Regulation
District attorneys in the Golden State are tangling with Credit One Bank over its debt-collection practices. The bank says the prosecutors have overstepped, but Democratic Attorney General Rob Bonta argues that the legal action should continue.
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The nation’s six largest credit card companies are facing questions from the Consumer Financial Protection Bureau over their alleged failure to report customer payment data on a regular basis. The agency says that the industry’s practices can hurt consumers’ ability to qualify for cheaper loans.
May 26 -
The firms respectively settled the regulator’s allegations about suspicious activity reports and the duty of best execution — two major areas of emphasis.
May 23
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Several federal agencies have recently stepped up requirements on banks to notify regulators and the public when they fall victim to cybersecurity incidents.
May 19 -
The Federal Reserve will begin shedding as much as $47.5 billion of assets monthly starting June 1 to tamp down on inflation. But doing so could undermine the banking industry’s preferred source of liquidity.
May 17 -
A clear, cross-agency regulatory framework is needed to help the industry embrace the promise of this new financial services paradigm.
May 16 -
Tom Anderson currently serves in a compliance role overseeing personal banking and wealth management at Citi. He will succeed Mary McNiff, who is moving into a new position at the $2.4 trillion-asset bank.
May 12 -
The Minneapolis company, which previously said it expected the $8 billion acquisition to close in the first half of 2022, has become less firm about that projection.
May 4 -
Citigroup has been released from a 2012 enforcement action that faulted its anti-money-laundering efforts. But company executives are expected to spend a lot of time over the next few years seeking to resolve a pair of more recent consent orders.
May 2 -
The two companies, which have not received government approval to complete their now year-old pending deal, postponed the deadline to Oct. 31 and have decided to make the combined entity a national bank.
April 27
