Sanders, Hawley draft bill to cap credit card interest at 10%
The senators introduced legislation that would limit the interest rate card issuers are able to charge holders for the next five years.
General Motors’ GM Financial resubmits ILC application
The finance arm of the Detroit automaker has resubmitted its application for an industrial loan company charter to the Federal Deposit Insurance Corp. after withdrawing its prior application last year.
Banks clean up balance sheets, see stronger 2025
Small lenders beset by the fallout from high interest rates took losses in the fourth quarter when they unloaded underperforming securities and loans. But they are reinvesting the proceeds into higher-yielding assets.
Wells Fargo freed from a pair of 13-year-old consent orders
The Federal Reserve Board lifted two enforcement actions against the megabank dating back to 2011. But the Fed’s seven-year-old asset cap remains in effect.
Trump policy ‘chaos’ could imperil dollar as reserve currency
The president’s rough-and-tumble trade negotiations have throttled financial markets, causing investors to flock to the safety of dollars and Treasuries. But some economists say this style of policymaking could have hurt the U.S.’s safe haven status in the long run.
Coinbase urges U.S. to lift barriers for crypto bank services
A letter from three law firms retained by Coinbase argued that existing federal laws and regulations already authorize banks to provide cryptocurrency services and to engage with third-party service providers like Coinbase.
House tees up resolution to nullify CFPB’s overdraft cap
The House Financial Services Committee released a draft resolution under the Congressional Review Act to cancel the Consumer Financial Protections Bureau’s rule limiting bank overdrafts to $5 in most cases.
nCino announces Sean Desmond as CEO
Desmond will be succeeding Pierre Naudé in leading the bank technology provider.
FDIC Issues List of Banks Examined for CRA Compliance
PRESS RELEASE | FEBRUARY 4, 2025 FDIC Issues List of Banks Examined for CRA Compliance WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in November 2024. […]
We need to imagine a future of collaborative bank-fintech partnerships
Long-term partnerships between banks and fintechs are the real future of financial services. Pharmaceutical firms’ relationships with contract research organizations offer a useful model.