CFPB lawsuit hinges on Trump’s ‘faithful’ execution of laws
The Trump administration’s plan to fire 90% of the staff at the Consumer Financial Protection Bureau has raised constitutional questions about whether courts can decide whether a president is taking “care that the Laws be faithfully executed.”
Jamie Dimon bemoans ‘grossly unfair’ Wells Fargo asset cap
The JPMorgan Chase CEO also sounded off on regulatory requirements, expressing optimism that capital rules will be scaled back.
Former FDIC chair fears deregulation could spur new crisis
Shelia Bair, who chaired the Federal Deposit Insurance Corp. from 2006 to 2011, said that while post-crisis reforms may have overregulated banks, the current deregulatory swing could undermine important protections and lead to another banking crisis.
Senate curtails path for swipe fee bill addition to stablecoin legislation
Sen. John Thune, R-S.D., filed for cloture and filled the amendment tree on the stablecoin bill, effectively closing the path for the credit card legislation offered by Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kan., that would address credit card swipe fees.
CFPB’s top enforcement official, Cara Petersen, resigns
Cara Petersen, the Consumer Financial Protection Bureau’s top enforcement official, said the Trump administration has “no intention to enforce the law in any meaningful way.”
Wells Fargo: End of asset cap is not a “light-switch moment”
Regulators’ decision to lift a seven-year-old cap on the size of the megabank’s balance sheet will produce benefits over the long haul, but it won’t result in any sudden gains, according to CFO Michael Santomassimo.
What Societe Generale’s stablecoin means for banks
The French institution is one of the first to take advantage of new regulations that are supportive of crypto. Payment experts say banks have work to do to beat existing stablecoins.
Anatomy of a $39.5 million pig butchering scam
Shell companies, stablecoin and a Bahaman bank that took orders from a gang of fraudsters all took part in a scheme that bilked U.S. victims of millions.
New York legislature pushes ban on cashless stores
The pending law, which has passed the Assembly and Senate, prohibits food and retail stores from refusing to accept cash payments. Cashless establishments have been prohibited in New York City since 2020.
Small-dollar loans are a winning proposition for banks and borrowers
Banks can now make loans of less than $1,000 easily and profitably. Increasing their availability would benefit consumers, communities and, most of all, banks themselves.