CFPB claims challenged; HSBC FX trader convicted

10/24/17

Treasury contests agency’s claims that ban on mandatory arbitration benefits consumers; former head of FX trading used client information to profit the bank.

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Apple co-founder doesn’t want the tech giant to become a bank

10/23/17

Steve Wozniak indicated that he'd like to see the Silicon Valley behemoth continue to partner with banks, rather than applying for its own charter.

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Zions made $5M in interest-free loans to employees hit by Harvey

10/23/17

The Salt Lake City bank reported strong 3Q results despite unexpected expenses tied to hurricane damage in its Texas market, and it vowed to stay on track in meeting its cost-savings goals.

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Fight to kill CFPB arbitration rule could rest on whose data is right

10/23/17

With days ticking down for lawmakers to overturn the Consumer Financial Protection Bureau rule, some are now questioning the statistics used to challenge the bureau’s data.

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FHFA to seek public input on alternative GSE credit score model

10/23/17

Federal Housing Finance Agency Director Mel Watt said the agency is poised to examine alternatives to how a Fannie Mae and Freddie Mac assess creditworthiness of home buyers, including seeking public comment on the issue later this fall.

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HUD Secretary Carson vows to pull back on mortgage penalties

10/23/17

Ben Carson doesn't want big banks to worry so much about being penalized from mortgage lending errors.

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U.S. fintech industry jealously eyes U.K. regulatory scheme

10/23/17

British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation.

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CFPB got it right with data-sharing guidance

10/23/17

The Consumer Financial Protection Bureau made it clear that consumers own their financial data and can share it with apps of their choice. Now it’s up to the industry to resolve thorny issues on liability and accountability.

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Treasury says CFPB arbitration rule hurts consumers

10/23/17

The Treasury Department released an 18-page report saying the rule would “impose extraordinary costs” including legal fees mostly for lawyers that bring class-action lawsuits.

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'Regulation by enforcement' makes compliance unpredictable, new MBA chair says

10/23/17

The CFPB's practice of "regulation by enforcement" forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, said David Motley, the new chairman of the Mortgage Bankers Association.

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