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The top Republican on the Senate Banking Committee said he would vote for Michael Barr to serve as the Federal Reserve’s vice chair for supervision. The committee will vote on Barr this afternoon.

Lauded as the first step toward comprehensive regulation of digital assets, the package hits at the heart of a critical debate between banks and fintechs: Who gets a Fed account?

JPMorgan Chase CEO Jamie Dimon and Bank of America Vice Chairman Paul Donofrio were among the high-level executives who last year received multimillion-dollar retention payments. The awards — sometimes known as “golden handcuffs” — were driven by the most competitive job market in recent history.

The letter from House Financial Services Chair Maxine Waters and Rep. Al Green points to laws passed by some state and local legislatures where financial institutions have been required to disclose whether they had ever profited from slavery in order to operate in their jurisdiction.

Amy Bonitatibus will succeed Barri Rafferty, who left the San Francisco bank in early May.

The prepaid card issuer has now paid a total of $18 million to Republic Bank & Trust, which sued after Green Dot's purchase of its tax-refund business unraveled.

Multiple class actions claim that banks and credit unions are not doing enough to prevent scammers from exploiting the near-instant peer-to-peer payment network.

U.S. consumer borrowing surged again in April, following a record jump a month earlier, fueled by rising prices and the continued strength of American consumers. 

The Ohio Democrat and chair of the Senate Banking Committee acknowledged banks’ existing privacy obligations under the Gramm-Leach-Bliley Act but argued that the 1999 law did not go far enough to address the privacy landscape of 2022.

The credit card issuer Synchrony Financial recently used FICO’s top competitor in a $1 billion deal. The choice is significant for VantageScore, but FICO remains the dominant credit score in the securitization market, according to analysts.