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The Consumer Financial Protection Bureau says the giant debt collector is a repeat offender that sued borrowers even when it lacked documentation about a debt. The company says it denies wrongdoing but agreed to the settlement.

Organizations must have fully-staffed internal controls to manage risk and ensure regulations are properly followed.

House Financial Services Committee Chairman Patrick McHenry, R-N.C., and Rep. French Hill, R-Ark., asked Treasury Secretary Janet Yellen how a systemic risk determination was made on Silicon Valley Bank and Signature Bank.

A few years ago, banks and credit unions were veering away from drive-up service in their new branches. And then the pandemic hit.

The Federal Reserve wants a smaller balance sheet to help rein in inflation. But uncertainty in the banking system is pushing it in the opposite direction.

A federal appeals court ruled in favor of the Consumer Financial Protection Bureau, setting up a court split ahead of a highly anticipated Supreme Court hearing in October. The Fifth Circuit previously ruled that the agency's funding mechanism violates the Constitution's separation of powers doctrine.

The agency, which oversees government-related investors that set underwriting parameters in the U.S. mortgage market, estimates the process will begin in 2024.

Banks with strong underwriting and stress testing should be well positioned to survive the credit and liquidity issues that may come while being able to continue to serve customers.

A reasonable approach to comprehensive credit risk management can protect banks against the impact of a recession while ensuring the industry doesn't contribute to any potential economic volatility.

On Thursday, a ransomware group published data apparently stolen from Tri Counties Bank, which suffered an outage to its ATM network last month.