Blankenstein leaving CFPB | U.S. Bank taps Blend software for digital mortgages | Drop in initial jobless claims tops economists' forecasts
May 17, 2019
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10 charged in multimillion-dollar 2016 cyberthefts
Ten members of a cybercrime network are charged with stealing millions in the 2016 release of malware that allegedly helped them transfer money out of victims' accounts. The US and five other nations worked together on the investigation -- a level of international cooperation that's vital to combating fraud of this scope, said Craig Newman, a partner at law firm Patterson Belknap Webb & Tyler.
The Wall Street Journal (tiered subscription model) (5/16),  The Hill (5/16) 
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The CFPB Today
Blankenstein leaving CFPB
Eric Blankenstein, a policy director at the Consumer Financial Protection Bureau, is leaving his post at the end of May to pursue another opportunity. Blankenstein was criticized for racially charged blog posts he made in 2004.
HousingWire (5/16),  The Washington Post (tiered subscription model) (5/15) 
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Retail Banking Roundup
U.S. Bank taps Blend software for digital mortgages
U.S. Bank is using products from mortgage-software company Blend to offer a digital experience for home equity lines of credit, mortgages and home equity loans. Approval is possible in minutes, the bank says.
HousingWire (5/16) 
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Industry News
Drop in initial jobless claims tops economists' forecasts
First-time unemployment claims fell 16,000 last week to 212,000, the US Labor Department said. Economists surveyed by Reuters had expected claims to drop to 220,000.
Reuters (5/16) 
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New-home construction rose nearly 6% in April
Housing starts climbed almost 6% in April but fell short of the pace a year earlier, according to the US Commerce Department. Building-permit issuance edged up less than 1%, suggesting the trend is unlikely to accelerate.
MarketWatch (5/16) 
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Regulatory Report
Fed's Brainard: Disappearance of labor-inflation link brings risk
The relationship between inflation and labor, as well as other resource markets, has broken down and could be problematic if the Federal Reserve cannot bring inflation closer to a 2% target, said Fed Governor Lael Brainard. Eventually, Americans could lose faith that inflation will ever meet the target, she said.
Reuters (5/16) 
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Legislative Affairs
Rep. Sherman: Congress should intervene on bank loan loss rules
Congress should take action if the Financial Accounting Standards Board moves forward with new loan loss standards for banks, said Rep. Brad Sherman, D-Calif. The rules are scheduled to take effect in 2020, but Sherman is calling for a delay.
Bloomberg Tax (subscription required) (5/16) 
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Rep. Waters' abrupt end of hearing draws GOP criticism
Republicans have criticized House Financial Services Committee Chairwoman Maxine Waters, D-Calif., after she abruptly ended a 3½-hour hearing, even though lawmakers still had questions for witnesses. "This is a travesty the way you've handled this," said Rep. Patrick McHenry, R-N.C.
Politico (5/16) 
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Career Development
Execs share what they want in a job candidate
Passion is one of the most-sought-after traits in potential hires, writes Monster career expert Vicki Salemi, citing information from executives in the communication field. They also want ambition, curiosity, confidence and an ability to listen.
Forbes (5/10) 
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