Regulation
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.
September 29 -
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.
September 28
-
After a yearlong investigation by the Securities and Exchange Commission, large investment banks including BofA, Citi and Deutsche admitted they failed to monitor their employees on certain messaging channels such as WhatsApp.
September 28 -
The president referred to so-called bank junk fees in remarks that echoed Rohit Chopra, the director of the Consumer Financial Protection Bureau, who has sought to crack down on excessive charges.
September 27 -
Financial institutions continue to push back against efforts to be held liable when a consumer is tricked into sending a payment that later turns out to be a scam.
September 26 -
The online lender approved Black applicants at lower rates than non-Hispanic whites, according to a law firm that monitors its artificial intelligence models. Upstart said it's an industry leader in fair lending but acknowledged room for improvement, calling disparities "an industry-wide challenge."
September 26 -
The Federal Reserve's capital requirements came up repeatedly during this week's bank CEO hearings, with leading Republicans taking banks' position that capital requirements are excessive.
September 23 -
The committee's top Republican warned that banks that prove too deferential to left-leaning social causes could face consequences the next time the GOP controls Congress.
September 22 -
The bank leaders were grilled on their long- and short-term expectations for the U.S. economy, the potential impact of capital reform under the Biden administration, banks' investments in Chinese markets, and the future of oil and gas lending.
September 21
