Regulation
Britain’s prior approach to regulating financial technology has been held up as the de facto bar, industry executives say — but on crypto, its more risk-averse outlook has stymied the sector’s growth.
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One year after CEO Jane Fraser launched a business revamp, Citigroup reported lower revenue, higher expenses and a big reserve for loan losses in Russia. Yet the company’s long-term plan to streamline operations and invest in high-performing businesses — all with an aim to strengthen shareholder returns — still appears on track.
April 14 -
A former Wells Fargo executive will replace Bair next month as part of a broader shakeup of the government-sponsored lender's leadership ranks. Chief Executive Hugh Frater is also stepping down.
April 8
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The Cincinnati bank is joining other large and regional banks in scrapping nonsufficients-fund fees. The move comes amid continued regulatory pressure on the industry to curtail overdraft fees and related charges.
April 7 -
A group of state attorneys general is asking JPMorgan Chase, Bank of America, Wells Fargo and U.S. Bancorp to scrap the controversial charges entirely, as competitors like Citigroup and Capital One have done. The four banks targeted have all announced significant changes that will likely reduce their overdraft revenue.
April 6 -
AB - Policy & RegulationQuestionnaires sent to banks in recent months seek information about loans to same-sex couples, women on maternity leave and people with limited English proficiency. Industry executives and attorneys say the Consumer Financial Protection Bureau may be offering hints about specific types of fair-lending cases it could pursue.
March 31 -
The Consumer Financial Protection Bureau will potentially be banning business practices, forcing the divestiture of business lines and working with state agencies to revoke licenses, Director Rohit Chopra said Monday. He called out five big banks by name for repeatedly crossing legal lines.
March 28 -
Banks must comply quickly with fast-moving sanctions against the Kremlin and have to spot questionable Russian companies and wealthy individuals. At the same time, some need to deal with settlement risk of trades that involve rubles. Sophisticated data sharing and analysis are making it easier to do the job.
March 28 -
PayPal is making it possible to "Venmo" an income tax payment, while GoDaddy is taking aim at simplifying sales tax calculations for its merchant clients.
March 28 -
During his March Federal Open Market Committee meeting press conference, acting Federal Reserve Chair Jerome Powell said the Fed's supervision and regulatory panel was no longer active and key decisions about stress tests and bank mergers were being handled by the full board.
March 16
