limit the Volcker Rule and better define systemically important banks.
The Wall Street Journal enumerates the reasons why President Trump needs to fire the CFPB director; the bitcoin market is sharply divided over whether it’s a currency or a store of value.
The CFPB and others believe alternative data could provide more credit to the unbanked. Small banks and credit unions, however, have lingering concerns about breaking from traditional underwriting.
Sen. Elizabeth Warren, D-Mass., asked Federal Reserve Chair Janet Yellen on Monday to remove 12 Wells Fargo board members because of the fake-accounts scandal.
James Clinger is currently general counsel to the House finance panel; CFPB director refutes House panel claims he didn’t do his job in Wells Fargo investigation.
