The Latest

CEO Jane Fraser said the bank isn’t a fan of the idea of simply asking clients to dispose of any so-called brown assets, which would just shift the problem to a new owner.

Bankers say the Biden administration’s call for regulatory greater scrutiny of mergers and acquisitions is causing holdups and could slow dealmaking activity in 2022.

President Biden said he had accepted Saule Omarova’s request that her nomination be withdrawn to be head of the Office of the Comptroller of the Currency. She faced stiff opposition from banks and members of Congress over views that many saw as too extreme for a federal regulator.

The Financial Crimes Enforcement Network proposed standards to determine which companies must report their beneficial owners under a law enacted in January. Banks hope the new requirements will free them of the burden of collecting true-owner information about their customers.

Immigrants from Brazil, Nigeria and Kenya will be able to get scores based on their home country credit histories under a partnership between American Express and Nova Credit.

President Biden says his administration is focused on policing cryptocurrency crimes to combat corruption globally and is taking advantage of a newly formed Department of Justice task force, according to an anti-graft report released Monday.

The Georgia bank estimates that it will save $12 million annually by shutting down 40 branches.

U.K. authorities expect to recover as much as 2 billion pounds ($2.7 billion) of fraudulent COVID loans over the next year, Chancellor of the Exchequer Rishi Sunak said on Tuesday.

The regulator has a policy that allows it to convert public enforcement actions into informal, nonpublic ones in cases where banks haven't fully met their obligations. Its inspector general says that the practice may give a false impression to customers and investors.

Stephanie Sherrodd, who was most recently CEO of Texas Dow Employees Credit Union, will take the helm of the New Mexico credit union in January.