JPMorgan says it will challenge CFPB over Zelle enforcement
The bank doubled down on promises to use legal action if the Consumer Financial Protection Bureau brings an enforcement action against it related to fraud on the Zelle platform, saying in a statement that it would “not hesitate to seek assistance from courts.”
The unexpected tools that could fix bank-fintech regulation
Industry participants say more direct communication between fintechs and federal regulators could help avoid bad outcomes. Some underused legal tools could help bridge the gap.
Optus Bank’s new president, DesignRush lists top digital growth states
South Carolina’s Optus Bank appoints Benita Lefft its new president; B2B marketplace DesignRush releases its hottest states for digital business growth; Morgan Stanley announces Ellen Zentner’s newly created team within the bank’s investment wing; and more in the weekly banking news roundup.
Democrats push stronger consumer protections for Zelle-related fraud
A bill from Sens. Richard Blumenthal, D-Conn., and Elizabeth Warren, D-Mass., and companion House legislation from Rep. Maxine Waters, D-Calif., would change the Electronic Fund Transfer Act to guard consumers against losing money in authorized transfers that involve scams
SBA aims to streamline working capital offerings with pilot program
The agency admitted navigating the different rules and regulations involved in its four existing lines of credit proved time consuming and confusing and kept some lenders from offering them altogether.
Financial regulators request comment on data standards plan
Nine federal regulatory agencies are requesting comment on a rule that would create data standards for supervisory information collected and submitted to financial regulators.
Treasury, banking groups band together to fight cyberattacks
The federal Project Fortress initiative provides defensive tools for banks. Community-banking groups and regulators’ associations say small banks in particular need the free and accessible help.
Can banks take advantage of the prepaid card boom?
The payment option has grown beyond underbanked consumers. For issuers, a $1 trillion market is at stake.
Banks are regulated like utilities. We desperately need a new model.
While banks are trying to advance, regulators are lagging, with outdated rules failing to address today’s technological and digital asset realities. It’s time for a new paradigm in banking regulation.
Trucking loans have caused bank losses. The worst may be over.
After a bloodbath that wiped out several trucking companies, a new U.S. Bank report on the industry signals its fortunes may be turning. The rebound, if sustained, may end the bleeding in bank loans to the sector.