Banking
Top stories summarized by our editors
12/8/2017

JPMorgan Chase customers who use multiple products might receive additional price discounts, CEO Jamie Dimon says. The bank might test several options for relationship pricing, modeled after Amazon Prime.

Full Story:
Reuters
More Summaries:
Jamie Dimon, JPMorgan, Amazon
12/8/2017

The Securities and Exchange Commission has awarded $4.1 million to an anonymous whistleblower who reported a long-running securities law violation and assisted in the subsequent investigation. "The breadth of the SEC's whistleblower program is demonstrated by this case, where the whistleblower, a foreign national working outside of the United States, affirmatively stepped forward to shine a light on the wrongdoing," SEC official Jane Norberg said.

Full Story:
Accounting Today
12/8/2017

Speculation has begun on who will replace Democrat Al Franken in the Senate, and FSR President and CEO Tim Pawlenty, a former governor of Minnesota, is being named as a potential candidate.

More Summaries:
Al Franken, Tim Pawlenty, FSR, Senate
12/8/2017

A multimillion-dollar fine against Wells Fargo for imposing fees on mortgage borrowers who want low interest rates reportedly is under review by Mick Mulvaney, President Donald Trump's appointee as acting director of the Consumer Financial Protection Bureau. Former Director Richard Cordray approved a possible settlement before leaving, sources say.

Full Story:
The Hill, Reuters
12/8/2017

Delaware-based WSFS Financial will offer debit card services and payment processing for SoFi Securities in early 2018. Online lender SoFi has been expanding into other financial services.

Full Story:
Delaware Business Now
More Summaries:
SoFi
12/8/2017

The Government Accountability Office says an audit of the Office of Financial Research has been thwarted by manipulated information, canceled meetings and delayed responses to information requests. Rep. Ann Wagner, R-Mo., says the office appears "completely dysfunctional" and might need to close.

12/7/2017

A group of Consumer Financial Protection Bureau employees has formed "Dumbledore's Army" to quietly contest Mick Mulvaney's appointment as acting director, sources say. Leadership reportedly is behind Mulvaney.

More Summaries:
Mick Mulvaney, CFPB
12/7/2017

Republican lawmakers aim to make cuts to Social Security, Medicaid and welfare programs, saying such cuts are necessary to pay for tax reform and to reduce the budget deficit. Sen. Marco Rubio, R-Fla., recently gave a broad outline of how the cuts could take shape, saying, "We don't need to reduce benefits on current retirees or even near-term retirees, but we can make changes for future generations such as mine, and do so in a way that people can prepare for, so the changes will barely be felt."

12/7/2017

Examiners supervising banks can keep offices inside those banks, says Comptroller of the Currency Joseph Otting, reversing a previous plan. That plan was impractical, Otting says, and his office employs ways to ensure examiners do not become sympathetic to banks they oversee, such as by rotating supervisors.

More Summaries:
Joseph Otting
12/7/2017

A bill to make use or possession of a credit card skimmer a felony has moved to the Pennsylvania Senate, after clearing the House of Representatives.