CFPB sets record for fair lending enforcement actions and DOJ referrals
Last year, the CFPB referred 18 matters to the Department of Justice and initiated 28 fair lending examinations or targeted reviews, the highest number of such actions by the agency ever.
One of M&T’s top executives to leave unexpectedly
Darren King, who has been overseeing retail and business banking, will depart from the bank in August, M&T said Wednesday. A company spokesperson cited personal reasons.
EU regulators aim at Apple checkout policy; JPMorgan’s former payments boss finds a new job
The technology company faces fines over potential anti-competition practices; Takis Georgakopoulos is on his way to Fiserv.
Banking eras change, but some priorities shouldn’t
Eras come and go, but the ongoing investments in developing, empowering, leading and retaining superior personnel will remain the highest priority of top-performing financial institutions.
Derivatives pose thorny problem for banks, regulators in resolution plans
Four large banks were dinged in their resolution plan reviews for shortcomings in their plans to unwind their derivatives positions in times of stress. But whether the problem is with the banks’ plans or the regulators’ expectations for a legally ambiguous product is a matter of debate.
GM pulled its ILC application. The election may decide what happens next.
General Motors’ financial arm has halted its quest for an industrial loan company charter from the FDIC, but is signaling that it will try again. Observers said the automaker may wait until after the presidential election to decide how to move forward.
Deal prompts Funding Circle to surrender hard-won SBA license
Funding Circle US fought to win a coveted license to make SBA 7(a) loans only to see its London-based parent company agree to a sale before it could make its first government-guaranteed loan
Visa, Mastercard $30 billion swipe-fee deal blocked by judge
A federal judge in Brooklyn formally rejected a $30 billion settlement between Visa, Mastercard and retailers to cap credit-card swipe fees after telegraphing earlier this month that such a setback in the two-decade long litigation could be expected.
CFPB extends compliance deadline for small-business lending rule
The Consumer Financial Protection Bureau extended the deadline for lenders with the highest volume of small-business loans to July 18, 2025, and will not assess penalties for reporting errors for a year.
Hackers claim they stole Federal Reserve data, offer no evidence
Ransomware group LockBit threatened on Sunday to publish the stolen data Tuesday evening. Ransomware experts said it was likely that the group was bluffing.