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Revised GOP bill would destroy the Consumer Financial Protection Bureau

Los Angeles Times

And he's not afraid to completely bend the truth in pursuit of weakening consumer safeguards. Hensarling, chairman of the House Financial Services Committee, has made it his mission to roll back reforms put in place after the financial-services industry brought the global economy to the brink of collapse. High on his to-do list is crippling the Consumer Financial Protection Bureau to the point where it's a consumer watchdog in name only. The Texas Republican shared a memo with other lawmakers last week outlining changes he plans to make to his so-called Financial CHOICE Act, as in "Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs." Impressively, he's managed to make a bad bill even worse.


How artificial intelligence affects financial consumers

#artificialintelligence

Artificial intelligence (AI) technology has transformed the consumer financial services market and how consumers interact with the financial services ecosystem. This paradigm shift has been driven by the accelerated maturation of the algorithms; the historic level of investment flooding the financial services market; the competition for market share between incumbents and new entrants; and rapid changes in consumers' preferences for digital financial products. From AI-driven chatbots to sophisticated wealth robo advisors, AI applications have clear potential to expand opportunities for consumers living at the margin. However, experts have yet to discuss the relevance of AI for consumer financial protection in earnest, including the implications of AI solutions that could better protect consumers. With traditional banks vying to maintain market share and maximize shareholder values, it's safe to say that the gold rush toward AI will only intensify.


The Future of Banking: Tomorrow Will Be Radically Different

#artificialintelligence

Financial institutions face a future where they will either own customers or own the means of serving them with the latest and best in digital services. Few will be able to manage both roles and many will need to grow used to being an anonymous partner powering the institution that faces the customer, as consumers and businesses increasingly demand the best. Institutions will increasingly find themselves part of collaborative efforts with other players with specialized talent and product knowledge, including traditional institutions, fintechs and big techs. Beyond this, according to research from Forrester, the role of financial marketers will vary tremendously depending on which slices of an increasingly fragmented business that their employers choose to pursue. Some institutions will ditch nearly all aspects of what being a "banking institution" has historically entailed.


Richard Cordray, head of Consumer Finance Protection Bureau, says he's stepping down

USATODAY - Tech Top Stories

Richard Cordray, director of the Consumer Financial Protection Bureau, talks about mortgage protections, managing student loans and the best ways to prevent another financial crisis with USA TODAY Editorial Page writer Saundra Torry.


Why We Need To Save The Consumer Financial Protection Bureau

International Business Times

Republicans in Congress and the White House have been very blunt about their desire to gut the Consumer Financial Protection Bureau – and the threats to it are mounting.