Policy & Regulation

The Federal Reserve said it would rescind its novel activities supervision program created to monitor how banks use emerging tech.

By a 2-1 vote, a three-judge panel of the D.C. Circuit Court of Appeals ruled that the CFPB's union did not have a reviewable claim under the Administrative Procedure Act. The union is expected to appeal to the full D.C. Circuit.

Bank trade groups have asked a federal court to halt enforcement and extend compliance dates for the Consumer Financial Protection Bureau's open banking rule that was enacted during the Biden administration. The move comes as the lobbying fight over how the rule will be rewritten intensifies.

An Office of Inspector General audit says the agency's existing program for overseeing banks' technology providers lacks clear goals and metrics. It recommends the adoption of a new risk-ranking methodology by 2026.

Federal Reserve Bank of Chicago President Austan Goolsbee said the Fed is not tied to Wall Street or political interests and that independence is necessary to prevent inflation.

New York Attorney General Letitia James alleges that Zelle's parent company, Early Warning Services, failed to adopt basic safeguards to combat fraud. The Consumer Financial Protection Bureau dismissed a similar lawsuit in March without an explanation.

The crypto-focused firm's OCC trust bid would shift supervision from New York to Washington at a time when regulators are signaling openness to fintechs engaging in banking

The Consumer Financial Protection Bureau has proposed reducing supervision of all but the largest nonbanks in four key markets: auto financing, consumer credit reporting, debt collection and international money transfers.

The Consumer Financial Protection Bureau has been investigating the failed banking-as-a-service fintech and is preparing to file a complaint accusing it of unfair acts or practices. 

The executive order tells banking regulators to examine banks for signs of politically motivated account denials.