Gould says trust charters have long had nonfiduciary scope
Comptroller of the Currency Jonathan Gould said digital asset firms’ trust charter bids fit into the historic scope of the charter, refuting claims that a 2021 interpretive letter he authored as OCC General Counsel expanded the charter’s scope.
Lenders say consumer credit conditions dipped in 3Q: Report
A survey compiled by the American Financial Services Association showed deteriorating business conditions during the third quarter of this year. The outlook for subprime borrowers was particularly grim.
JPMorganChase to raise fees on some small-business accounts
The bank is increasing monthly and transaction fees on a business checking account for the first time since 2017.
Banks face new risks as account takeover fraud spikes 250%
Criminals are posing as support staff to drain accounts. A court ruling this year threatens to make banks — not consumers — bear the cost.
Block doubles down on teen focus with advisory council
The payments firm is taking another step to attract younger customers, a strategy that CEO Jack Dorsey has said will promote long-term network growth.
JPMorgan hires Berkshire’s Combs for investing, advisor role
JPMorganChase hired Berkshire Hathaway’s Todd Combs for a broad role that includes advising Chief Executive Officer Jamie Dimon
Home ends dry spell with $150M deal for Tennessee bank
The all-stock acquisition of Mountain Commerce Bancorp in Knoxville marks the Arkansas-based company’s first M&A foray since 2022.
Supreme Court doubtful on validity of independent agencies
In oral arguments held Monday morning, a majority of Supreme Court justices seemed poised to overrule a 90-year-old precedent validating multi-member independent commissions, but it remains uncertain what limits — if any — the court may impose on the president’s removal powers.
Former Fed officials: CFPB’s Vought must ask for funding
The Consumer Financial Protection Bureau’s Acting Director Russell Vought has an obligation to request funding for the agency, five former Federal Reserve officials said. Plus, three nonprofits sue Vought and the CFPB.
Housing falls out of must-pass defense spending package
The National Defense Authorization Act will be voted on by the House without the housing package that passed through the Senate Banking Committee unanimously.