MReport has named Meg Burns, FSR's senior vice president for mortgage policy, a Women in Housing Power Player for her pivotal role in the mortgage industry. In an interview with MReport, Burns said, "There are plenty of people who talk too much, and there are plenty of people who are pushy, but the ones who can command attention because what they have to say is relevant, well informed, and intelligent -- those are my role models."
Fifth Third Bancorp will offer treasury management and payment services for casino operators through a partnership with NRT Sightline, a payments technology company. NRT Sightline is being created through a merger of NRT Technology and Sightline Payments.
The payment structure used by banks is outdated and does not meet customers' needs, says Cheryl Gurz of CGI. Banks need to move toward a "hub" model to reduce complexity and streamline services, she said.
Consumer Financial Protection Bureau rules on short-term loans and arbitration clauses in bank contracts do not benefit consumers, according to a report by the Competitive Enterprise Institute. "The agency is ... actively harming consumers, pressing ahead with regulations even when the benefit to consumers is likely to be outweighed by the costs," said report author Iain Murray, vice president for strategy at the institute.
CBA and others have written Treasury Secretary Steven Mnuchin and Federal Housing Finance Agency Director Mel Watts to encourage them to prioritize reform of government-sponsored enterprises. "We urge both Treasury and FHFA to focus on continuing to work with Congress to end conservatorship through comprehensive, bipartisan, legislative reforms," according to the letter.
The Consumer Financial Protection Bureau could use the Dodd-Frank Act's prohibition of unfair, deceptive and abusive acts and practices in an investigation of the Equifax breach, a CFPB spokesman and legal experts say. The bureau has not said whether it is investigating.
Citigroup and Morgan Stanley say all of the banks' energy will soon come from renewable sources, with a goal of carbon-neutral operation in three to five years. Citi, Morgan Stanley, Bank of America and HSBC have joined RE100, a group of companies working toward operation on clean energy only.
The Senate banking committee is scheduled to hear from Wells Fargo CEO Timothy Sloan on Oct. 3 and Equifax CEO Richard Smith on Oct. 4. Equifax's data breach and the company's response are likely to be the subject of multiple House committee hearings.
The Federal Reserve is looking into the root cause of the fake-account scandal at Wells Fargo, Chair Janet Yellen says. "We're working very hard on it," Yellen says in response to whether the Fed will take enforcement action.
The Securities and Exchange Commission said that in 2016, hackers gained access to its computer database containing potentially market-moving corporate information and might have used the information for illegal trading gains. The SEC said it concluded only last month that the cybercriminals might have used the data for trading.
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