Kate Berry has covered the Consumer Financial Protection Bureau for American Banker since 2016. She joined the publication in 2006 covering mortgage lending and the financial crisis. Berry also has covered big banks including Bank of America, J.P. Morgan Chase and Wells Fargo. She has won five awards from the Society of American Business Writers and Editors, and has worked at several news organizations including the Orange County Register, the Los Angeles Business Journal and the Associated Press. Berry began her career as a clerk at the New York Times.
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Banks are concerned about the lack of clarity regarding legal liability in the Consumer Financial Protection Bureau's open banking rule, and fear that they will end up on the hook for data breaches or unauthorized transactions caused by a fintech or data provider.
August 23 -
A report from the Office of Inspector General disclosed that the Federal Housing Finance Agency issued enforcement actions against two Home Loan banks.
August 20 -
Four companies are fighting CFPB enforcement actions by claiming the agency cannot be funded by the Federal Reserve, which has not been profitable since 2022. The consumer bureau calls the new legal theory "meritless."
August 19 -
Sellers of contract-for-deed home financing deals must provide disclosures, financing terms and assess a borrower's ability to repay, the CFPB said in an advisory opinion.
August 13 -
In a letter to JPMorgan Chase CEO Jamie Dimon, the Democratic senators said he should "put on hold any plans" to raise fees on checking accounts due to higher regulations.
August 9 -
The Federal Housing Finance Agency wants to update the dual mission of the Federal Home Loan Banks. Members of the private bank cooperative say their regulator has no authority to redefine the mission.
August 8 -
Jack Poulsen, the former president of Ericson State Bank in Nebraska, was sentenced to 18 months in prison for bank fraud involving loans to a relative that led to the rural bank's collapse.
August 6 -
Sen. Jack Reed, D-R.I., asked the Federal Reserve to require public reporting of synthetic risk transfers — also known as credit risk transfers, or CRTs — through bank call reports and systemic risk reports.
August 5 -
The Consumer Financial Protection Bureau has received more than 11,000 comment letters on its proposal on personal financial data rights, but banks say the agency should ensure that more fintech partners take on their fair share of the rule's compliance burden.
August 4 -
Nine federal regulatory agencies are requesting comment on a rule that would create data standards for supervisory information collected and submitted to financial regulators.
August 2 -
After a dozen years with the bank, Davis is now a managing director and senior relationship manager within PNC Bank's energy group, which ranks among the top revenue-generating businesses for the bank.
July 29 -
In a new survey of bank executives from IntraFi, 90% of respondents said instances of check fraud have increased in recent years and half want law enforcement to make check fraud a bigger priority to stop criminals from stealing checks in the mail.
July 29 -
A rising number of check fraud cases involving counterfeit checks is compounding the already-serious problem of fraud in one of the oldest payment methods widely available.
July 24 -
With the government contract for Direct Express, Bank of New York would gain a free liquidity source of more than $3 billion in deposits a month and expand its burgeoning offerings to the underbanked.
July 22 -
Shares in the Dallas bank fell sharply after it disclosed that it expects to lose its contract for the Direct Express program, which would wipe out more than $3 billion in non-interest bearing deposits. Comerica's involvement with the Treasury Department's prepaid card program has been marred by controversy.
July 19 -
The $22 billion-dollar earned wage access industry is vigorously opposing the Consumer Financial Protection Bureau's plan to classify paycheck advances as consumer loans requiring disclosures of fees and costs, and says it will fight the rule in court.
July 18 -
Payroll advances would be considered consumer loans under an interpretive rule by the Consumer Financial Protection Bureau that would require disclosures of annual percentage rates and fees under the Truth in Lending Act.
July 18 -
The Consumer Financial Protection Bureau's proposal to eliminate medical debts from credit reports is under attack from debt collectors, which claim the rule will drive up litigation costs and drive doctors out of business.
July 15 -
A federal appeals court ruled that the Equal Credit Opportunity Act prohibits not just outright discrimination but also the discouragement of prospective applicants for credit.
July 11 -
The Consumer Financial Protection Bureau has proposed requiring that mortgage servicers exhaust all efforts at assisting struggling borrowers before moving ahead with a foreclosure.
July 10
