Politics and policy

Sens. Elizabeth Warren and Bob Menendez say the banks that own the payments system "have chosen to let consumers suffer" from unchecked fraud problems.

Consumer Financial Protection Bureau Director Rohit Chopra pushed back aggressively against allegations by Senate Republicans at a congressional hearing Tuesday that he helped orchestrate a “hostile takeover” of the Federal Deposit Insurance Corp.

The municipality and the bank have been at odds over similar issues in the past, and no agency currently has deposit accounts with the lender.

In a letter obtained by American Banker, the Senate Banking Committee chair called on the Federal Reserve and Office of the Comptroller of the Currency to reform their bank merger review processes.

A group of state attorneys general is asking JPMorgan Chase, Bank of America, Wells Fargo and U.S. Bancorp to scrap the controversial charges entirely, as competitors like Citigroup and Capital One have done. The four banks targeted have all announced significant changes that will likely reduce their overdraft revenue.

Vocal in their opposition to some restrictive state laws in recent years, most institutions are silent on similar laws being pursued today. Why?

The Consumer Financial Protection Bureau argues borrowers in the case had a right to answers even if the inquiries were origination related and foreclosure litigation was pending.