Regulation

Four of the seven large banks that own Zelle's parent company, Early Warning Services, said they are reimbursing 15% to 55% of consumers that report fraud on their accounts, according to a report released by Sen. Elizabeth Warren, D-Mass.

Acting Chairman of the Federal Deposit Insurance Corp. Martin Gruenberg said regulators won't tell banks who to lend to, but the government won't be there if their investments go bad.

When local prosecutors in Los Angeles investigated fake accounts at the San Francisco bank, they were hampered by a provision of state law that prevented them from issuing subpoenas before filing suit. That problem has been remedied under legislation signed by Gov. Gavin Newsom.

The SEC and other regulatory agencies have raised the environmental, social and governance ante. Financial institutions will need to find a way to chip in before the stakes are raised even higher.  

The report, which examined trends between 2010 and 2021, found that the country's biggest banks only opened 638 branches in low-to-moderate-income communities made up primarily of people of color. That accounts for just 15% of their total branch openings.

A half-dozen of the largest banks in the country will participate in the Federal Reserve's climate scenario analysis exercise next year. Findings from the program will inform supervision policies on managing climate and transition risks.

The Alabama bank must pay $191 million in connection with charges it levied on customers whose account balances went negative before a transaction was posted. Seven years ago, the CFPB imposed a $7.5 million overdraft-related fine on Regions.