The Consumer Financial Protection Bureau is seeking comments about its supervision activities -- its fourth request for information as it attempts to streamline processes. The agency says it will ask for input next week on its external engagement process and will ask about other matters in coming weeks.
A group of business leaders is trying to create a bank in Union County, N.C. The bank, which needs regulatory approval, would be the first one opening in the state since 2009.
Puerto Rico-based Popular is paying about $1.7 billion for Wells Fargo's banking unit in the territory. The transaction includes $340 million in commercial loans and $1.5 billion in consumer auto loans.
Technical analyst Dan Russo, CMT, has been viewing 10-year charts from the perspective of 200-day moving averages, which he says provides several insights and indications. Among his conclusions: The low volatility of 2017 was an exception, not the rule; the US dollar and high-yield bonds are set for decline; and the uptrend for commodities and equities will remain until there is a break below the 200-day line.
Wells Fargo will see an increase in consumer loans despite an order from the Federal Reserve prohibiting the bank from boosting its assets, executives said. CEO Tim Sloan said bank customers were seeing few effects from the order.
The Consumer Financial Protection Bureau has not changed its position regarding the Equifax investigation, acting Director Mick Mulvaney told the Senate Budget Committee on Tuesday. Recent news reports indicated the agency was scaling back the probe.
A bill introduced by Sen. Jeff Merkley, D-Ore.; Rep. Suzanne Bonamici, D-Ore.; and Rep. Elijah Cummings, D-Md., would require all lenders, including banks, to abide by state rules when offering small loans. The SAFE Lending Act of 2018 also would require the Consumer Financial Protection Bureau to monitor fees on prepaid cards and to issue a rule banning predatory fees on such cards.
Mick Mulvaney appeared Tuesday before the Senate Budget Committee to discuss the budget but was grilled about decisions made during his acting directorship of the Consumer Financial Protection Bureau. Senators questioned him about a rule on small-dollar lending and about a decision to drop lawsuits against a group of small-dollar lenders.