In today’s top news, President Biden is expected to pick Michael Barr to head the OCC, and Janet Yellen, Biden’s pick for Treasury Secretary, is expected to take a hard stance toward crypto. Plus, the chief of the CFPB stepped down at Biden’s request.
Biden Expected To Name Professor Michael Barr To Head OCC
Former Ripple advisor and Treasury Department official Michael Barr is anticipated to head the Office of the Comptroller of the Currency (OCC) under President Joe Biden.
Biden’s Treasury Pick Yellen Leary Of Crypto
Janet Yellen, President Joe Biden’s nominee for Treasury Secretary, is expected to take a hard stance on cryptocurrencies, calling digital currency a “particular concern” that is used “mainly for illicit financing.”
Biden Asks Consumer Protection Chief Kraninger To Step Down
Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger handed in her resignation Wednesday (Jan. 20) at the request of U.S. President Joe Biden, newly sworn in as the 46th U.S. president.
Monzo Founder Blomfield Steps Down
Tom Blomfield, founder of Monzo, is leaving the U.K. challenger bank. Blomfield said he’d been unhappy at the bank for the last few years, but the pandemic had made pressures worse and strained his personal relationships.
Auto Lenders Use AI To Drive Safer Real-Time Disbursements
Car buyers want instant access to auto loan disbursements, but there are risks to offering real-time speeds, says Raul Alvarez, director of accounting operations at auto financing provider Westlake Financial. In the Real-Time Payments Tracker, Alvarez explains how pre-transaction verification and artificial intelligence (AI)-powered analysis can help lenders quickly vet and disburse loans in real time.
COVID-19’s Price Tag Leaves Large Hospitals At Financial Risk
The pandemic has upended almost every dynamic of the healthcare system from funding to operations to profits. Dominick Colabella, CEO of Rectangle Health, told Karen Webster a drop in elective procedures has even put large hospitals at a financial risk.
Q4 Earnings Reports Show Mobile Banking’s Surge
Nothing proves a trend like data. And banks’ earnings results underscore the fact that digital and mobile banking is firmly rooted as part of consumers’ daily financial lives — and will outlast the pandemic.
