CFPB complaints skyrocket amid efforts to defund, cut staff

Complaints to the Consumer Financial Protection Bureau have skyrocketed in the first half of 2025, due in part to an increase in payment scams generated by social media that target peer-to-peer payment platforms such as Zelle, Venmo and other apps.

Bankers urge delay after crypto firms apply for charters

Bank lobbying groups have formally objected to the recent wave of applications by crypto companies for national trust bank charters. They argue that too little information has been made public about the firms’ business models and planned products.

Northern Trust firmly denies BNY merger discussions

“During my tenure as CEO, we have never entertained discussions regarding the sale of the company with any financial institution,” CEO Michael O’Grady told analysts Wednesday. The Wall Street Journal reported last month that the two banks’ CEOs had at least one conversation about a potential merger.

D.C. Circuit reinstates NCUA board members fired by Trump

The D.C. Circuit Court found the Trump administration’s firings of two Democratic board members on the National Credit Union Administration to be “unlawful” and ordered Todd M. Harper and Tanya F. Otsuka to be reinstated.

There’s an open door — but not quite open season — for ILCs

The Federal Deposit Insurance Corp’s decision to scrap Biden-era rules restricting industrial banks raises hopes for firms seeking to establish ILCs, but that doesn’t mean the entry of the largest retailers and tech firms — whose entry to the industry banks most fear — is imminent.