Consumer Financial Protection Bureau acting Director Mick Mulvaney has issued fewer enforcement actions than his predecessor, having brought only 10 such actions since he took over in November 2017. The CFPB's staff decreased roughly 10% in fiscal 2018.
Bank CEOs expressed confidence about the economy during an investor conference sponsored by Goldman Sachs. JPMorgan Chase CEO Jamie Dimon indicated a speculated economic slowdown might not happen next year.
Robert Rubino has left Santander Bank for CIT Group, where he will become president of the banking unit and will head commercial banking. Rubino will join CIT in February, after 1½ years as co-president and head of commercial banking at Santander.
Federal Reserve restrictions on Wells Fargo's growth have not affected day-to-day operations, CEO Tim Sloan says. The bank continues to innovate, invest and hire quality people, he says.
Rejection rates for applications for mortgage refinancing, credit cards and credit card limit extensions have increased since 2017, according to a report from the Federal Reserve Bank of New York's Center for Microeconomic Data. The rate for mortgage refinancing is the highest since the central bank started surveying consumers.
The Federal Reserve is focusing on low inflation and maximum employment, Federal Reserve Vice Chairman Richard Clarida says. The outlook for the economy is solid, he says.
Bitcoin is on the verge of worthlessness, after recent price plunges, writes Atulya Sarin, a finance professor at Santa Clara University. Sarin argues that once the price of the cryptocurrency falls below the cost of mining it, investors will simply pull out.
The spread between three- and five-year yields turned negative on Monday, dropping below zero for the first time since 2007, as did the two- to five-year gap. The more closely watched two- to 10-year spread reached its narrowest point since the same year.
Changing the name of the Consumer Financial Protection Bureau to the Bureau of Consumer Financial Protection would cost banks and other financial companies more than $300 million, an analysis has found. Acting Director Mick Mulvaney proposed the new name in April, saying it was the name listed in the Dodd-Frank Act, which created the bureau.