Policy & Regulation

Cybersecurity enforcement efforts need to be better coordinated across government agencies, financial industry groups said in a letter Friday to the National Institute of Standards and Technology.

In a speech in Washington on Monday, JPMorgan Chase Chairman and CEO Jamie Dimon said that political divisions between Republicans and Democrats are keeping the country from solving solvable common problems and reaching its economic potential.

Heightened risk management standards and the "three lines of defense" are supposed to help banks ward off scandal, but they failed miserably.

Democratic lawmakers are calling for Wells Fargo Chief Executive John Stumpf to testify before a Senate panel as part of an investigation into nearly 2 million fraudulent bank and credit card accounts that Wells employees opened in an effort to meet sales incentives.

The alleged practices at the heart of Well Fargo's settlement were fueled by a short-term incentive system that is detached from broader goals.

The Group of Central Bank Governors and Heads of Supervision – the supervising body for the Basel Committee on banking Supervision -- on Sunday endorsed the broad direction of final Basel III risk-weighted capital rules, including assurances that the final rules would require significant additional capital.

It’s become an all-too-familiar story – a big bank is caught doing something bad, it pays a fine, some lower-level employees are let go while higher-level executives appear to get off scot free and no criminal charges are assessed. Many see that happening again at Wells Fargo.

Marketplace lenders that have partnered with banks face more scrutiny after a federal judge in California handed a legal victory last week to the Consumer Financial Protection Bureau.

The Federal Financial Institutions Examination Council has released updated cybersecurity guidance for bank examiners.

In an interview Friday morning, Federal Reserve Gov. Daniel Tarullo said that enforcement agencies and even the Department of Justice need to hold individuals accountable amid revelations that thousands of Wells Fargo employees opened illegal accounts for customers.