Banking
Top stories summarized by our editors
6/14/2018

The Consumer Financial Protection Bureau's budget would be subject to congressional appropriations beginning in fiscal 2020 under a spending bill approved by the House Appropriations Committee. The bill would give the IRS $11.6 billion for fiscal 2019, $186 million more than the budget in fiscal 2018.

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The Hill
6/14/2018

Rep. Darrell Issa, R-Calif., and Todd Zywicki, a law professor at George Mason University, are two of the possible candidates to lead the Consumer Financial Protection Bureau, sources say. J. Mark McWatters, head of the National Credit Union Administration, had also been considered a possible candidate but reportedly is no longer under consideration.

6/14/2018

The Consumer Financial Protection Bureau is expected to change its approach to small-dollar lending now that a judge has ruled that standards adopted under the previous administration should go into effect as scheduled in August 2019. The CFPB likely will launch a rulemaking to delay the effective date, giving itself more time to formulate new regulations.

6/14/2018

The Securities and Exchange Commission's proposed two-tier regulatory approach for brokers and advisers was a keenly discussed topic at the annual advocacy day of the Investment Adviser Association in Washington.

6/14/2018

South Carolina-based Security Group has been fined $5 million by the Consumer Financial Protection Bureau for alleged debt collection violations that included visiting and calling people at work. The company denied the allegations but agreed to pay the fine.

6/14/2018

Comptroller of the Currency Joseph Otting has said during a House committee hearing no systemic issue was found during a review of accounts at more than 40 banks. "When problems arise, bank leaders are committed to addressing them and ensuring those issues are not prevalent," CBA President and CEO Richard Hunt says. "Comptroller Otting's comments are further proof banks are accomplishing this important goal."

6/14/2018

Mobile payment service Zelle could end the year with 27.4 million users, putting it ahead of Venmo, Square Cash and Apple Pay, according to research firm eMarketer. Bank of America, JPMorgan Chase and Wells Fargo are among banks that support Zelle.

6/14/2018

How banks can handle marijuana business is still uncertain, but Federal Reserve Chairman Jerome Powell says he would love clarification of the issue. Banks have shied from business with the marijuana industry in states where the drug is legal because marijuana is still illegal under federal law.

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The Associated Press
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Chair Jerome Powell, marijuana, Fed
6/13/2018

Celebrating small wins regularly with your team can encourage them and keep them on track toward goals, writes Jennifer V. Miller. "Leaders who act as 'nourishers' providing respect, encouragement and recognition are those best poised to help their team members capitalize on their daily (or weekly) wins," she writes.

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SmartBrief/Leadership
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Jennifer V. Miller
6/13/2018

Consumer Financial Protection Bureau staff are being asked by acting Director Mick Mulvaney to cut the bureau's budget by 20%. The reduction would trim the fiscal 2019 budget to 2015 levels.