Sen. Tim Scott, R-S.C., ranking member of the Senate Banking Committee, introduced a Congressional Review Act resolution to undo the Consumer Financial Protection Bureau's credit card late fee rule.

Senate Majority Leader Chuck Schumer, D-N.Y., said that he would like to examine the proposed acquisition on "narrower bases."

The case over the Consumer Financial Protection Bureau's $8 late fee rule has emerged as a flashpoint in a larger debate over "judge shopping," whereby plaintiffs seek venues with judges sympathetic to their complaints.

Any approval of the proposed Capital One-Discover merger must come with a pro-competitive 1% interchange fee condition to benefit consumers and small businesses and challenge the dominating duopolist Visa, and a pro-community 5% deposit reinvestment condition.

The Long Island bank is trying to come back from a month-long spiral that sunk its stock price some 80%.

In an increasingly cashless society, having a basic bank account ought to be an inalienable right. Instead, we have a system that deliberately prevents millions of Americans from making even the simplest transactions.

The Federal Reserve scored some important legal victories in lawsuits challenging its discretion to grant or deny applicants for master accounts. But whether those victories will last through the appeals process or scrutiny from Congress is uncertain.

Federal Deposit Insurance Corp. Chair Martin Gruenberg said the agency would prioritize urging banks to invest in underserved communities as part of a revised economic inclusion plan unveiled Thursday.

The Federal Reserve issued an enforcement action against Mode Eleven Bancorp, the holding company for Summit National Bank, which engages in banking as a service.

The Federal Reserve, historically a secretive and isolated institution, has made a concerted effort to explain itself to and be understood by the public since 2008. But try as it might, the central bank is still viewed by many as an enigma, if not an enemy.

The CFPB should change its proposal and allow fintechs and other financial services companies the same freedom to innovate that entrenched large banks already enjoy.

The federal agency's director said Wednesday that regulators were working to refocus bank merger evaluations on community impact.

A year ago, the National Community Reinvestment Coalition accused KeyBank of redlining. On Wednesday, the NCRC and Key announced a $25 million "agreement" that NCRC CEO Jesse Van Tol says could open the door to a new community benefits plan.

Letitia James, the New York state attorney general, sued Citigroup and argued it should be liable for fraud cases involving consumer wire transfers. But Citi said the AG's view would bring about a "sea change in banking law."

Federal Reserve Vice Chair Michael Barr Wednesday discussed regulators' ongoing concerns over banks' unrealized losses and commercial real estate values — particularly in the office sector.

The Federal Reserve Board governor also said the central bank needs to make operational improvements to its last resort lending facility.

Banking regulators and the Department of Justice must decide whether the blockbuster deal raises antitrust concerns. Looming over their analyses are questions about how broadly or narrowly to define the relevant markets.

A federal judge's ruling in the Custodia lawsuit settles — for now — the question of whether the Federal Reserve has the discretion to grant or deny a bank access to its payment settlement system. But to keep it, the Fed needs to articulate the danger it's protecting against.

The Federal Reserve governor said regulators should strive for clarity and consistency as they tweak their merger review processes. She also waved off concerns about regulators being a "rubber stamp" for bank combinations.

The Consumer Financial Protection Bureau received nearly 28,000 mortgage-related consumer grievances in 2023, the regulator said.