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.
Ally’s latest capital move will mean $250 million loss in Q1
The Detroit lender will take a first-quarter hit due to a latest balance sheet restructuring, but said the play should boost profitability in the long term.
Lloyds secures patent for AI-driven cybersecurity system
Lloyds Banking Group said its system reduces false security alerts by up to 92%, and AI developments could further improve its performance.
Judge allows consumer groups to defend CFPB overdraft rule
Consumer advocates MyPath and the Mississippi Center for Justice have been allowed to intervene in a banking industry lawsuit challenging the CFPB’s $5 overdraft fee cap for large financial institutions after the bureau declined to defend the rule.
Trump to decide on Canada, Mexico relief today, Lutnick says
President Donald Trump is set to announce changes to the tariffs on Canada and Mexico he slapped on earlier this week, with potential relief for automobiles and other sectors, according to Commerce Secretary Howard Lutnick.