Speculation that Director Richard Cordray will leave the Consumer Financial Protection Bureau to run for Ohio governor has lobbyists predicting a payday industry rule will be finalized by Labor Day. The rule, proposed in June 2016, would require lenders to document borrowers' ability to repay or offer longer loan terms.
Zillow says the Consumer Financial Protection Bureau has concluded a two-year investigation into advertising practices and has asked the online real estate marketer to settle or to face legal action. The CFPB is questioning "co-marketing" arrangements between real estate agents and mortgage lenders.
JPMorgan Chase has hired machine learning expert Chris Murray, formerly of Goldman Sachs, to improve trading efficiency, sources say. Murray reportedly aids management of the global central risk book.
Pennsylvania Attorney General Josh Shapiro has created a unit similar to the Consumer Financial Protection Bureau, with former CFPB staffer Nicholas Smyth at the helm. Other states might "jump on the bandwagon" and follow suit, says David Kennedy, vice president and director of compliance at the American Recovery Association.
A telephone poll of 1,002 adult Americans, sponsored by Bankrate, finds that 23% -- the highest percentage in six years -- have increased their retirement-fund contributions this year; among millennials, the figure is 27%. Data also indicate increased confidence in personal financial security, although the number of people who are making no retirement-savings contributions at all has remained unchanged.
The Republican Governors Association wants to know whether Consumer Financial Protection Bureau Director Richard Cordray has used federal resources to talk to Ohio Democrats about a possible gubernatorial bid. The association has filed a Freedom of Information Act request for phone logs, emails and schedules dating to June 1.
Fraud loss dropped 28% in 2016 compared with 2015 as financial institutions issued more chip debit cards, according to a study by PULSE. Financial institutions reported $900 million in debit card fraud loss last year.
Household debt climbed to 67% of nominal GDP in the second quarter as mortgages, auto loans and credit card debt increased, according to the Federal Reserve Bank of New York. Q2 was the 12th consecutive quarter in which household debt increased.
Small and midsize banks want less regulation, says Robert Kaplan, president of the Federal Reserve Bank of Dallas. He says he supports tailored relief for small banks and tough regulation for big banks.