Regulation
The $2.3 trillion-asset company plans to scrap the charges by this summer. It joins Capital One and Ally in doing away with the fees, which face pressure from Biden-era regulators.
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Only 12% of large and regional banks in the U.S. and Canada are running the scenario analyses that regulators are poised to recommend, according to a new survey. Observers say progress has been faster on the other side of the Atlantic, as European banks and their regulators have moved more quickly to develop a uniform system for quantifying risks.
February 3 -
Four-fifths of the state's community banks have disappeared since the start of the 2008 financial crisis. The founder of the newly chartered Scottsdale Community Bank calls the market "drastically underbanked."
February 3
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The wirehouse and its attorney “manipulated the arbitrator selection process” and “introduced perjured testimony,” according to the ruling.
February 2 -
After regulators signaled their intention to crack down on banks that lean on the controversial charges, First National Bank Texas adopted a reform. A bank spokesperson said the move was unrelated to any pressure from Washington.
January 25 -
The Consumer Financial Protection Bureau has opened an inquiry into whether the largest issuers are engaging in unfair or anti-competitive practices. JPMorgan Chase, Citigroup and the rest of the top eight control 70% of the $1 trillion credit card market.
January 20 -
The megabank is dealing with one less regulatory headache following the termination of an enforcement action related to the sale of identity protection products.
January 20 -
The nation’s sixth-largest bank will offer a $750 line of credit to customers who need short-term liquidity, and will gradually become less reliant on older accounts that charge the controversial fees. With the plans, Truist is moving in the same direction as many large and midsize banks.
January 18 -
The standard charge for customers who overdraw their accounts is $30 or more. Analysts say one megabank’s decision to slash the price will pressure competitors to take similar steps.
January 11 -
The nation’s second-largest bank by assets is the latest to roll out changes that will reduce its overdraft revenues. But in cutting its fee from $35, BofA is taking a different tack than many competitors.
January 11
