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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Jennifer Schachterle will oversee the Home Loan bank's relationships with nearly 330 members. Two former members — Silicon Valley Bank and First Republic — failed this year, and consolidation has also thinned its ranks.
June 6 -
The Consumer Financial Protection Bureau issued only 20 enforcement actions in 2022, but some observers say the enforcement numbers belie the results that director Rohit Chopra is getting from other ways of holding companies accountable.
June 5 -
After an appeals court sided with the Consumer Financial Protection Bureau in February, the CFPB and PayPal filed a round of legal arguments in late May to resolve remaining claims from a lawsuit PayPal first filed in 2019.
June 1 -
The Consumer Financial Protection Bureau is advising consumers to transfer money stored on nonbank digital payment apps such as PayPal, Venmo and Cash App to insured banks and credit unions.
June 1 -
The Consumer Financial Protection Bureau said the Evansville, Indiana, installment lender had engaged in "unfair, deceptive and abusive acts and practices," and failed to reimburse interest to consumers who had cancelled certain add-on products.
May 31 -
The Consumer Financial Protection Bureau released fourth-quarter data last week showing a big drop in revenue from overdraft and nonsufficient-funds fees in 2022 compared with 2019 as big banks reduced or eliminated certain fees.
May 30 -
A Comerica Bank executive admitted to major failures in its handling of the Treasury Department's Direct Express program, including data and resolved fraud disputes sent to a vendor's office in Lahore, Pakistan, a "serious" contract violation.
May 29 -
With billions of dollars at stake, financial institutions weighed in on the Consumer Financial Protection Bureau's proposal to cut credit card late fees to $8, claiming, in part, that small banks and credit unions will suffer economic harm if the plan goes into effect as proposed.
May 24 -
The Consumer Financial Protection Bureau alleged in 2020 that Citizens failed to investigate certain fraud claims and billing disputes. A key allegation was that the bank required customers to provide a notarized affidavit to support a fraud claim.
May 23 -
The Consumer Financial Protection Bureau alerted staff this week that text messages had been sent to employee personal phone numbers claiming to be from Director Rohit Chopra.
May 12 -
Speaking before the International Swaps and Derivatives Association's annual meeting, Treasury Undersecretary for Domestic Finance Nellie Liang said liquidity and interest rate risk in the banking sector is being managed, but said fears of risk mounting in the nonbank sector are a source of concern.
May 11 -
The Consumer Financial Protection Bureau said in a policy statement that banks risk violating the prohibition on "unfair acts and practices," by reopening a consumer's deposit account to process transactions after the account has already been closed.
May 10 -
Bank groups say the focus on capital rules in Federal Reserve Vice Chair for Supervision Michael Barr's report on Silicon Valley Bank are misguided. Others say he should have named names.
April 28 -
The rush to onboard millions of business depositors in such a short period can strain bank resources, lead to mistakes, and cause some banks to fall behind in conducting due diligence on risky customers.
April 26 -
The four agencies did not issue new regulatory guidance but instead cited previous concerns about the potentially harmful uses of automated systems — including AI — that could contribute to unlawful discrimination.
April 25 -
The Consumer Financial Protection Bureau said it is still working to notify consumers about the Feb. 14 breach in which a bank examiner sent personal information on 256,000 consumers and supervisory information on 45 institutions to his email.
April 24 -
A former employee at the Consumer Financial Protection Bureau sent data on 256,000 consumers and dozens of companies to their personal email account.
April 20 -
The Home Loan Bank System says it is working precisely as Congress intended it to, by lending to banks in stress. Critics say borrowings can spread undercapitalized banks' problems into the broader financial system.
April 17 -
Banks could be in for a long, slow trickle of bank failures and consolidation in the coming months and years, particularly if inflation persists and interest rates keep rising. A downturn in commercial real estate could add to banks' problems.
April 11 -
Carrie Tolstedt, the former Wells Fargo executive facing criminal charges for the phony accounts scandal, entered a "not guilty" plea at an arraignment hearing Friday afternoon.
April 8
