The Office of the Comptroller of the Currency is telling financial institutions that they must safeguard customer data even when federal agencies request information in criminal investigations, addressing Republican concerns about debanking that arose after the Jan. 6 Capitol attack.
The $9.1 billion acquisition of SunGard Data Systems would deepen FIS' bench in banking and asset management services and add products for capital markets, dovetailing with banks' desire to narrow the list of companies that serve them.
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As U.S. credit card balances continue to march above $1 trillion, the number of newly delinquent credit card users now exceeds the pre-pandemic average and millennials and those with student or auto loans are driving the increase in past-due payments, the New York Fed said.
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Meta, Apple, Alphabet and other companies that offer digital wallets and payment apps would fall under U.S. Consumer Financial Protection Bureau supervision under a newly proposed rule aimed at treating nonbanks more like traditional counterparts.
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After three decades of relying on large retailers like Macy's to promote its private-label credit services, the bank is taking its point-of-sale financing to smaller merchants via platforms like Shopify.
Federal Reserve Vice Chair Philip Jefferson said in a speech Friday that long-term productivity gains brought on by artificial intelligence could compel the central bank to maintain higher rates to keep prices stable.
Based on the pace of deals through late March, the banking industry is on track for the most branch sales since 2021. Buyer interest has mounted alongside the need to acquire deposits, following hits to funding bases last year.
Michael Barr's surprise announcement that he will step down as the Federal Reserve's chief regulator could ultimately mean little for the central bank's approach to regulation under the incoming Trump administration.
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"The Fed has increasingly appeared disinterested in doing its important, clearly defined job and more interested in doing mine," writes Sen. Cynthia Lummis, R-Wyo., a member of the Senate Banking Committee.
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Moves by bank lobbyists to try to restrict credit union-bank mergers could wind up depriving many consumers of needed financial services.
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Not all reforms are created equal. Only those truly taking a consumer-first approach — such as curtailing fees and allowing for grace periods — will see lasting benefits in customer loyalty, writes the acting comptroller of the currency.
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Most big banks saw modest reductions in their requirements following this year's stress tests. The results come as the Fed prepares to smooth year-to-year swings with a new averaging rule.
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The D.C. District Court held a hearing this morning and defendants filed briefs in a case to determine whether Federal Reserve Gov. Lisa Cook will remain on the Federal Reserve Board after her ostensible firing by President Trump earlier this week. No ruling was issued, but one is expected before the FOMC votes in mid-September.
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Buy now/pay later lender Affirm hit profitability goals for its fiscal year 2025 and set aggressive guidance for fiscal 2026 ahead of Wall Street's estimates. Its stock soared more than 10% Friday.
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The proposed Berkshire Hills-Brookline merger is expected to finalize on Sept. 1; Flagstar Financial has scheduled a special shareholders' meeting to simplify the bank's regulatory structure; former Credit Suisse executives agreed to settle a suit filed by shareholders claiming they failed to maintain adequate risk management; and more in this week's banking news roundup.
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Housing regulator Bill Pulte lodged more fraud allegations against Fed Governor Lisa Cook as she filed a temporary restraining order regarding attempts to remove her.
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Online lenders are urging the Office of the Comptroller of the Currency to force banks to disclose all account closures to the agency, following an executive order earlier this month.
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Senate Banking Committee Republicans, led by committee chair Tim Scott, R-S.C., introduced a bill that would raise the mandatory reporting threshold for certain currency transactions, a move meant to ease banks' anti-money laundering compliance obligations.
Following a $60 million credit hit, the Salt Lake City bank said that it hasn't found any other related problem loans.
The 23rd annual ranking of women leaders in the banking industry.
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