Banking
Top stories summarized by our editors
5/23/2017

Arguments Wednesday in the Consumer Financial Protection Bureau's appeal of a decision that declared its structure unconstitutional could have a significant impact on the agency and on the authority of Director Richard Cordray. "If they lose any aspect of this case, Cordray is really in trouble," said Adam White, a research fellow at the Hoover Institution.

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Bloomberg, HousingWire
5/23/2017

A majority of voters in several battleground states want Congress to replace the Consumer Financial Protection Bureau's single director with a commission, finds a survey commissioned by industry groups. Fifty-eight percent of voters polled said the CFPB should be run by a bipartisan commission, while only 14% said they agreed with the agency's current structure.

5/23/2017

USAA wants to charge other financial firms a licensing fee to use remote deposit capture, which USAA developed in 2005 to help military members deposit checks wherever they are. Nearly 6,000 institutions have adopted the technology since customers gained access in 2006, according to Celent.

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USAA
5/23/2017

Berkshire Hills Bancorp is acquiring Commerce Bancshares to create the biggest state-chartered bank in Massachusetts. The combined entity will be headquartered in Boston and will have assets of $12 billion.

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Berkshire Bank, Michael Daly
5/23/2017

Union Bankshares in Richmond, Va., has announced a $701.2 million all-stock acquisition of Xenith Bankshares, also in Richmond. The merger, expected to close in early January, would make Union a regional bank, expand its presence into North Carolina and Maryland, and give the combined entity about $11.9 billion in assets.

5/23/2017

The Consumer Financial Protection Bureau and the Securities and Exchange Commission would undergo restructuring under President Donald Trump's fiscal 2018 budget proposal, according to a document from the Office of Management and Budget. The OMB estimates the change would reduce the federal deficit by $195 million.

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Reuters
5/22/2017

Ford is removing CEO Mark Fields and replacing him with Jim Hackett, chairman of subsidiary Ford Smart Mobility, sources say. Executive Chairman Bill Ford and other board members reportedly have lost confidence in Fields.

5/22/2017

The Financial CHOICE Act, introduced by Rep. Jeb Hensarling, R-Texas, would cut $24 billion from the budget deficit over 10 years, the Congressional Budget Office says. Eliminating the Orderly Liquidation Fund and transferring funding for the Consumer Financial Protection Bureau to Congress are the most critical ways the bill would reduce spending.

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TheStreet
5/22/2017

Treasury Secretary Steven Mnuchin will present President Donald Trump's 2018 budget proposal to the House Ways and Means Committee on Wednesday. In a separate meeting, the committee will discuss reform aimed at reducing tax rates and spurring job growth.

5/22/2017

The Federal Reserve may find it difficult to retreat from its expanded influence over financial markets even as it works to scale back its stimulus, analysts say. Changes in money markets and regulations have made the Fed more integral to the industry, they say.