The Federal Reserve says the prepaid debit card issuer failed to make key disclosures to customers and had lackluster money laundering controls. The regulator also censured Jiko Group, a fintech and brokerage, in an unrelated enforcement action.

Lenders and financial institutions should allow consumers to report nontraditional financial activities in an effort to adopt and validate newer, more inclusive credit scoring models.

The guidance is largely unchanged from what the agencies proposed last year. It directs institutions to craft policies that consider a wide array of potential shortcomings.

The $22 billion-dollar earned wage access industry is vigorously opposing the Consumer Financial Protection Bureau's plan to classify paycheck advances as consumer loans requiring disclosures of fees and costs, and says it will fight the rule in court.

Two recent Supreme Court rulings, Loper Bright and Cantero, are likely to upend the Office of the Comptroller of the Currency's long-standing approach to federal preemption of state banking laws, experts say.

Financial services supervisors should revisit the concept of regulatory sandboxes. Doing so would allow fintechs to gain needed experience in the world of banking, while fostering innovation.

Payroll advances would be considered consumer loans under an interpretive rule by the Consumer Financial Protection Bureau that would require disclosures of annual percentage rates and fees under the Truth in Lending Act.

Acting Comptroller of the Currency Michael Hsu said the OCC will review its 2020 interpretation of preemption under the Dodd-Frank Act and explore more direct engagement, tailored federal regulation and supervision of nonbank fintechs.

The final rule governing the use of automated valuation models for home assessments is substantially similar to the initial proposal made last June.

The credit card giant says its proposed acquisition of Discover would facilitate a bevy of community development activity and philanthropy. But some public advocacy groups are skeptical.

Federal Reserve Chair Jerome Powell's term expires in 2026, and the chances are good that he will ride off into the sunset. But there is a path for him to be renominated for a third term, and he's defied long political odds before.

Early Warning Services CEO Cameron Fowler will join bank executives at an upcoming hearing in the Senate Permanent Subcommittee on Investigations to discuss fraud on the Zelle payments network.

The Consumer Financial Protection Bureau's proposal to eliminate medical debts from credit reports is under attack from debt collectors, which claim the rule will drive up litigation costs and drive doctors out of business.

Former President Donald Trump has selected Sen. JD Vance, R-Ohio, a vocal member of the Senate Banking Committee, as his vice presidential candidate in the 2024 presidential election, marking a turn against corporate power in Republican politics.

The Federal Reserve chairman has two years left in his term, which he will serve regardless of who occupies the White House. Powell's term on the Fed Board of Governors expires in 2028.

The investment banking giant said that it will "moderate" its pace of share repurchases as it continues to talk to the Federal Reserve, which recently increased its stress capital buffer from 5.5% to 6.4%.

In this edition of American Banker's news quiz, catch yourself up on the latest news surrounding Project 2025, Patelco Credit Union's cybersecurity breach, fines against Citigroup and Fifth Third and more.

First Internet Bank and Nbkc bank are among those exploring ways to automate the traditionally manual task of verifying business customers.

Two days after the megabank was hit with $136 million of fines, Citi executives said they aren't changing the company's full-year expense guidance. Citi has 30 days to submit a plan to regulators showing that the bank has allocated enough resources to achieve compliance in a timely and sustainable manner.

As part of the three-year agreement, the group will fund a $1.22 million scholarship fund to recruit minorities into the appraisal profession.