Congress moves on nullifying overdraft, larger participant rules
A pair of Congressional Review Act resolutions directed at the Consumer Financial Protection Bureau’s overdraft and larger participant rules are expected to make it to President Donald Trump’s desk.
Trump likely to defer tariffs on goods, services under USMCA
Commerce Secretary Howard Lutnick said the president is likely to defer his 25% tariffs on Canada and Mexico for all goods and services covered by the North American trade agreement.
Senate stablecoin bill is deeply flawed
The GENIUS Act is an ill-conceived bill that will allow the largely unregulated sale of stablecoins to the public. The risks it poses for investors, the financial system and the broader economy are unacceptably high.
Exclusive: Rep. Andy Barr to reintroduce bank merger bill
The chairman of the House Financial Services Subcommittee on Financial Institutions will reintroduce a bill at noon today designed to speed up the bank merger review process.
CFPB says supervision is happening, but examiners disagree
Ahead of a court hearing, the top lawyer at the Consumer Financial Protection Bureau says he ordered supervisory staff to get back to work. But examiners and supervisors are disputing that work is being done, noting that travel credit cards have been cut off.
Banking groups clash over state vs. federal escrow rules
A coalition of national financial organizations filed a friend-of-the-court brief for preemption after regulators filed one against it in a key servicing case.
Bankers in both Canada, U.S. mull threat of trade war
As steep tariffs on Canadian goods took effect this week, banks on both sides of the border expressed concern about the economic fallout and the uncertainty their customers face.
TD cuts top US executive’s bonus in wake of AML scandal
Leo Salom, who has led Toronto-Dominion’s U.S. division since 2022, saw his variable pay decline 35% in 2024.
IRS said to be planning to lay off half of workforce
The Internal Revenue Service is reportedly making plans to lay off up to half of its 90,000-person workforce.
WSFS Bank partners with Greenlight for family finance app
Greenlight’s debit card and app are intended to teach kids and teens how to earn, save, give and spend wisely, with parental supervision.