Politics and policy
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.
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Vocal in their opposition to some restrictive state laws in recent years, most institutions are silent on similar laws being pursued today. Why?
April 5 -
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.
April 5
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The core function of the Federal Home Loan Bank System — advances to member institutions — plummeted 20% last year to $350 billion, its lowest level in 15 years. That erosion of purpose is emboldening critics, who say the Home Loan banks need to change or face irrelevance.
April 4 -
The Consumer Financial Protection Bureau will potentially be banning business practices, forcing the divestiture of business lines and working with state agencies to revoke licenses, Director Rohit Chopra said Monday. He called out five big banks by name for repeatedly crossing legal lines.
March 28 -
House Financial Services Committee Chair Maxine Waters has asked more than 30 trade associations, including banking groups, to describe how their members — company by company — have limited or ended their dealings in Russia since its invasion of Ukraine.
March 24 -
Russian banks are reportedly courting the Chinese payment network to overcome the loss of Visa and Mastercard. The strategy would test China's willingness to provoke a response from the international community.
March 22 -
The City Council recently voted 15-1 to establish a financial authority that would provide credit enhancements on loans to underserved borrowers. Public banking advocates say the effort is both an interim step for Philadelphia and a test case for other cities.
March 21 -
The megabank will cover costs incurred by employees and family members who travel out of state to receive an abortion. The policy drew immediate fire from Republicans in Texas, which has banned abortions after six weeks of pregnancy, and where Citi has been tangling with the GOP over gun policies.
March 16 -
Rep. Patrick McHenry, R-N.C., said at an American Bankers Association summit that if Republicans win majority control of the House in the upcoming congressional elections, they would “unleash the free market” by pursuing innovation-friendly policies.
March 8
