Jury rules in favor of Fannie, Freddie shareholders, awards $600M
The verdict ends a decade-long lawsuit over the Federal Housing Finance Agency’s amendment to a stock repurchase agreement in 2012.
Don’t exclude EBT accounts from the CFPB’s data access rule
Under the proposal being considered by the agency, recipients of public benefits would be unable to enjoy the same access to their financial data given to other citizens.
CFPB to propose rule reining in consumer data sales
The Consumer Financial Protection Bureau plans to propose rules to require that data brokers comply with the Fair Credit Reporting Act to limit the sale of data from being sold for any reason other than what Congress has specified as having a “permissible purpose,” such as credit underwriting.
As the U.S. and China move apart, two big banks are bucking the trend
JPMorgan Chase and Citigroup are funneling more investment into China, even as relations between the countries sour and Washington bans U.S tech investments that could bolster its rival’s military capabilities.
Discover CEO’s sudden exit follows a wave of compliance issues
Discover Financial Services’ announcement of the immediate resignation of longtime executive Roger Hochschild comes weeks after the company announced it overcharged merchants for 16 years.
Credit union reaching out to Spanish speakers in their own language
OnPath Federal Credit Union in Louisiana recently launched a Spanish-language microsite to provide native speakers access to digital products that are simpler to navigate and content that’s easier to understand.
After merger fails, TD inks smaller community plan in New Jersey
The Canadian bank committed Monday to lending and investing over $2 billion in the Garden State’s lower-to-middle income communities over the next three years. A $50 billion, multi-state agreement was scrapped earlier this year after TD failed to get approval to buy First Horizon Corp.
Gruenberg: Long term debt, uninsured deposit reform coming for big banks
Federal Deposit Insurance Corp. chair Martin Gruenberg said Monday that the agency is not backing down on its Basel III capital proposal, and wants to implement long term debt requirements and adjustments to the living wills and uninsured deposit rules.
PayPal’s new CEO is stepping into a sea of challenges
The fintech is relying on Alex Chriss’ experience in melding technology with marketing to ignite growth with small-business and consumer users.
Bankers find second careers as fintech founders
White Clay and Quantalytix are two financial technology providers whose founders spent more than a decade in banking and are intimately familiar with the issues they try to solve.