California Credit Union receives a CDFI certification, Klarna adds a credit opt out, Amazon enables biometric-powered alcohol payments and more in this week's banking news roundup.
Banking news roundup
May 25, 2023 2:38 PM
After the Toronto-based bank faced record penalties in the U.S., it made new disclosures about its anti-money-laundering compliance obligations in Canada, where critics say regulators have been too lax.
In a final rule to be released Thursday, the Consumer Financial Protection Bureau would allow banks to either charge $5 for overdraft fees or another amount commensurate with costs. Banks could also charge more if they disclose the fees' annual percentage rate of interest to customers.
Leonardo Ayala, who was a retail banker at a TD branch in Florida, faces criminal charges in connection with money-laundering activities.