Fed pulls out of international climate policy group
Citing concerns about going outside its statutory mandate, the Federal Reserve Board of Governors voted to leave the Network of Central Banks and Supervisors for Greening the Financial System.
Big Tech companies challenge CFPB’s attempt to police them
Organizations that represent Amazon, Apple, Meta, PayPal, OpenAI and many other large technology companies accuse the consumer watchdog, which has given itself authority over companies that facilitate at least 50 million consumer payment transactions per year, of regulatory overreach.
FDIC sues 17 former SVB leaders for negligence leading to failure
The lawsuit alleges mismanagement and fiduciary breaches caused SVB’s 2023 collapse, costing the Deposit Insurance Fund $23 billion.
The Savings Bank names Raichelle Kallery as its president and CEO
Wakefield, Massachusetts-based The Savings Bank named Raichelle Kallery as its president and CEO; Los Angeles-based Banc of California is donating $1M to launch a recovery fund in response to the wildfires devastating Southern California; Amazon agreed to acquire the Bengaluri-based fintech Axio; and more in this week’s banking news roundup.
Honda Auto Finance fined $12.8 million for reporting errors
The Consumer Financial Protection Bureau said American Honda Finance Corp. inaccurately reported 300,000 borrowers as delinquent who had paused loan payments during the pandemic.
Tariffs are nothing new for banks, but that doesn’t make them welcome
President Trump has promised to reduce banking regulations, a form of indirect tax or “bank tariff,” that will help the banking industry. But, he also plans to impose new tariffs on imports that may adversely impact agricultural and manufacturing industries and thus their banks.
Wells Fargo, Merrill cash-sweep accounts shortchanged clients, SEC alleges
The firms paid $60 million to settle the claims without admitting to or denying the regulator’s allegations.
Huntington turns to organic growth as expansion effort clicks
The Columbus, Ohio-based bank’s profit more than doubled in the fourth quarter from a year ago, with solid growth in loans and deposits.
WaFd is the latest bank to exit mortgage lending
Commoditization of mortgages, plus technology that eases the refinance process, and the regulatory environment, all contributed to the decision.
Quicken app gives small business owners holistic view of money
Quicken Business & Personal will help entrepreneurs manage their personal and business accounts on one platform by aggregating financial data from banks.