Regulation
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.
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Bankers and a key government supervisor say the downfalls of multiple regional lenders reminded regulators that traditional M&A is better for the industry than failed-bank-deals.
June 6 -
Carrie Tolstedt, the longtime head of retail banking at Wells, is resolving legal problems tied to her role in the bank's phony-accounts scandal. Earlier this year, she agreed to plead guilty to a criminal charge as part of a deal that calls for up to 16 months behind bars.
May 31
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The Consumer Financial Protection Bureau released fourth-quarter data last week showing a big drop in revenue from overdraft and nonsufficient-funds fees in 2022 compared with 2019 as big banks reduced or eliminated certain fees.
May 30 -
A Comerica Bank executive admitted to major failures in its handling of the Treasury Department's Direct Express program, including data and resolved fraud disputes sent to a vendor's office in Lahore, Pakistan, a "serious" contract violation.
May 29 -
The Consumer Financial Protection Bureau alleged in 2020 that Citizens failed to investigate certain fraud claims and billing disputes. A key allegation was that the bank required customers to provide a notarized affidavit to support a fraud claim.
May 23 -
Customers of banks that provide small-dollar loans are still turning to higher-cost lenders, according to a recent survey. The significance of the findings has sparked a debate between the payday lending industry and its critics.
May 21 -
Although no laws have yet passed, most of the bills introduced thus far do not consider EWA products to be loans. California is an exception.
May 19 -
In recent years, stress tests have not accounted for some very clear real-world risks. This must change immediately.
May 17 -
The San Francisco bank agreed to a deal with its shareholders after allegedly making misleading statements about its progress in resolving regulatory problems. The agreement is the second-largest bank class-action settlement in history.
May 16
