Visa, Mastercard face fresh fee pressure; EU probes Wordline
A U.K. judicial body says the card networks have breached competition laws, while Belgian regulators are examining Wordline for potential anti-money-laundering violations.
Cutbacks to federal student loan programs are shortsighted
Congress is considering major changes to federally supported student loan programs. If lawmakers aren’t careful, they could close off a vital pipeline of talent that feeds vital public systems.
CFPB drops Navy Federal’s $95 million overdraft settlement
Navy Federal Credit Union will not pay a $15 million fine or $80 million in restitution to servicemembers who were illegally charged surprise overdraft fees when their accounts had sufficient funds.
FCA: Bullying and harassment count as workplace misconduct
The U.K. regulator clarified that such behavior at financial firms could ultimately lead to a ban from the sector.
Big banks tally the gains from their stress-test successes
After passing the Federal Reserve’s stress tests with high marks, large banks announced dividend increases. In some cases, they also said the Fed had conceded that certain prior calculations needed to be revised.
How Citizens Bank aims to win over startup founders
A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
Trades urge regulators to revisit asset thresholds
In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
NCUA’s one-member board liquidates two failed credit unions
The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
After 160 years, a New York bank plans New Jersey expansion
Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
How an identity thief stole $2 million from HELOCs
The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.