Was the president’s recent tweet about enforcement measures against Wells Fargo an articulation of the administration’s approach for holding banks and executives accountable? Or is a tweet just a tweet?
House and Senate bills contain a provision that would let financial firms in all states use digital scans of photo IDs to verify identities of prospective customers. That could ease the account-opening process for consumers in areas where branches are few and far between.
The president wrote Friday on Twitter that penalties against the San Francisco bank will be maintained, or possibly strengthened. The comments are likely to fuel a growing controversy about the independence of federal financial regulators.
Efforts to make it easier for small businesses to apply for SBA loans, coupled with key community banks' outreach initiatives, contributed to the third consecutive record for 7(a) lending, but credit union participation is still lagging.