CFPB caps overdraft fees at $5 without APR disclosure
In a final rule to be released Thursday, the Consumer Financial Protection Bureau would allow banks to either charge $5 for overdraft fees or another amount commensurate with costs. Banks could also charge more if they disclose the fees’ annual percentage rate of interest to customers.
A third ex-TD Bank employee is charged in money-laundering scheme
Leonardo Ayala, who was a retail banker at a TD branch in Florida, faces criminal charges in connection with money-laundering activities.
Real-time payments in the fast lane: Tesla pushes adoption in auto finance
About $2 billion changes hands daily for the sale of new motor vehicles in the U.S., making auto dealers a prime use case for faster payments. So why aren’t more using it?
Apple Pay’s EU antitrust compromise spurs rivals
Norwegian fintech Vipps’ consumers can use iPhones to make digital payments following Apple’s settlement with regulators. Klarna gets hit with a money-laundering fine and more in our weekly global payments roundup.
Patriot National in Connecticut mulls sale
The bank has hired an advisory firm to assess a potential sale, a capital raise or a strategic partnership after a prior merger fell through.
FDIC Inspector General finds gaps in resolution readiness
A report by the Federal Deposit Insurance Corp.’s Office of Inspector General revealed deficiencies in the FDIC’s preparedness for large bank failures.
CFPB’s Chopra says he won’t resign, but he will leave
In testimony before the Senate Banking Committee Wednesday morning Consumer Financial Protection Bureau Director Rohit Chopra said that he has no plans to resign ahead of President-elect Donald Trump’s inauguration, suggesting he will wait to be fired instead.
How banks can protect the data they feed their AI models
Financial institutions are adopting AI technology into virtually every aspect of the business. Analysts and fintechs share a framework for protecting data and bank reputations.
Wells Fargo gets its first non-branch employee union
Workers in the bank’s conduct management intake group joined colleagues at 23 Wells Fargo branches in approving a union.
Private credit is not just safe; it’s vital to the US economy
Misconceptions about the risks of private credit must not be allowed to affect important policy decisions about an industry that provides vital support to a vast swath of the American economy.