Regulation
Merchants may rake in 14% to 200% more revenue from consumers who forgot to cancel online subscriptions paid for by credit and debit cards, according to a new study based on anonymized consumer transaction data.
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The credit-reporting agency was fined $650,000 for sending customers marketing emails without an option to unsubscribe. Financial institutions are subject to the same law, called the CAN-SPAM Act.
August 15 -
The SEC and CFTC charged 11 Wall Street firms $549 million in penalties over recordkeeping violations. The agencies vow to continue enforcing compliance throughout the industry.
August 15
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In its annual report, the Federal Deposit Insurance Corp. explored the various credit, market and operational risks facing the banking sector. It also explored crypto and climate issues.
August 14 -
Jay K. Oberg, a 32-year veteran of the Comerica Bank and a top deputy to CEO Curtis C. Farmer, plans to retire in December 2024.
August 11 -
The real threat is from undercapitalized banks, and regulators must require large banks to have enough capital to eliminate that threat.
August 9 -
The Federal Reserve has outlined the process state member banks must follow before issuing, redeeming or holding stablecoins. The agency also says it will create an examination process to monitor novel activities.
August 8 -
Goldman Sachs told Sen. Elizabeth Warren, D-Mass., that it made $60 million on the purchase and sale of part of Silicon Valley Bank's loan portfolio.
August 8 -
Many small-business lenders have less than 18 months to figure out how to gather and report on an extensive array of data.
August 8 -
Much of the industry is slimming down, with some banks calling it quits on riskier sectors and selling loans they no longer want. The trend is particularly prominent at regional banks that are preparing to comply with new capital rules.
August 6
