Regulation and compliance
Banks and credit unions have come out against the Consumer Financial Protection Bureau's proposal to cut credit card late fees to $8, saying that figure is too low to cover costs. Finding a more suitable number might save the bureau a lot of trouble.
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House Financial Services Committee Chair Rep. Patrick McHenry, R-N.C., pressed the Financial Stability Oversight Council on the resurrection of its ability to designate nonbanks as systemically important.
June 16 -
For years, the Japanese-owned bank engaged in deception with respect to three different kinds of fees, regulators found. U.S. Bank inherited the liability when it acquired MUFG Union last year.
June 15
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The Alabama bank, which has been sanctioned by regulators for its overdraft practices twice in the last eight years, joins several competitors that already offer a grace period to overdrawn customers.
June 15 -
Sen. JD Vance, R-Ohio, lambasted the Federal Reserve for increasing the dominance of "too big to fail" banks and failing to rein in systemic risk. He asked whether the Office of the Comptroller of the Currency is a better regulator than the Fed.
June 13 -
Just as the United States is getting good news in its war against inflation, the picture is very different across the pond. Some of that is bad luck, but there are lessons on what not to do as well.
June 13 -
Consumer Financial Protection Bureau Director Rohit Chopra warned that "powerful firms" must not dominate the new open banking landscape.
June 12 -
Federal Deposit Insurance Corp. Vice Chair Travis Hill said Silicon Valley Bank's failure raises concerns over the resolution process, and said regulators should work harder to find a buyer for distressed banks in the future.
June 12 -
The Simplicity credit card from Citigroup has had staying power, suggesting that a card without late fees can be profitable. Its success shows how the U.S. card market might look different under a controversial CFPB proposal to slash those charges.
June 11 -
Chatbots may provide inaccurate information, may run afoul of consumer financial protection laws and may force consumers into "repetitive loops of unhelpful jargon," the Consumer Financial Protection Bureau warned.
June 6
