Regulation and compliance
Regulation
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Toronto-Dominion Bank’s U.S. retail banking unit is eliminating charges for overdrafts of $50 or less, joining a parade of lenders revamping their fees amid criticism from politicians, regulators and consumer advocates.
February 1 - AB - podcast
In her last week in office, the Federal Deposit Insurance Corp. chair discusses why she worries about the dwindling number of community banks and minority-owned banks, why she has made serving low-income communities a priority during her tenure, and what she might do next.
January 31 -
Rohit Chopra, the director of the Consumer Financial Protection Bureau, has cautioned banks, credit unions and fintechs about fair-lending violations that may stem from reliance on artificial intelligence. His comments threaten to discourage financial firms from using the technology to crunch nontraditional data about borrowers, experts say.
January 31 -
Meta's departure from the crypto market removes a sizable potential competitor at the same time that nonbank issuers are bracing for tougher regulatory scrutiny.
January 31 -
Overdraft fees have been a reliable revenue source for decades, but the charges have fallen into disfavor amid regulatory scrutiny and competition from neobanks. Here's a look at the steps various large and midsize banks are taking to reduce or eliminate the fees, as well as their plans for what's next.
January 31 -
The credit card issuer fielded questions about its fees two days after the Consumer Financial Protection Bureau announced a wide-ranging review of consumer charges. Executives said they would not take a big revenue hit even in the face of new limits.
January 28 -
The National Credit Union Administration would require federally chartered institutions to have a plan in place to replace key positions amid concerns over consolidation and the aging of credit union leadership.
January 28 -
The CEO of Hong Kong's securities regulator said the bank's failures "exposed a culture that encouraged chasing revenue at the expense of basic standards of honesty."
January 28 -
Goldman Sachs Group said that, while it's exploring creating a stablecoin with partners, any introduction of a digital currency remains a ways off.
January 28 -
The Federal Reserve, FDIC, OCC and CFPB — increasingly under the leadership of Democratic appointees — are gearing up to regulate cryptocurrency, modernize the Community Reinvestment Act and give consumers more control of their personal data. Here's a look at the policy changes they're mulling.
January 27 -
The merger, which was initially expected to be approved last year, will create one of the 10 largest banks across Illinois, Indiana and Wisconsin.
January 27 -
The Massachusetts bank is purchasing a fellow Bay State institution's pot banking operation and says one of its first steps will be encouraging dispensaries to accept credit and debit cards.
January 27 -
Rohit Chopra, the director of the Consumer Financial Protection Bureau, described many charges by banks, credit unions and fintechs as "junk fees" and said they often exceed the cost of providing the service. Several trade groups called Chopra's claims "distorted and misleading."
January 26 -
The Consumer Financial Protection Bureau's inquiry into buy into the installment products should make sure fintechs abide by the same underwriting requirements as banks in this growing market.
January 26 -
After regulators signaled their intention to crack down on banks that lean on the controversial charges, First National Bank Texas adopted a reform. A bank spokesperson said the move was unrelated to any pressure from Washington.
January 25 -
Wells Fargo is considering a sale of its minority stake in a Hong Kong lender, as the U.S. bank continues to unload assets as part of a turnaround plan, people with knowledge of the matter said.
January 25 -
A $28 billion agreement with the National Community Reinvestment Coalition could help win regulatory approval for the acquisition of Michigan-based Flagstar Bancorp. The deal was originally expected to close last year.
January 24 -
Europe is imposing new requirements on how banks report environmental risks and carbon targets, to give investors a better picture of the threats that climate change poses to the industry.
January 24 -
Consumers and their credit scores could be put at considerable risk unless regulators establish meaningful safeguards.
January 24 -
The merger of FVCBankcorp and Blue Ridge Bankshares, which has faced criticism from student borrower advocates, would have created a $5 billion-asset bank. The deal was delayed last year after the Office of the Comptroller of the Currency raised concerns.
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