Federal court rules against CFPB in funding lawsuit
A federal judge ruled that acting Consumer Financial Protection Bureau director Russell Vought unlawfully refused to request agency funding from the Federal Reserve Board, dealing a procedural blow to a legal argument that the Fed can only fund the CFPB when it turns a profit.
White House order to increase small bank mortgage lending
A White House executive order issued Friday afternoon directing regulators to ease Dodd-Frank compliance burdens comes as a bipartisan housing bill advances on Capitol Hill.
Truist and Plaid announce data sharing partnership
The bank and fintech entered an agreement to expand open banking ahead of the CFPB’s new 1033 rule and announced joint fraud-combatting product improvements.
Judge tosses out “unsubstantiated” subpoenas into Powell
A federal judge wrote in an opinion that a “mountain of evidence” suggests the subpoenas were an effort to push Federal Reserve Chair Jerome Powell to lower interest rates or resign.
JPMorganChase sued over $328M crypto scheme
Investors claim JPMorganChase collected fees while ignoring suspicious transfers linked to a $328 million crypto Ponzi scheme.
Enforcement is down under Trump. Is that a problem?
Federal bank enforcement actions have dropped sharply since the start of the second Trump administration, but experts’ views vary about whether less enforcement will result in a buildup of risk in the financial system.
With troubles in the rearview, Blue Ridge names new CEO
Billy Beale, who was hired to clean up Virginia-based Blue Ridge Bankshares after its failed foray with fintechs, has left the $2.4 billion-asset company. His successor is Harry Golliday, who was named interim CEO.
Fannie, Freddie share sale likely after midterms or later
Caution around the move is growing as focus has shifted to affordability, and current trading prices make near-term action unlikely, according to Wedbush.
Big Tech profits from online scams, Associated sets M&A date
A new report from the Consumer Federation of America says the true cost of online scams is an estimated $119 billion per year; Associated Banc-Corp moves forward with its planned acquisition of family owned American National; Servbank HoldCo completes its acquisition of IF Bancorp; and more in this week’s banking news roundup.
As chargebacks spike, banks should avoid these 5 missteps
Payment exerts detail where are going wrong with chargebacks and how they can improve.