The Federal Reserve says the prepaid debit card issuer failed to make key disclosures to customers and had lackluster money laundering controls. The regulator also censured Jiko Group, a fintech and brokerage, in an unrelated enforcement action.

Federal Reserve Board Gov. Adriana Kugler said traditional datasets are slow and sometimes outdated. She pointed to housing services as a price category that can benefit from private data.

The government-backed instant processing network has been live only since the summer of 2023, but it's already indirectly boosting usage at an unrelated bank-led rail from The Clearing House.

During his second day of congressional testimony this week, the Federal Reserve chair said the central bank does not have supremacy over other agencies on their joint rulemaking.

Washington policymakers are not adopting policies necessary to keep the U.S. on the cutting edge in payments. Fortunately, the dual banking system offers an alternative path forward.

The Federal Reserve's top regulator praised industry efforts to expand access to banking services, but warned about financial stability risks.

The Federal Reserve chair said there is a consensus within the central bank's board of governors for reproposing its capital rules, but notes that other agencies have not yet signed off on this approach.

The lead lawyer on the case that overturned the decades old doctrine penned an amicus brief arguing that the lower court ruling raises constitutional questions about the Federal Reserve.

The most important issue on voters' minds is inflation, and the inflation blame game has heated up with the upcoming presidential election. Putting politics aside, an objective economist would blame neither candidate, since the underlying cause of our inflation, like so many other problems today, was COVID-19.

The central bank also noted that the banking system is sound but faces several challenges. The report precedes Federal Reserve Chair Jerome Powell's upcoming appearances on Capitol Hill.

Warren chided the Federal Reserve chairman for having multiple private meetings and talks with top executives — including 19 with JPMorgan Chase CEO Jamie Dimon.

Federal Reserve Chair Jerome Powell brushed away concerns that a second Trump presidency could imperil the central bank's independence.

Eugene Scalia, former Secretary of Labor and the banking lobby's lawyer on retainer for a potential challenge to Washington's capital reform effort, discusses the state of administrative law after the overturning of a key legal precedent.

Four large banks were dinged in their resolution plan reviews for shortcomings in their plans to unwind their derivatives positions in times of stress. But whether the problem is with the banks' plans or the regulators' expectations for a legally ambiguous product is a matter of debate.

Ransomware group LockBit threatened on Sunday to publish the stolen data Tuesday evening. Ransomware experts said it was likely that the group was bluffing.

The Federal Reserve Board of Governors issued a cease and desist order against Indiana-based United Fidelity Bank over concerns that the bank was deficient in its board oversight policies.

By adopting more inclusive lending practices and actively seeking to support minority-owned businesses, banks can help bridge the financing gap that often stifles the growth of these businesses.

The public will now have an additional two months to weigh in on expanded operating hours for its Fedwire Funds and the National Settlement services.

U.S. regulators need to do more to require banks to recognize the risks posed by climate change, and the damage that continuing to support fossil fuel extraction projects does to the environment.

In this edition of the American Banker news quiz, test yourself on topics such as Visa and Mastercard's shift away from relying on interchange, the Federal Reserve's efforts for balance sheet reduction, which financial services sector consumers trust the most and more.