Regulation/Compliance

The Consumer Financial Protection Bureau claimed that Hyundai Capital America hurt borrowers by incorrectly reporting they were late on payments.

The two banks, which recently pushed back the deadline for their $2.6 billion merger, pledged Monday to ditch nonsufficient-funds fees, among other more consumer-friendly changes.

In the agreement, the bank denied allegations that it refused to issue a mortgage until one of the applicants returned to work from maternity leave.

Bank-issued prepaid benefits cards were supposed to help state governments deliver these funds more efficiently. But the pandemic scrambled the economics of these programs.

The Federal Deposit Insurance Corp. is the second U.S. regulator to outline strategic planning and other steps banks with more than $100 billion of assets can take to minimize damage from severe weather events and the transition to a low-carbon economy.

The Federal Reserve's unanimous approval is a win for the Rhode Island company, though it will have have to take part in an additional round of stress tests in 2023.

The OCC and CFPB are investigating Bank of America for allegedly failing to protect tens of thousands of cardholders who reported fraud or were blocked from accessing their money at the height of the pandemic, according to sources familiar with the matter.

The Biden administration is poised to specify which cryptocurrency firms will be forced to report reams of customer data to the Internal Revenue Service, said people familiar with the matter.

A Capital One Financial banker was charged with acting as a foreign agent seeking nonpublic U.S. law enforcement information on critics of Egyptian President Abdel Fattah El-Sisi.

Sarah Bloom Raskin, reportedly the Biden administration's top candidate for vice chair of supervision, would toughen the Federal Reserve's stances on the role of banks in combating climate change, capital requirements, the Volcker Rule and other policy areas, experts say.