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The agency had accused the lenders of deceiving consumers and failing to disclose the true cost of the loans, which carried interest rates as high as 950% a year.

BNY Mellon plowed some of its tax law savings into restructuring efforts.

Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, has requested no funding from the Federal Reserve in the second quarter and instead will use reserves to fund the agency.

Bank says most of the benefits from tax reform will be used for dividends and buybacks; Michael Loughlin will stay on until his replacement is named later this year.

The Consumer Financial Protection Bureau faces significant obstacles in reopening the payday lending rule including likely legal challenges and a lengthy compliance process with the Administrative Procedure Act.

The San Francisco bank said that Michael Loughlin's departure is unrelated to the sales scandal that has dogged the company for the last 16 months.

Executives at U.S. Bancorp and Bank of America plan to use their tax savings to ramp up spending on new technology to stay competitive — but they sought to reassure investors that they would not abandon cost control.

Acting CFPB director Mick Mulvaney issued "a call for evidence" Wednesday seeking comment on all of the consumer agency's functions, including enforcement, supervision, rulemaking, market monitoring and education activities.

As senators weigh anti-money-laundering reforms, they reiterated their desire to include cryptocurrencies as part of legislative discussions.

The Senate Banking Committee had approved Powell already in December, but a revote was necessary after the Senate adjourned for the year without finalizing his confirmation.

The Consumer Financial Protection Bureau said Tuesday it will reopen the payday lending rule, on the same day the controversial rule technically went into effect.

Though business owners are more optimistic about the direction of the economy since the tax law was passed, it's doubtful their borrowing will increase meaningfully until they see more signs of more robust growth, bankers say.

House Republicans are exiting Congress in droves ahead of the 2018 midterm elections and the stakes for the financial services industry could be significant.

House Republicans are exiting Congress in droves ahead of the 2018 midterm elections and the stakes for the financial services industry could be significant.

Lower East Side People's Federal Credit Union's case against the appointment of Mick Mulvaney as head of the CFPB turns on whether it has standing to sue.

The Supreme Court agreed Friday to hear a case challenging the appointment of administrative law judges, which could impact a ruling on the constitutionality of the CFPB.

The Senate Banking Committee is expected to consider the nominations of Jelena McWilliams to be FDIC chair and Marvin Goodfriend as a governor of the Federal Reserve Board.

The deputy director of the Consumer Financial Protection Bureau filed an appeal Friday in her battle to oust acting CFPB Director Mick Mulvaney, prolonging the legal fight over President Trump's appointment.

Weak loan growth, a $3.25 billion litigation accrual and other costs tied to the phony-accounts saga all added up to a messy fourth quarter for the San Francisco bank.

The JPMorgan Chase CEO is rejecting arguments that banks are poised to loosen underwriting standards to win more mortgage business. He said what's needed to encourage banks to make more loans to borrowers with spotty credit files are changes to FHA rules and other policy fixes.