CFPB withdraws NSF proposal and earned wage access opinion
The Consumer Financial Protection Bureau rescinded a proposed rule on nonsufficient funds fees and a 2020 advisory opinion on earned wage access products.
Biden’s cybersecurity order could help banks deter fraud
The order calls on federal agencies to support more forms of digital identity documents and could lead more states to adopt digital driver’s licenses.
Scott Bessent sails through Treasury confirmation hearing
Scott Bessent, Donald Trump’s pick to serve as Treasury Secretary, handled a policy-heavy confirmation hearing with poise, highlighting his preference for relaxed bank regulation, support of the 2017 Trump tax cuts and a hawkish approach to spending.
CFPB orders Cash App to pay $175 million for fraud failures
Cash App’s parent company Block failed to investigate fraud and unauthorized transactions, and refused to refund customers, the Consumer Financial Protection Bureau said.
Morgan Stanley attracts assets even with AML scrutiny
The investment banking giant has been the subject of regulatory probes regarding the way it vets prospective clients. So far, that’s not driving away potential clients, executives say.
What U.S. Bank’s innovation execs saw at CES 2025
Chief Innovation Officer Don Relyea and Head of Applied Foresights Todder Moning described what interested them at this year’s Consumer Electronics Show, and which technologies are getting close enough to become bank-ready.
Trump nominates Bill Pulte to head FHFA
The nominee to lead Federal Housing Finance is head of Pulte Capital Partners, which invests in homebuilding related businesses.
Bank stocks rise after strong earnings, easing core inflation
A midweek rally followed robust bottom line results from JPMorgan Chase, Wells Fargo, Bank of America and several other large banks. But further interest rate cuts may be needed to sustain momentum.
JPMorgan’s brawl with Greek tycoon races toward a climax
The bank, which owns a minority stake in Viva Wallet, can take over the company in June if its valuation falls before a certain level — which has resulted in a legal dispute with Haris Karonis, the fintech’s owner. That and more in American Banker’s weekly global payments roundup.
Fed’s Waller eyes rate cut before July
With the Federal Reserve touting a slower pace of easing, markets are expecting a longer pause. But Gov. Christopher Waller said the next interest rate reduction could come as soon as March because of inflation data.