Risk management

The enforcement action, which concerned deficiencies in the auto lender’s compliance risk management program, was the last remaining regulatory matter Santander had to resolve.

Citigroup’s incoming CEO, Jane Fraser, created a new global operating team aimed at improving accountability among its top executives, as the firm continues to address a litany of concerns raised by regulators last year.

The Maryland company agreed to improve its risk and compliance controls, estimating that it will cost $2 million to make changes.

The OCC had hit James Strother and other executives with civil charges a year ago in connection with the bank's phony-accounts scandal. His monetary penalty is lower than what the agency had first floated.

Issued in the final days of the Trump administration, the regulation has united banks, gun-control advocates and environmentalists in opposition. It could be blocked by Congress or a comptroller chosen by the new president.

The Office of the Comptroller of the Currency finalized a rulemaking Thursday morning opposed by the industry that forces the largest banks to provide services to gun businesses and other sectors to which banks have curtailed lending.

In the wake of last week's riot at the U.S. Capitol, New York-based Signature is also calling on the president to resign before his term ends next week.

Silicon Valley's largest companies are rapidly distancing themselves from outgoing President Donald Trump, following last week's right wing domestic terrorist attack on the Capitol.

The Office of the Comptroller of the Currency’s proposal to ensure banking services are available to polarizing businesses contradicts long-standing guidance on managing reputational risk, big banks argue. But gun makers, energy firms and others say it would correct an injustice.

Demand for buy now, pay later (BNPL) services in the U.S. is surging as cash-strapped consumers welcome the opportunity to get instant loans minus any official credit inquiry.