Banking
Top stories summarized by our editors
10/16/2017

The IRS has issued a warning to financial professionals about cybercriminals trying to gain access to clients' annuity and life insurance accounts. In one such scam, the criminals impersonated a company that supplies computer cloud services and attempted to obtain tax professionals' usernames and passwords.

More Summaries:
IRS, life insurance, cloud services
10/16/2017

Acting Comptroller of the Currency Keith Noreika said he asked Consumer Financial Protection Bureau Director Richard Cordray to delay publishing the arbitration rule until Noreika's office could review the data supporting the rule. In an opinion piece, Noreika said the CFPB failed to disclose the rule's potential cost to consumers, saying, "Consumers deserve better, and so do small and regional banks."

Full Story:
The Hill
More Summaries:
Keith Noreika, CFPB, Richard Cordray
10/16/2017

Former Consumer Financial Protection Bureau attorney Ronald Rubin makes the case that CFPB Director Richard Cordray tricked the Republicans into believing he was going to leave his post to run for Ohio governor before his term ended. "I didn't suspect a hoax until early September, when a senior CFPB official told me Cordray would not resign immediately following the payday rule's publication because he wanted to complete one more mysterious, unidentified item on his agenda," Rubin writes.

Full Story:
The Weekly Standard
More Summaries:
Richard Cordray, Ronald Rubin, CFPB
10/16/2017

Anthony Alexis, the enforcement director for the Consumer Financial Protection Bureau, resigned. CFPB officials confirmed his resignation but gave no further details.

10/16/2017

Employees of the Consumer Financial Protection Bureau are moving back to their building after a $145 million renovation project. About 1,200 of the bureau's 1,600 employees work in the 40-year-old building across from the White House.

10/16/2017

SoFi withdrew its application for an industrial loan charter, citing a transition in leadership as the reason. CEO Mike Cagney resigned last month amid sexual harassment allegations.

More Summaries:
SoFi, CEO Mike Cagney
10/16/2017

Payments are the next "battleground of finance," pitting banks against technology companies like Apple and Amazon, said Jes Staley, CEO of Barclays. Cybersecurity is also a top concern for financial firms, Staley said at the annual meeting of the Institute of International Finance held this weekend in Washington, D.C.

10/16/2017

President Donald Trump should reappoint Federal Reserve Chair Janet Yellen to another term, said Stanley Fischer, who left his post as vice chairman of the Fed on Friday. Fischer announced his resignation in September, citing personal reasons.

Full Story:
CNBC
10/13/2017

Equifax and other credit bureaus would not be able to use Social Security numbers to identify customers under a bill proposed by Rep. Patrick McHenry, R-N.C. Also on Thursday, Senate Banking Committee Chairman Mike Crapo, R-Idaho, asked regulators in a letter whether their agencies should be given more authority over credit bureaus.

10/13/2017

Banks like Citigroup, Regions Bank and TD Bank are adding personal touches to their digital services. As Alice Milligan, chief customer and digital experience officer for Citigroup's global cards unit, explained that "we know who you are and are serving up things that add value to you personally versus you having to navigate all the different functions on our mobile app."