Policy & Regulation

The Wyoming crypto bank is attempting to force the Federal Reserve's hand on master account policy. The Fed would rather go at its own pace.

Directors at two of the Federal Reserve's 12 regional branches favored a 100-basis-point increase in the discount rate in July, minutes of discount-rate meetings show.

A recent mini-tender offer to shareholders in Truist Financial serves as a cautionary tale. "They're trolling around for investors that aren't paying attention," one lawyer said.

In a joint letter to the Consumer Financial Protection Bureau, three industry groups challenged the legal basis for a recent information request and accused the agency of unfairly disparaging the quality of customer service that banks provide.

The Federal Deposit Insurance Corp. said that multiple nonsufficient-funds fees charged on the same transaction when consumers don't have enough money in their account could violate the Federal Trade Commission Act.

Eagle Bancorp in Bethesda has agreed to pay $22.9 million to regulators to settle claims it failed to report loans totaling $99 million made to founder Ron Paul, who will pay more than $500,000 in fines in addition to being barred from the industry.

The Federal Deposit Insurance Corp. said its actions are "consistent with longstanding legal authorities to ensure that banks engaging in crypto-related activities are doing so in a safe and sound way that protects consumers."

The Federal Reserve Board's new guidance comes as the central bank is slated to decide whether to grant Custodia, a Cheyenne, Wyo.-based crypto firm, a master account.

Marianne Lake, the company's co-chief executive officer of consumer and community banking, will serve a one-year term on the Federal Reserve Board's Federal Advisory Council. She represents the New York Fed.

The remittance provider claims the Consumer Financial Protection Bureau worked to ensure it could file the case in a venue that would be more receptive to its claims.