Depository institutions filed about 3% of the suspicious activity reports FinCEN counted but accounted for 61% of the dollars — roughly $3 billion.
Vikram "Vik" Malhotra joins the Bank of New York Mellon's board of directors from McKinsey, Bank of America will acquire up to a 49.9% joint-venture stake in Jio Credit Limited, JPMorganChase terminates its banking relationship with Polymarket over regulatory concerns, and more in this week's banking news roundup.
An SEC spokesperson attributed the cancellation to an "unforeseen scheduling issue" and said the meeting would be rescheduled "to a later date."
Retail sales fell 0.6% in July despite a World Cup bump and the University of Michigan's consumer sentiment index declined to cap off a pivotal week of economic indicators.
Experts predict that either banks or fintechs will sue the Consumer Financial Protection Bureau, depending on the details of the fee structure in its forthcoming open-banking rule.
The Consumer Financial Protection Bureau said it will stop publishing consumer complaint narratives, citing concern that the information is one-sided.
