Here’s why banks don’t want the CFPB to disappear

Key Points

For years, American financial companies have fought the Consumer Financial Protection Bureau in the courts and media.
Now, with the CFPB on life support after the Trump administration issued a stop-work order and shuttered its headquarters, the agency finds itself with an unlikely ally: the same banks that reliably complained about its rules and enforcement actions.
If the Trump administration succeeds in reducing the CFPB to a shell of its former self, banks would suddenly find themselves competing with non-bank financial players, including big tech and fintech firms with far less federal scrutiny than FDIC-backed institutions.
“Payment apps like PayPal, Stripe, Cash App, those sorts of things, they would get close to a free ride at the federal level,” said David Silberman, a veteran banking attorney.

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Finance

Unraveling the legal, economic and market ramifications if Trump tries to fire Fed Chair Powell

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Key Points If President Donald Trump tries to fire Federal Reserve Chair Jerome Powell, it would set off a courtroom battle that would likely head to the Supreme Court. Most people familiar with the situation say Powell would sue if Trump tries dumping him. Despite seemingly low chances of success, going after Powell still could […]

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Block shares soar 10% on entry into S&P 500

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Key Points Block is joining the S&P 500, replacing Hess as of July 23. Hess is exiting the index upon its acquisition by Chevron. Source

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Here are some of the names making big moves in midday trading. Talen Energy – Shares popped more than 23%. Talen said that it has signed agreements to acquire Moxie Freedom Energy Center in Pennsylvania and the Guernsey Power Station in Ohio – a pair of combined-cycle gas-fired plants. The deal comes out to $3.5 […]