Regulation
Banks and credit unions are often at odds, but when it comes to fighting the Consumer Financial Protection Bureau's proposed $8 late fee cap and changes to interchange fees, they have put their differences aside.
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Bank of New York Mellon didn't think it would need to record on its balance sheet digital assets held in custody when it asked the New York State Department of Financial Services for permission to offer the service, according to a filing obtained by American Banker. The SEC has since said otherwise.
June 28 -
The Federal Reserve's highly anticipated stress tests indicate that all banks are sufficiently capitalized to weather an economic downturn, but midsize banks were among those with the lowest minimum capital levels.
June 28
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The Federal Reserve gave itself the power to raise capital requirements when risks are elevated to ensure banks can lend through the business cycle. But the rule hasn't been used, and it isn't clear it could ever work in practice.
June 27 -
The bank's $4.6 billion commitment is smaller in size and shorter in duration than a previous plan. It also pledged $9 billion to sustainable finance initiatives over the next three years.
June 21 -
Longstanding factors such as the share of local deposits held by each bank will no longer be the main considerations in determining the competitive effects of a deal, said Assistant Attorney General Jonathan Kanter. His speech was interpreted as a hint that banks seeking merger approvals could face tougher times ahead.
June 20 -
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.
June 20 -
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 -
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
