Policy & Regulation

Fifth Third's chief legal officer has emerged as a leading contender to get the nod as the FDIC's next chief; credit card profits under pressure at banks.

Republican efforts to repeal the Consumer Financial Protection Bureau's arbitration rule were dealt a significant blow Friday by another Wells Fargo scandal.

The Trump administration is considering nominating Jelena McWilliams, Fifth Third Bancorp's top lawyer, to lead the Federal Deposit Insurance Corp., people familiar with the matter said.

With the move, the Mississippi bank would no longer be regulated by the Federal Reserve. The decision comes after the bank struggled with Bank Secrecy Act and Community Reinvestment Act compliance.

The Buffalo, N.Y., bank has been freed from an enforcement order that required an upgrade of its anti-money-laundering compliance systems. The Fed had ordered the upgrade as a condition for approval of its acquisition of Hudson City Bancorp.

The New Jersey company reported lower quarterly profit that included professional fees tied to addressing an informal order from regulators.

GlobalID stands out from scores of similar companies and projects by attempting to wed self-sovereignty with regulatory compliance. If its technology works, it could alleviate a major cost for banks.

A task force convened by the Federal Reserve released its evaluations last week of 16 proposals to build a faster U.S. payment system. What follows is a brief look at some of the plans that received high marks.

Efforts to repeal a Dodd-Frank mandate for lenders to report data on small-business applicants — including race and ethnicity — overlook the benefits of the provision to both communities of color and banks.

The bank forced hundreds of thousands of auto loan borrowers to take out insurance they didn't need, putting some into delinquency; a Russian man is arrested and charged in $4 billion money laundering scheme.