The Consumer Financial Protection Bureau is challenging a recent appeals court decision that its funding through the Federal Reserve Board violates the separation of powers doctrine. That ruling "threatens to inflict immense legal and practical harms" on financial regulation, the CFPB says.

Since the start of the month, the San Francisco-based bank has announced the addition of three wealth management teams — one each from Merrill Lynch, JPMorgan Chase and Wells Fargo.

The agency released two reports Tuesday outlining shortcomings of the background check industry and pledged to root out false information and faulty practices in the space.

The Federal Reserve's vice chair for supervision, in his first appearance before Congress since being confirmed, testified that the banking industry has been spared so far from the chaos in cryptocurrency markets. But he warned that too little is known about nonbank activities that could "blow back" to the regulated financial system.

John Bagents succeeds Rick Schmidt, who announced his retirement in May, as president and chief executive.

The acquisition will add $8 billion of assets under management to the Illinois bank's wealth subsidiary. It marks another example of U.S. banks bolstering their wealth management businesses in a bid to collect more fee income.