American Banker

How a tweak to master account policy reveals the Fed's attitude toward crypto; how fintech nCino plans to pursue growth; a former TD Bank executive moves to Provident; JPMorgan and Ingenico test appetite for biometrics at checkout; and more in today's newsletter.

Late Friday, a federal judge agreed to temporarily block the Trump administration from firing more employees at the Consumer Financial Protection Bureau and deleting any of its data or databases, dealing a win to employee and consumer groups.

Consumer and employee groups are seeking a temporary restraining order against Russell Vought, the acting director of the Consumer Financial Protection Bureau, saying he was illegally appointed and that his actions to dismantle the agency have usurped the role of Congress. The lawsuit is among the many dozens piling up against the second Trump administration, and the second one in as many days against the CFPB and Vought. "It's appalling to call to eliminate an entire agency that is protecting consumers," said Lisa Gilbert, co-president of Public Citizen, one of the groups representing the plaintiffs. "We think it's illegal and unconstitutional to neuter an agency that is enshrined in law."

In the spirit of Valentine's Day, I did a feature story on how the couples money management app Plenty is shifting their business model to further help their users manage their finances together through offering both a free budgeting tool and premium investment advisory services. "It is really important, for a healthy partnership and a healthy relationship, for both people to stay involved in their finances to some degree," Emily Luk, CFA, CPA, CA told me in our interview. "I don't think you both need to be a driver, but the analogy we use in the company is you need to at least be a passenger in the car. If you're someone in a relationship where you don't know what money you have together, where your money is going, or what you've spent it on, I think you actually don't give yourself the information and ability to make great decisions for your partnership and for your family." Read more at American Banker:

A new lawsuit seeks a temporary restraining order against Russell Vought, the acting director of the Consumer Financial Protection Bureau, saying he was illegally appointed and that his actions to dismantle the agency have usurped the role of Congress.

A proposal to tie cancellation of private mortgage insurance policies to automated valuation models would add unnecessary risk to mortgage portfolios and would result in less, not more, affordable housing, writes Seth Appleton, of U.S. Mortgage Insurers, in American Banker’s BankThink.https://bit.ly/4jWmuPH

Sound Community Bank, California Bank of Commerce, Flagstar Bank, Merchants Bank and Blue Ridge Bank are among the banks with the largest deposit declines. Read more about the 20 banks with the largest QOQ deposit declines. https://bit.ly/41kgMif #banking

As the Trump administration continues to remake bank regulatory agencies, dozens of CFPB employees hired under the Biden-era director, Rohit Chopra, are out, Kate Berry reports for American Banker.

Trump officials fire dozens of Chopra's hires at CFPB; meet Jonathan McKernan; Global Payments pushes patience for its restructuring; and more in today's newsletter.

Global Payments' CEO Cameron Bready says his company's strategic pivot is working, but it will take some time to show up in earnings.