Policy & Regulation

The Federal Reserve has returned about $42 billion to the U.S. Treasury, and will soon transfer another $20 billion in excess funds connected to emergency lending facilities that stopped offering new loans last month, it said Thursday.

American Express is reportedly under investigation by a top federal agency exploring allegations of unethical sales tactics by the company’s small-business credit card sales representatives.

While some legislatures have extended provisions temporarily allowing online notaries, other lawmakers are pushing for those rules to be made permanent.

Now that Democrats have won control of the Senate following the Georgia runoffs, experts say tax increases, progressive regulators and stricter congressional oversight await. Still, there could be some positives for banks, too.

Acting Comptroller of the Currency Brian Brooks pushed back on a recommendation from a task force — appointed by Consumer Financial Protection Bureau — suggesting that Congress should give the CFPB the authority to charter and regulate fintechs.

The Office of the Comptroller of the Currency’s proposal to ensure banking services are available to polarizing businesses contradicts long-standing guidance on managing reputational risk, big banks argue. But gun makers, energy firms and others say it would correct an injustice.

Congress acted first when it freed financial firms from having to disclose the beneficial owners of commercial clients. Now it's time for regulators to further ease anti-money-laundering reporting requirements by freeing them from filing duplicative or unnecessary suspicious activity reports.

The Trump administration's cantankerous relationship with China has lasted the president's entire term, often shaking up the payments and financial services landscape. With a new executive order, Trump has announced bans on more than a half dozen software firms — including payment apps affiliated with Tencent and Alibaba/Ant Group.

A panel appointed by the Consumer Financial Protection Bureau said Congress should consider authorizing the bureau — and not the Office of the Comptroller of the Currency — to issue federal charters to fintech companies.

The Office of the Comptroller of the Currency terminated a 2015 consent order that required the bank to improve its controls for combating money laundering.