The Silicon Valley consumer lender first applied to become a national bank during the Trump administration. But the bid stalled amid criticism from consumer advocates and a leadership change at the OCC.

A new state law effectively bans the deposit of state public assistance funds into certain accounts that charge the fees. Supporters say it prevents companies from exploiting a loophole in existing prepaid card rules, while firms that will likely be affected say it limits options for underserved consumers.

An Indiana housing nonprofit wants the Fed to take a closer look at the proposed merger. Its latest move is a lawsuit that alleges racial discrimination by the regional bank.

Federal Reserve Gov. Lael Brainard said she expects scenario analysis exercises will accompany supervisory guidance to ensure that large banks are monitoring and managing climate-related risks.

NatWest Group could face a fine of several hundred million pounds from the U.K.’s financial watchdog after pleading guilty to three criminal charges of money laundering.

In her role as head of consumer and small-business banking, Mack is leading an initiative to establish accounts for the millions of Americans who are unbanked.

The Federal Reserve is prepared to move “very vigorously” to crack down on banks that insist on making loans using the soon-to-be-defunct benchmark rate, Vice Chairman for Supervision Randal Quarles said.

Rep. Patrick McHenry, the top GOP member on the Financial Services Committee, said lawmakers should take the lead in developing a policy framework for stablecoins and other cryptocurrencies. He criticized Securities and Exchange Commission Chair Gary Gensler for suggesting the agency already has authority to act.

The prepaid card issuer disclosed that it failed to get the Federal Reserve’s approval for its $165 million acquisition of a Republic Bank unit. The deal’s termination prompted a lawsuit by the seller.

Michael Hsu, the acting head of the Office of the Comptroller of the Currency, said the agency is considering steps such as urging institutions to choose board members from a diverse candidate pool, “or requiring institutions to either diversify their boards or explain why they have not.”

Online lenders are a fast-growing sector of the financial system that hardly existed when the Consumer Financial Protection Bureau was created. The bureau should hold fintech lenders to the same standards as banks to eliminate a blind spot in supervision.

The U.K. challenger bank rescinded its application to become a U.S. bank after pandemic-driven losses.

A U.S. effort to regulate stablecoins favors policing them like lenders, which could jeopardize the future of tokens from firms that refuse to seek federal banking licenses.

The Seattle bank, a unit of Washington Federal, said it viewed the payment as a “milestone” in its efforts to resolve issues found in its AML program more than three years ago.

Rohit Chopra, a liberal consumer watchdog, was approved as the agency’s director nine months after the Biden administration first announced him as the nominee.

The National Credit Union Administration issued two prohibition orders and two notices of prohibition, bringing the yearly total to 20.

Employees at Beneficial State Bank secured banking's first labor union contract in 40 years and now are calling on Congress to pass legislation, drafted by House Democrats, to protect front-line workers across the industry.

The Federal Reserve’s efforts to update supervision policy can result in institutions having the flexibility they need to compete with fintechs, according to Gov. Michelle Bowman.

Products such as buy now/pay later and early wage access are developing so quickly it's hard for government oversight to keep pace, according to legal experts who spoke at American Banker's Card Forum.

Many banks are still making loans tied to the scandal-plagued benchmark despite years of preparation for its demise. The end of 2021 could prove hectic as bankers scramble to implement changes and explain them to commercial borrowers.