Financial regulations

Board Member Todd Harper was the lone dissenting vote on the rule, saying it was a "bridge too far." Lawmakers and consumer groups have also spoken out against it.

From expanding their membership to buying naming rights for major stadiums, big credit unions are taking unfair advantage of their tax exemption, bankers and industry observers argue.

The vote Friday was a victory for consumer advocacy groups that have been pushing for years to rein in lenders that charge triple-digit rates.

The most widely referenced interest rate benchmark will cease to function after 2021, and the financial system is still coming to grips with that complicated reality.

Swiss financial regulator Finma said Libra would need a payment system license and would be subject to additional rules to take “bank-like” risks into account. The “highest international anti-money laundering standards” would also need to be applied, it said in a statement on Wednesday.

JPMorgan CEO Jamie Dimon said at an investor conference that the Trump administration's plan for Fannie and Freddie would provide more opportunities for financial institutions. He also called for an end to the U.S.-China trade war and weighed in on the prospect of interest rates falling to zero.

A new kind of institution wants to make the interest rate the Federal Reserve pays to its member institutions more widely available, but that could have big implications for monetary policy.

A growing number of companies, led by Walmart, are offering payroll advance loans to their workers; Christian Sewing said he will invest 15% of his net earnings in the German bank’s struggling shares.

House Financial Services Committee Chairwoman Maxine Waters and over a hundred other lawmakers want the agency to go forward with a mandatory underwriting requirement for payday loans.

Regulatory efforts to protect consumers from harassment and robocalling are forcing big changes. Attorney Quyen Truong at Stroock & Stroock explains.