Here comes the latest race to the bottom in consumer finance
The removal of the Consumer Financial Protection Bureau as a viable regulator has thrown the doors open to the kind of unscrupulous behavior that triggered the last major financial crisis.
CFPB to cut civil penalty fund’s use for financial literacy
The Consumer Financial Protection Bureau is restricting its civil penalty fund from paying for consumer education and financial literacy programs.
Redemption opens as nation’s newest Black-owned bank
The bank’s investors hope to see the small community bank in Utah transform and grow into “a minority-owned version of Ally,” as board chair Ashley Bell put it.
Fed to reconsider how it communicates monetary policy this fall
Federal Reserve Chair Jerome Powell said the changes could touch the central bank’s quarterly economic forecasts. He also discussed downsizing at the Fed and his tenure on the Board of Governors.
Webster, UMB set to win if HSA expansion stays in tax bill
Both regional banks operate health savings account businesses, which could gain more customers, more fee revenue and more low-cost deposits if Congress includes a major HSA expansion in its final budget reconciliation bill.
Former Fed chairs warn against dissolving financial stability watchdog
A group of more than 50 bipartisan financial experts, including former Fed Chairs Ben Bernanke and Janet Yellen, said that effectively eliminating the Office of Financial Research and weakening the Financial Stability Oversight Council would have devastating effects for the financial system.
Man extradited in $29M fraud case probed by FDIC monitor
The scheme used fake bank reps, social engineering and crypto to loot U.S. accounts across borders, according to the agency’s Office of Inspector General.
Circle adds global stablecoin partners; Ramp’s AI push
The USDC issuer has added fintechs from Brazil and the U.K. to boost distribution. Plus, Klarna pumps the gas on AI and more in the global payments and fintech roundup.
Bank M&A hasn’t been slowed by tariff uncertainty: report
Even as unpredictable trade policies slowed down mergers in other sectors, banks have kept inking M&A deals at the same pace, according to a new report.
How JPMorgan’s ‘deposit token’ shakes up crypto payments
The banking giant’s JPMD sounds like a stablecoin, but it isn’t exactly the same thing. Here’s why that matters.