Opinions

Officials at the central bank have been discussing a real-time payment system for a decade. Work on FedNow began in 2019.

Rohit Chopra, the director of the Consumer Financial Protection Bureau, weighed in on credit card late fees, an upcoming open banking rulemaking and the chaos that could result if the Supreme Court defunds the agency.

The Consumer Financial Protection Bureau celebrates its 12th anniversary on Friday, prompting Director Rohit Chopra to discuss the agency's work including a proposal to set credit card late fees at $8 and the upcoming Supreme Court case that could defund the bureau.

Republicans have urged the Supreme Court to gut the Consumer Financial Protection Bureau by tying its funding to appropriations. But regulatory experts say that a ruling against the CFPB would threaten the funding of other similarly structured agencies including the Federal Reserve Board, the Farm Credit System and other regulators that are funded through fees or assessments.

Consumer Financial Protection Bureau Director Rohit Chopra will engage in informal talks with Didier Reynders, the European Commission's commissioner for justice and consumer protection, on artificial intelligence, buy now/pay later and digital payments.

Gacki, who has served since 2019 as director of Treasury's Office of Foreign Assets Control, will replace acting Fincen Director Himamauli Das. Her appointment comes as the Biden administration seeks to enforce sanctions against Russia and implement rules aimed at identifying undisclosed shell company owners.

The longtime chief executive of the Federal Reserve Bank of St. Louis will leave his post after 15 years to take an administrative position at Purdue University.

The implementation plan the Biden administration released on Thursday seeks to shift liability for data breaches onto "the biggest, most capable" entities. Does that mean banks?

Five organizations representing large banks sent a letter to Federal Reserve Chair Jerome Powell requesting a long and thorough public review process for rule changes that are expected to be rolled out this summer.

If the Supreme Court strikes down CFPB regulations by ruling against the constitutionality of the agency's structure, technological innovation will be harder for banks to achieve as regulatory clarity moves further out of reach.