Financial regulations

CEO Charlie Scharf said in a letter to Congress that a review is underway to determine how many customers were affected by confusion over monthly fees and that the bank will begin issuing refunds next year.

The agency said it plans to make its cost-benefit process “more structured” and incorporate “a number of analytical practices identified in standard references.”

The bank will continue to hold cash in sweep accounts until 2031, although at a lower rate; capital requirements could lead big banks to hold off lending.

In a sit-down interview, Cleveland Fed President Loretta Mester discusses how the FedNow real-time payment system will work alongside a big-bank one.

A recent bill would require financial institutions to provide data on suspicious firearms transactions as part of anti-money laundering efforts.

A recent bill would require banks to provide data on suspicious firearms transactions as part of anti-money-laundering efforts.

A new National Credit Union Administration proposal would raise the threshold for residential mortgages that require appraisals. However, the final rule is by no means a done deal.

In an update of its rulemaking agenda, the bureau said it "expects to take final action in April 2020" on a proposal that would rescind strong underwriting requirements.

The National Credit Union Administration board pushed back against criticisms about its rising budget by noting its oversight is still cheaper than that provided by other financial agencies.

The National Credit Union Administration is funded by the institutions it oversees and insures. Some of them are pushing back against spending trends at the agency.