Regulation

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.

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.

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."

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.

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.

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.

The country's largest banks should deepen partnerships with minority depository institutions and community development financial institutions, and regulators should facilitate that process.