The Latest

The Consumer Financial Protection Bureau has received more than 11,000 comment letters on its proposal on personal financial data rights, but banks say the agency should ensure that more fintech partners take on their fair share of the rule's compliance burden.

When banks realize they are unable to continue their operations, a credit union is often a natural partner to consider.

The bank doubled down on promises to use legal action if the Consumer Financial Protection Bureau brings an enforcement action against it related to fraud on the Zelle platform, saying in a statement that it would "not hesitate to seek assistance from courts."

Industry participants say more direct communication between fintechs and federal regulators could help avoid bad outcomes. Some underused legal tools could help bridge the gap.

A bill from Sens. Richard Blumenthal, D-Conn., and Elizabeth Warren, D-Mass., and companion House legislation from Rep. Maxine Waters, D-Calif., would change the Electronic Fund Transfer Act to guard consumers against losing money in authorized transfers that involve scams

South Carolina's Optus Bank appoints Benita Lefft its new president; B2B marketplace DesignRush releases its hottest states for digital business growth; Morgan Stanley announces Ellen Zentner's newly created team within the bank's investment wing; and more in the weekly banking news roundup.

The agency admitted navigating the different rules and regulations involved in its four existing lines of credit proved time consuming and confusing and kept some lenders from offering them altogether.

Nine federal regulatory agencies are requesting comment on a rule that would create data standards for supervisory information collected and submitted to financial regulators.

The federal Project Fortress initiative provides defensive tools for banks. Community banking groups and regulators' associations say small banks in particular need the free and accessible help.

The payment option has grown beyond underbanked consumers. For issuers, a $1 trillion market is at stake.