While the recent revisions to the tax code were done along party lines, the newly proposed updates to Dodd-Frank have the backing of a bipartisan group of legislators; the bill is looking to target banks in the $50bn to $250bn range who many feel have been disproportionately effected by the 2010 Dodd-Frank law; changing the definition of the banks from systemically important financial institutions or SIFI’s will free up the banks from certain requirements; while their is optimism for a deal that crosses party lines, Congress has a ways to go as they look to get this done later in the month. Source.
A new report out from Aite Group found that, at the vast majority of banks, lenders spent at least 30%...
According to Fidelity National Information Services (FIS) there was a 200 percent jump in new mobile banking registrations in early...
In this week’s PeerIQ Weekly Update the company covers the recent spate of bank earning reports, securitization news and issues another round of hiring updates; banks have seen a continued drop in fixed income and commodities trading revenue, picking up the slack has been lending and wealth management; Citigroup and Morgan Stanley had strong reports while Goldman Sachs and American Express missed the mark; SoFi is issuing a $720mn securitization deal, Moody’s rated the A classes AAA; PeerIQ also lists five new hires stemming from the $12mn round last summer. Source.
A new report by JPMorgan says they don’t believe blockchain technology will be transformative for the global payments system and...
Yodlee, a unit within Envestnet, has come under fire in recent days for their data sharing practices; Senators Ron Wyden,...
Steve Strongin believes most digital currencies are unlikely to survive in their current form and that investors should be prepared for coins to lose all of their value; Strongin states that they are likely to be replaced by a small set of future competitors; he cites the high correlation of cryptocurrencies, the lack of intrinsic value and speed as reasons for concern; Strongin still is optimistic on blockchain technology. Source
Platforms such as SoFi, Prosper, LendingClub and Avant have tightened their underwriting criteria as of late; loan pools packaged into...
What Banking For The Unbanked Means For You PPP spotlights shortcomings in credit unions’ small-business push Splitit is quickly adding...
The Consumer Financial Protection Bureau (CFPB) was established as part of Dodd-Frank reform following the 2008 financial crisis to focus on financial law pertaining to the protection of consumers in the financial marketplace; in 2016 a three-judge D.C. circuit panel declared the CFPB unconstitutional in the PHH vs. CFPB case and gave full director accountability power to the president; an appeal by the CFPB overturned that ruling and called for a rehearing of the case before a broader panel of judges which is set for May 24, 2017; on Friday, March 17 the US Justice Department filed a brief requesting that the federal appeals court restructure the CFPB; the brief appears to be focused on the fact that the CFPB director was setup to have no accountability to the president; in the case of PHH vs. CFPB, lawyers from PHH reported that the CFPB should be dissolved; the Justice Department's brief appears to focus just on the CFPB director's accountability. Source