Regulation and compliance
Regulation
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House Financial Services Committee ranking member Maxine Waters, D-Calif., attempted to find bipartisan support from Rep. Andy Barr, R-Ky., for a number of amendments to bills meant to rein in regulators. What she got instead was a commitment to work on some measures in the future.
May 24 -
This week in global news: Canada cuts Visa and Mastercard fees; PhonePe draws new funding, and more.
May 24 -
A string of bank failures has increased scrutiny of banks' underwater Treasury securities — holdings that have traditionally been viewed as risk-free. As regulators reimagine the bank capital framework, they should reconsider whether anything can or should be considered riskless.
May 23 -
The Consumer Financial Protection Bureau alleged in 2020 that Citizens failed to investigate certain fraud claims and billing disputes. A key allegation was that the bank required customers to provide a notarized affidavit to support a fraud claim.
May 23 -
The days of taking shortcuts around regulation and lax fiscal discipline need to come to an end if the industry is going to reach its full potential.
May 23 -
Wyoming had sought to intervene in the contentious lawsuit over master account access, citing concerns about its special purpose depository charter. The judge said it had no standing.
May 22 -
Customers of banks that provide small-dollar loans are still turning to higher-cost lenders, according to a recent survey. The significance of the findings has sparked a debate between the payday lending industry and its critics.
May 21 -
Banking regulators and executives from the three regional banks that failed this spring testified in a marathon of hearings this week. These are the four threads to emerge from those hearings that banks need to watch.
May 19 -
The Federal Reserve chair waved off suggestions that recent bank failures demonstrate a need to better separate its authorities. He also noted the importance of clear communication by central bank officials.
May 19 -
Although no laws have yet passed, most of the bills introduced thus far do not consider EWA products to be loans. California is an exception.
May 19 -
Sen. Elizabeth Warren, D-Mass., told Federal Deposit Insurance Corp. Chairman Martin Gruenberg that large banks are "seeking to pay back the gap in the deposit insurance fund with devalued assets."
May 19 -
In a speech delivered to the Texas Bankers Association, the Federal Reserve governor called on bankers to create and test liquidity plans capable of weathering turmoil.
May 19 -
The Los Angeles fintech lender has agreed to refund voluntary payments paid by borrowers in California, Connecticut and the District of Columbia. Voluntary payments for loans have come under scrutiny from consumer advocates and state officials.
May 18 -
During a Senate Banking hearing with regulators, Sens. Jon Tester, D-Mont., and Mark Warner, D-Va., raised concerns about sweeping policy changes, while bipartisan consensus emerged around curbing executive compensation.
May 18 -
Rep. Maxine Waters, D-Calif., posted the Democratic version of a stablecoin bill that has some differences with the Republican version led by Rep. Patrick McHenry, R-N.C. But those differences aren't insurmountable.
May 18 -
Former First Republic CEO Michael Roffler, in his first public comments since the failure of the bank, said changes to deposit insurance would be worthwhile for Congress to consider.
May 17 -
In recent years, stress tests have not accounted for some very clear real-world risks. This must change immediately.
May 17 -
F.N.B. Corp, the holding company for First National Bank, is making its second investment in the $13 million-asset Hill District Federal Credit Union.
May 17 -
Michael Barr, the Federal Reserve's vice chair for supervision, fought back against criticisms by Republicans on the House Financial Services Committee that toughening capital requirements would be an overreaction to the recent banking crisis.
May 16 -
The San Francisco bank agreed to a deal with its shareholders after allegedly making misleading statements about its progress in resolving regulatory problems. The agreement is the second-largest bank class-action settlement in history.
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