Regulation and compliance
- Banking
Trade group for state regulators drops suit over Figure’s bank charter
State regulators have dropped a lawsuit challenging Figure Technologies’ bank charter application after the San Francisco fintech dropped a controversial…
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The top risks facing banks in 2022 are all operational
Managing risk is critical for organizations large and small. But doing so is more complex than ever, with new risks…
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FTC settles with Dun & Bradstreet over business credit reporting errors
The credit reporting company Dun & Bradstreet is settling charges that it deceived small businesses over the benefits of a…
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Lax regulation of fintechs poses safety and soundness threat
A new regulatory regime in Washington — highlighted by the recent confirmation of a new director of the Consumer Financial…
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Monzo withdraws plan for U.S. banking license
Monzo has withdrawn its application for a U.S. banking license, a setback for the U.K. challenger bank, which is plotting…
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Treasury is pushing to impose banklike rules on stablecoins
A U.S. effort to regulate stablecoins favors policing them like lenders, which could jeopardize the future of tokens from firms…
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WaFd Bank pays $2.5 million anti-money-laundering fine
WaFd Bank in Seattle has agreed to pay a $2.5 million penalty as part of a consent order it signed…
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NCUA banned four former credit union employees in September
The National Credit Union Administration prohibited four individuals from engaging in any of the activities of a federally insured financial…
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Senate confirms Chopra as CFPB chief in party-line vote
Rohit Chopra was confirmed by the Senate to serve as director of the Consumer Financial Protection Bureau, returning a consumer…
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Bank workers notch win in California — and push for another in D.C.
Stronger rights for front-line bank workers — including higher pay, better benefits and improved job conditions — are getting a…
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Fed’s supervisory approach should encourage bank innovation, Bowman says
The Federal Reserve is embarking on an initiative that will look at ways to modernize bank supervision as fintech innovation…
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Can regulators keep pace with fintech innovation?
Digital payment products and alternative credit took off rapidly during the pandemic — and while they may have outpaced regulators,…
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Long way to go on Libor transition as key deadline nears
With less than 100 days left before a key deadline, banks are moving away from the world’s most important interest…
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Small banks, credit unions warned to brace for pandemic aftershock
Credit union and bank clients — and ultimately the financial institutions where they do business — have been propped up…
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Plan for banks to help catch tax cheats grabs spotlight at hearing
WASHINGTON — A controversial plan to use bank account data to help fund Biden administration initiatives and the job security…
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Across four continents, Apple’s control of payments is under attack
Apple has long wielded its global market power as a blunt instrument, enabling it to dictate the terms of contracts…
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NCUA plan would exempt government funds from subordinated debt rule
Billions in funds earmarked for credit unions under the Treasury’s Emergency Capital Investment Program could be exempted from the National…
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Biden OCC pick cheered by progressives, jeered by industry
WASHINGTON — The Biden administration has already picked financial regulatory nominees who are polar opposites from their Trump-appointed predecessors. But…
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NCUA allocates surplus funds to technology, security, HR
With budget calculations showing a projected surplus of funding, the National Credit Union Administration is allocating more resources to technology,…
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Biden to tap crypto, big-bank critic to run OCC
President Joe Biden plans to nominate a law professor who has criticized cryptocurrencies and advocated for the government to have…
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Furor over Fed officials’ trades shows need to fix ethics rules: Powell
WASHINGTON — The growing scrutiny of personal financial transactions by two Federal Reserve Bank presidents has demonstrated that the U.S.…
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Coinbase drops crypto lending program plans after SEC balks
Coinbase Global is bowing to pressure from U.S. regulators and tabling plans to launch a product that would pay users…
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Item No. 1 on CFPB’s packed agenda: Get a director
A packed regulatory agenda awaits Rohit Chopra — the Biden administration’s choice to lead the Consumer Financial Protection Bureau —…
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Treasury to flag stablecoin perils as U.S. readies clampdown
Treasury officials have identified what they believe are the most urgent risks posed by Tether and other stablecoins as they…
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Citi to rework commodities unit as part of consent order work
