Regulation

The Wells Fargo scandal has given cross-selling a bad name, but experts say that, done right, it is a crucial revenue driver in this era of razor-thin net interest margins. Their advice: Only sell products that customers need and compensate employees for retaining customers, not simply opening accounts.

The ramifications for a U.S. Court of Appeals decision against the CFPB’s constitutionality go far beyond just the agency’s independence, and may have consequences for other federal agencies with similar structures. The ruling may also hamper the CFPB’s powers, including its ability to retroactively apply new rules.

Large banks are outpacing community banks in deposit gathering because new liquidity rules make deposits more valuable to the biggest banks, mobile banking has been a deposit magnet for the heavyweights, and regional and midsize players hold certain advantages over smaller rivals, too.

WASHINGTON — Financial authorities from the Group of Seven countries on Tuesday released cybersecurity recommendations for private and public entities operating in the financial sector.

Navy Federal Credit Union, the largest credit union in the country, agreed Tuesday to pay $28.5 million to settle regulatory allegations it engaged in illegal debt collection practices.

Fintech circles are abuzz about the possibilities for streamlining compliance work following IBM's deal to buy Promontory. Artificial intelligence software could help separate false positives from true violations, for example, or read and parse through lengthy regulations.

The new prepaid rules make it harder for bad actors to enter the industry while also being broad enough to apply to future digital products.

The single-director structure of the Consumer Financial Protection Bureau represents an unconstitutional concentration of executive power, a federal appeals court said Tuesday. But the court stopped short of disbanding the agency, instead giving the president more power to remove its leader.

WASHINGTON — Federal Reserve Board Vice Chairman Stanley Fischer said Friday that the Dodd-Frank Act has addressed the biggest issues with bank instability but the "shadow banking" sector industry still needs to be addressed.

The regulations added in the wake of the financial crisis have made the system safer, but it's time to pause on new rules and find ways to improve what's been put in place already, according to the top executives at some of the largest banks.