Dems want info on changes to CFPB fair-lending office | First Horizon sets $15 hourly minimum wage | Report: Finance sector had most breaches in 2016
February 19, 2018
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Pew says banks could have important role in small-dollar-loan space
Banks could make small-dollar loans to help borrowers with unexpected expenses, and they could charge lower interest rates, according to a proposal from The Pew Charitable Trusts. Such loans could keep borrowers in the "financial mainstream," says Alex Horowitz, senior research officer with Pew's consumer-finance project.
The New York Times (tiered subscription model) (2/16) 
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The CFPB Today
Dems want info on changes to CFPB fair-lending office
A group of Democrats has written Consumer Financial Protection Bureau acting Director Mick Mulvaney to seek information on changes to the agency's fair-lending office. The letter asks Mulvaney to submit documents and to name people with whom the CFPB has discussed the reorganization by March 1.
American Banker online (free content) (2/16) 
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Retail Banking Roundup
First Horizon sets $15 hourly minimum wage
First Horizon National has increased hourly minimum wage to $15 as a result of savings from the tax law. The bank gave $1,000 bonuses to 70% of workers at the end of last year.
Chattanooga Times Free Press (Tenn.) (tiered subscription model) (2/15) 
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Industry News
Report: Finance sector had most breaches in 2016
The finance sector experienced 471 security breaches in 2016, more than any other industry, according to a report from the Council of Economic Advisers. Cyberattacks cost the economy $57 billion to $109 billion that year, the report says.
Bloomberg (free registration) (2/16) 
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Banks' Sheltered Harbor might move to blockchain
The 2-year-old Sheltered Harbor initiative, in which major banks operate a buddy system that has one bank storing another's data for safekeeping, is still vulnerable to cyberattacks, market participants say. In response, Synechron has created a blockchain-based version of Sheltered Harbor, which the technology developer says greatly improves security, although the system needs evaluation by industry bodies.
American Banker online (free content) (2/16) 
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Hensarling presses Watt on GSEs' payments to funds
House Financial Services Committee Chairman Jeb Hensarling, R-Texas, laid the blame for Fannie Mae and Freddie Mac's needing Treasury funding on Federal Housing Finance Agency Director Mel Watt. Hensarling has demanded an explanation from Watt by Friday that lays out "how your decision to require continued GSE payments to the [Housing Trust Fund and Capital Magnet Fund] despite the need for a new draw on Treasury funds does not directly contradict your previous written and verbal guidance from 2014 and 2015, and how the FHFA intends to limit your ability to exercise your discretion in the future so that it can establish a consistent policy on this subject that provides both clear and reliable guidance to Congress and the GSEs."
HousingWire (2/16) 
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Regulatory Report
Fed's Powell reportedly hires 2 monetary-policy advisers
Fed's Powell reportedly hires 2 monetary-policy advisers
Powell (Saul Loeb/AFP/Getty Images)
Federal Reserve Chairman Jerome Powell has chosen two monetary-policy specialists -- Jon Faust, a professor of economics at Johns Hopkins University, and Antulio Bomfim, an economist in the Fed's monetary-affairs division -- to assist him as senior advisers, people familiar with the matter said. Faust is among those suggesting that the Fed reconsider its approach to targeting inflation.
The Wall Street Journal (tiered subscription model) (2/18) 
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FINRA warns about scammers using its name
The Financial Industry Regulatory Authority has issued an investor alert that criminals are using its name and logo and the signature of its CEO in investment scams. In one advance-fee scam, prospective investors were given the false impression a FINRA guarantee backed money put into the venture.
ThinkAdvisor (free registration) (2/16),  InvestmentNews (tiered subscription model) (2/16) 
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2 members appointed to Cleveland Fed branch board
David Evans, president and CEO of machining company TESSEC, and Jenell Ross, president of Bob Ross Auto Group, have been named board directors of the Cincinnati branch of the Federal Reserve Bank of Cleveland.
Dayton Daily News (Ohio) (2/15) 
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Banker joins Boston Fed board
Liberty Bank President and CEO Chandler Howard has been named a Class A board director of the Federal Reserve Bank of Boston.
The Hartford Courant (Conn.) (2/16) 
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I hope I shall always possess firmness and virtue enough to maintain what I consider the most enviable of all titles, the character of an honest man.
George Washington,
first US president
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