Policy & Regulation

The Federal Reserve's annual stress testing regime violates federal administrative law, a coalition of banking groups said in a white paper released Thursday, likely previewing a court battle that could have far-reaching consequences for the program.

Federal prosecutors are investigating Wells Fargo in connection with the bank’s sales practices after it agreed to pay $190 million in fines and restitution for opening more than 2 million unauthorized accounts, according to a person familiar with the Justice Department investigation.

John Stumpf was coasting toward a carefully planned retirement. But the outcry over sham accounts at the San Francisco bank has put him in a precarious position as he testifies in front of Congress next week.

The revelation of widespread fraud at Wells Fargo branches suggests that no matter how well run a large bank appears to be, it can't detect systemic problems within its own ranks.

With the risk-taking culture at big banks — including that which contributed to the Wells Fargo fiasco — it's a good thing the House bill to weaken Dodd-Frank will never become law.

New recommendations by the Federal Reserve Board are a crucial step in the direction of much-needed restructuring of the U.S. financial sector.

Chairman Jeb Hensarling's financial reform bill was approved by the Financial Services Committee along mostly party lines as Democrats declined to offer amendments to legislation they said was too flawed to begin with.

In a new proposal, the agency detailed how it plans to invoke an obscure banking law to levy receivership powers over noninsured national financial institutions – which could include fintech companies – if they were to fail.

WASHINGTON — New York Gov. Andrew Cuomo on Tuesday announced the proposal of a state regulation requiring banks to develop and maintain a cybersecurity program. The plan, the first of its kind in the nation, could have far-reaching effects on some of the nation's largest banks.

The revelation that thousands of Wells Fargo employees committed what amounted to fraud just put the final nail in the coffin for the effort to change the Consumer Financial Protection Bureau — at least for the foreseeable future.