CFPB sues BofA, JPM and Wells over Zelle fraud
The Consumer Financial Protection Bureau sued three of the largest U.S. banks for fraud perpetrated on the bank-owned payment network Zelle, alleging shoddy safeguards and millions in consumer losses.
Trump’s appointment of Sacks bodes well for smarter fintech regulation
By naming David Sacks as his “AI & Crypto Czar,” Donald Trump has sent a strong signal that forward-thinking regulation of the most vibrant sector of the financial services industry could be on the way.
Exclusive: Deposit-insurance reform picks up steam with Waters bill
The proposal has similar elements to Republican-led legislation, including a piece of a measure from Vice President-elect JD Vance.
Inside the growing, bipartisan demand for CEO accountability
The Federal Deposit Insurance Corp.’s decision to weigh civil lawsuits against Silicon Valley Bank executives to recover losses to its Deposit Insurance Fund isn’t rare in itself, but the bipartisan nature of the move and size of the failed institution suggest a current that isn’t changing with the presidential administration.
Chopra calls on FDIC to step up AML enforcement after TD case
TD Bank Group’s money-laundering-related crimes have sparked questions of how banks should be penalized for moving dirty money. CFPB Director Rohit Chopra said the FDIC should do more.
SBA’s biggest lending program is expanding. So are its problem loans
With default levels drifting higher, some program participants are calling on the incoming Trump team to rethink the Small Business Administration’s approach to underwriting
How AI could change the work of bank CEOs
Managing the CEO’s AI could be a new responsibility of support staffers, experts say.
Joint Press Release: Agencies Release Annual Asset-Size Thresholds Under Community Reinvestment Act Regulations
JOINT PRESS RELEASE | DECEMBER 19, 2024 Federal Deposit Insurance CorporationFederal Reserve Board Agencies Release Annual Asset-Size Thresholds Under Community Reinvestment Act Regulations The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2025 updated Community Reinvestment Act (CRA) “small bank” and “intermediate small bank” asset-size thresholds. The CRA regulations establish the framework […]
Fraud-fighting numberless credit cards look for a market
Not all banks and fintechs are on board with numberless cards, and some payment professionals question whether they are worth the cost.
Five trends to keep in mind as overdraft-fee battles heat up
While the Consumer Finance Protection Bureau seeks to cap overdraft fees, banks and credit unions are fighting the effort. Nuances that don’t fit either side’s narrative can get lost in the rhetoric.