Industry News
Banking
Top stories summarized by our editors
1/13/2021

The Trump administration reportedly plans to introduce policy changes for Fannie Mae and Freddie Mac agreed upon by the Treasury Department and Federal Housing Finance Agency, sources say, but the overhanging issue of releasing them from government conservatorship has not been addressed. The proposed changes include allowing the two enterprises to retain significantly more capital without passing profits on to the Treasury, so they can enlarge their capital buffers.

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Bloomberg
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Treasury, Treasury Department
1/13/2021

Acting Comptroller of the Currency Brian Brooks is reportedly leaving his post in the next week and Chief Operating Officer Blake Paulson is next in line to replace him. Treasury Secretary Steven Mnuchin has not indicated whether he will appoint an interim head or leave the decision for incoming Treasury Secretary Janet Yellen to make.

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Steven Mnuchin
1/13/2021

Bank regulation largely centers around overseeing human behaviors and must adapt to keep up with the technological developments in finance, writes acting US Comptroller of the Currency Brian Brooks.

1/13/2021

The Federal Reserve's membership in the Network for Greening the Financial System prSarah Bloom Raskinesents an opportunity for US regulators to lead a global approach for sustainable finance, writes Sarah Bloom Raskin.

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Sarah Bloom Raskin
1/13/2021

Taking notes can help you record your thoughts and remember more, but the structure of your note-taking can provide greater benefits down the road, writes Scott H. Young. "If you have the structure you're trying to build in mind, as you listen, however, you'll be much more likely to pay attention to what you're learning in a way that benefits you later," he writes.

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Scott H. Young
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Scott H. Young
1/13/2021

Wells Fargo tapped attorney Michael Lipsitz to lead its newly created Office of Consumer Practices, which will oversee customer interactions with the bank. Lipsitz was formerly with Santander along with former CBA Board Member Michael Cleary, who was also hired by Wells COO Scott Powell.

1/13/2021

Brian Doubles will become CEO of Synchrony Financial at a time when consumers are looking for more lending options and competition is increasing. Synchrony is creating an installment lending plan and is focusing more on digital offerings, said Doubles, who takes the helm from retiring CEO Margaret Keane on April 1.

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Synchrony Financial
1/13/2021

Gonzalo Luchetti will lead Citigroup's US consumer banking division beginning April 1, according to Anand Selva, the bank's CEO of global consumer banking. David Chubak will take over Citi's retail services division on May 1 and Craig Vallorano, who currently leads the division, will take Chubak's old job as head of US retail banking.

1/13/2021

Sen. Sherrod Brown, D-Ohio, says he will focus on appointing regulators with a "pro-consumer" approach and suggests President-elect Joe Biden should replace political appointees who don't support the incoming administration's agenda.

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Sen. Sherrod Brown
1/12/2021

More leading financial firms and other groups have put political donations on hold after the riot at the US Capitol. Morgan Stanley, American Express and Commerce Bank are among the latest to pull back on political funding, while Deutsche Bank and Signature Bank are reportedly cutting ties with President Donald Trump and his companies.

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Signature Bank