Fifteen banks have failed since November 2019, with the most recent one occurring on Jan. 30.
Describing cybersecurity as the biggest risk facing the financial sector, Vice Chairman for Supervision Randal Quarles said regulators should more actively facilitate conversations between banks and national security agencies to boost digital security.
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Efforts to shoehorn the Credit Card Competition Act into pieces of popular legislation need to be defeated. The proposed law would harm the small businesses and consumers it purports to help.
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A U.K. judicial body says the card networks have breached competition laws, while Belgian regulators are examining Wordline for potential anti-money-laundering violations.
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Fresh off of a big IPO, the fintech is applying for a national trust charter. Approval would help it avoid the time and expense of working with banks for transaction processing at a time when the stablecion market is getting more crowded.
The CFPB is giving stakeholders until Dec. 1 to file comments on a potential overhaul to its rules related to the Equal Credit Opportunity Act, which prohibits discrimination in credit and lending decisions.
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Credit Union Trust, a new credit union service organization, has obtained a bank charter that it will use in offering trust and investment-related services.
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The total includes donations to community groups helping low-income people, support for the development of financial coaching programs and investment in the creation and testing of fintech tools that can help underserved people.
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The Illinois company will gain six offices after it buys Investors' Security Trust.
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It came as a surprise to many housing experts that Asian, Black and Hispanic homeownership rates all jumped last year by more than 2 percentage points, according to quarterly Census Bureau data.
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The acquisition, which was originally expected to close at the end of last year, ultimately took more than 18 months to receive regulatory approval. It is now expected to close on Dec. 1.
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Delinquencies are on the rise for FHA-backed loans, with nearly 10% of low-credit borrowers in early payment default. Economists and policy experts say this could signal trouble ahead for other credit products.
How Capital Performance Group conducted its rankings analysis.
Acting Federal Deposit Insurance Corp. Chair Travis Hill said the agency will open the bidding process for failed banks to private equity and other nonbanks, streamline resolution plans and revamp its bidding and funding models, reforms spurred by 2023's bank failures.
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Bank fees don't arise from a naked profit-grab, but from an effort to offset current or expected losses. Eliminating one kind of fee just pushes banks to find an alternative method of recouping those losses.
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Every time we revise bank capital rules, we uncover new flaws that leave banks unprepared for unexpected stress events.
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The president-elect's sweeping victory last week suggests a mandate from voters to bring back the economy he presided over in his prior term. But his policies on immigration, trade and federal spending could give voters — and banks — exactly what they don't want.
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This month, Bank of America plans to unveil new incentives for cardholders with higher account balances. Reworking the rewards program is one lever the firm is pulling in its effort to lift the annual profit of the consumer unit to $20 billion by the end of the decade.
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Noelle Acheson argues that growing demand for dollar-denominated stablecoins is going to give the Treasury Department increasing influence over the direction of the U.S. economy, perhaps at the cost of the Federal Reserve.
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Fraudsters and modestly dishonest employees can use generative AI to quickly create convincing fake utility bills, pay stubs, passports and other documents banks rely on.
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Federal Reserve Gov. Lisa Cook said in a speech Wednesday night that the central bank's credibility depends on its ability to bring inflation back to its 2% target.
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The Spanish banking giant is accelerating its U.S. growth plans with the pending acquisition of Webster Financial in Connecticut. The combined entity will be the second-largest foreign-owned bank operating in the country.
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The latest directive, which takes effect in March, allows only U.S. citizens and nationals to seek government-guaranteed financing. It's drawing criticism from Democrats in Congress, small-business advocates and some lenders.
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The Swiss banking giant will come under the spotlight Tuesday at a Senate hearing.where the question of whether a 1999 settlement over Holocaust-looted funds should be reopened is expected to be discussed.
President Donald Trump's support of legislation that would cap credit card interest rates at 10% has flagged in recent weeks, but experts say that the debate has highlighted significant gaps in regulators' understanding of the credit card market and how its risks are priced.
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