Fifth Third settles with CFPB over fake accounts, insurance violations
The Cincinnati bank has agreed to pay a total of $20 million to settle a lawsuit by the Consumer Financial Protection Bureau over fake bank accounts and to resolve separate violations involving force-placed auto insurance.
Congress should restore market-driven debit-interchange pricing
Micromanaging the terms under which payment networks are willing to process debit-card transactions is bad for both businesses and consumers. Congress has the power to roll back intrusive regulations.
How Brex is fighting to keep B2B clients
The financial institution, which downsized earlier this year, is trying to broaden its scope to retain businesses that don’t want to use multiple providers.
TD Bank, facing AML scrutiny replaces its chief compliance officer
The Canadian bank has appointed Erin Morrow, who had served as deputy chief compliance officer for about six months, to replace Monica Kowal, who parted with TD July 2. The announcement comes as TD faces questions by U.S. and Canadian regulators about its anti-money-laundering compliance.
How Five Star Bank aims to fill gap left by San Francisco failures
The Sacramento-area institution moved quickly and decisively to fill the gap created by the loss of First Republic and Silicon Valley Bank. A first-quarter rise in Bay Area deposits is a sign of bigger gains to come, San Francisco Bay Area President DJ Kurtze says.
Chevron reversal could factor into Custodia appeal
The lead lawyer on the case that overturned the decades old doctrine penned an amicus brief arguing that the lower court ruling raises constitutional questions about the Federal Reserve.
Is generative AI the answer to core modernization?
Consultants at McKinsey and Accenture are offering to use gen AI to understand legacy software and write new code. Experts say this idea has merit, up to a point.
Treasury may expand its oversight of land deals near military sites
The agency has proposed a rule that would give it and the Committee on Foreign Investment in the United States broader authority over real estate transactions near military installations in 30 states.
Press Release: FDIC Issues List of Banks Examined for CRA Compliance
PRESS RELEASE | JULY 8, 2024 FDIC ISSUES LIST OF BANKS EXAMINED FOR CRA COMPLIANCE WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in April 2024. […]
Bidenflation? Trumpflation? No. The real problem is Covidflation.
The most important issue on voters’ minds is inflation, and the inflation blame game has heated up with the upcoming presidential election. Putting politics aside, an objective economist would blame neither candidate, since the underlying cause of our inflation, like so many other problems today, was COVID-19.