Regulation

Fourteen senators including Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., sent a letter Wednesday to Attorney General Loretta Lynch calling for the Justice Department to investigate possible criminal wrongdoing by senior executives at Wells Fargo.

Community bankers say that reclassifying "reciprocal deposits" as a less risky type of deposit will help them to compete with large banks. Some deposit brokers are crying foul, arguing that the proposed legislation would put them at a competitive disadvantage. Observers, meanwhile, say the bill is so narrowly written that it would hardly affect competition.

The agency said Wednesday it has received more than 500,000 comments on the proposal — and many more may be filed in the coming days.

WASHINGTON — The Office of the Comptroller of the Currency issued long-awaited guidance Wednesday directing banks to follow a series of best practices before deciding to cut off correspondent banking relationships.

Bankers already scrambling to comply with a number of different federal cybersecurity standards are raising concerns about a proposal from New York to layer on some additional state rules.

The biggest surprise for many who awaited the Consumer Financial Protection Bureau’s final rule for prepaid cards was discovering that its reach extends to some of the payments industry’s highest-profile tech firms, such as PayPal Inc.’s Venmo, Square Inc.’s Square Cash and Dwolla.

Popular Inc. in San Juan, Puerto Rico, will take a $55 million hit to third-quarter earnings after its bank lost an arbitration battle with the Federal Deposit Insurance Corp.

It's time not only to hold banks accountable for their security, but also to provide meaningful regulatory guidance on how to achieve security.

For regulators to develop a unified framework for fintech companies to operate in, they first have to come to a consensus.

The Consumer Financial Protection Bureau's final rule on prepaid cards will improve fraud protection and provide greater transparency of costs for such products, but is already drawing fire from both consumer advocates and bankers over how it treats overdraft fees.