Citigroup said it will improve the structure of its commodities-trading business as part of its efforts to satisfy a pair…
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ECB to scrutinize banks’ trading books to expose climate risk
The European Central Bank will look at the trading operations of major lenders as part of climate stress tests next…
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Powell asks Fed to examine staff trading rules after disclosures
Federal Reserve Chair Jerome Powell has ordered a “fresh and comprehensive” examination of the central bank’s ethics rules around permissible…
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FHFA proposes modification of capital rules for Fannie and Freddie
WASHINGTON — The Federal Housing Finance Agency is proposing to revise the post-conservatorship capital framework for Fannie Mae and Freddie…
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NCUA wants credit unions to get friendlier with fintechs
As credit unions focus more attention on digital assets and financial technology, leaders at the National Credit Union Administration are…
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Community banks are getting too little credit for PPP loans
Never have community banks rallied to do so much for their communities in as short a period as was the…
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Chicago to unveil bank-loan data in bid to boost homeownership
The Chicago City Council approved a measure on Tuesday to boost transparency around the lending practices of the city’s banks…
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Treasury, FHFA suspend Trump-era restrictions on Fannie and Freddie
WASHINGTON— The Treasury Department and Federal Housing Finance Agency have agreed to suspend certain unpopular changes former Trump officials made…
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Wells Fargo pushes back on Sen. Warren’s call for breakup
Wells Fargo pushed back against an effort by Sen. Elizabeth Warren to force the megabank’s breakup, saying that it has…
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Why some backers of student lending product welcome CFPB crackdown
WASHINGTON — A Consumer Financial Protection Bureau order against a provider of income-share agreements signals regulatory tightening for all ISAs,…
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Biden poised to name CFTC picks to fill three Democratic seats
President Biden plans to nominate officials for three Democratic seats on the Commodity Futures Trading Commission, the nation’s main derivatives…
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Apple’s App Store payment policy dealt blow by judge in epic antitrust case
Apple was ordered by a court to allow developers to steer consumers to outside payment methods for mobile apps, in…
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Wells Fargo fined $250 million for mortgage violations
Regulators ordered Wells Fargo on Thursday to pay a $250 million penalty in connection with problems in its home lending…
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CFTC’s Berkovitz plans to leave Wall Street regulator next month
Dan Berkovitz, a Democratic member of the Commodity Futures Trading Commission, will leave the Wall Street regulator next month. Berkovitz’s…
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Mobile payments lay foundation for digital vaccine passports
Like all restaurants in New York, 5 Napkin Burger’s staff is responsible for ensuring guests are vaccinated against COVID-19. It…
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Why OCC’s Hsu is cautious on crypto
WASHINGTON — Acting Comptroller of the Currency Michael Hsu is developing a reputation as a skeptic when it comes to…
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CFPB accuses LendUp of again deceiving borrowers
The Consumer Financial Protection Bureau is accusing the online lender LendUp of violating a five-year-old consent order and deceiving thousands…
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Patriot National in Connecticut freed from order with OCC
Patriot National Bancorp in Stamford, Connecticut, has been freed from a formal agreement with the Office of the Comptroller of…
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Mastercard buying Danish open-banking tech firm
Mastercard has agreed to purchase Aiia, a startup that delivers direct connections to 2,700 European banks, as part of the…
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CFPB orders ISA provider to comply with consumer protection laws
WASHINGTON — The Consumer Financial Protection Bureau has hit a provider of income-share agreements with a consent order, alleging that…
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Stripe takes a giant step in China with UnionPay deal
China is one of the toughest markets for U.S. card brands to crack, leaving the UnionPay network the main gatekeeper…
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EU bank watchdogs warn on industry plans to soften regulations
European bank regulators issued a joint warning against watering down tough new capital requirements, after the industry seized on the…
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Cadence selling seven branches ahead of BancorpSouth merger
First Bancshares in Hattiesburg, Mississippi, agreed to buy seven branches from Cadence Bancorp as part of an antitrust agreement tied…
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Citi’s Mexico unit takes first steps toward open banking
To reach new consumers and businesses for savings and lending, Citibanamex isn’t just building new products — it’s building application…
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Community banks to Congress: Tax credit union-bank mergers
The Independent Community Bankers of America wants credit unions to pay a price for their purchases of community banks. The…
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