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Bitcoin valuation explosion, CFPB power struggle: Essential Banking News

In what was an eventful holiday weekend, we look into the historic Bitcoin valuation and what the deal is between the CFPB and the president. 


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Bitcoin nears $10,000

In what turned out to be a historic holiday weekend for the renowned cryptocurrency, Bitcoin hit its highest valuation to date. Naturally, investing chaos has since ensued. Will it keep going up, or will it crash? Investor Josh Brown writes, "Bitcoin, having soared above $9,000 over the weekend with year-to-date gains of nearly 800%, is now officially an investor mania. Like all manias, when it turns people are going to be wiped out." 

Read more at The Reformed Broker



Trump, Cordray Each Designate an Acting CFPB Director

Former CFPB Director Richard Cordray stepped down earlier this month and in the process found himself in a battle with none other than the Commander in Chief: "In a parting shot at the Trump Administration, Cordray announced he was resigning effective Friday and designated Leandra English as acting director of the agency – attempting to head off an effort by Trump to appoint an acting director himself."

Read more at The Credit Union Times


How banks can herd ‘unicorn’ clients

As more and more capital bolsters fintech, there's a real opportunity for financial institutions to build on their technological foundation as well as grow their bottom line: "Venture capital continues to flow to fintech startups — $1.7 billion in the second quarter this year alone, according to KPMG, and over half of that went to West Coast-based firms. Banks increasingly see these young firms backed with sudden large infusions of VC money as commercial clients with high growth potential."

Read more at American Banker


Fintechs Have a Larger Share of Personal Loans than Banks or Credit Unions

Fintech is seeing an incredible rise to the top of the preferred personal loan option according to a report called "Fact versus Fiction: FinTech Lenders." It reads, "Last year, fintechs represented 30% of all personal loan balances ... In 2012 that number was only 4% and in 2010 it was less than 1%."

Read more at Bank Innovation


The No Collar Economy

"The exponential change caused by digital innovations has changed the way we work, the way we play, the way we buy, and the way we bank – all in the span of a couple decades. And as a digitizing society, we are just getting warmed up. If it hasn’t been disrupted yet, it will be soon."

Read more at The No Collar Economy


Open Banking Will Revolutionize Financial Services… Maybe

"All future technological advances around improved customer experiences will require improved data and analytics. Whether an organization wants to embark on an AI strategy, integrating financial services and the Internet of Things (IoT), or simplify delivery with digital conversational interfaces, strong data will be at the foundation."

Read more at The Financial Brand


Showdown at the CFPB; Westerman bolts HSBC

"While most people were enjoying the long Thanksgiving weekend, the White House and the Consumer Financial Protection Bureau were engaged in a heated war over who has the right to select an acting director for the agency." 

Read more at American Banker