Democrats want CFPB’s Vought to testify before Congress
Democratic senators are calling for Senate Banking Committee Chairman Tim Scott to compel the acting director of the Consumer Financial Protection Bureau to testify.
OCC says banks may broker crypto assets for customers
In a new interpretive letter, the Office of the Comptroller of the Currency will allow banks to serve as middlemen for “riskless” crypto trades, extending existing brokerage authority for securities to digital assets.
Freddie Mac issues updates mandating AI governance
New rules means sellers and servicers will need to have plans demonstrating proper oversight of their artificial intelligence and machine learning practices.
Bank regulation is in chaos, and ‘paperwork reduction’ won’t fix that
The administration’s haphazard overhaul of financial regulatory bodies has produced confusion and uncertainty. What regulators should be prioritizing now is bringing a sense of stability to the industry.
Bank CEOs expected to meet senators on crypto market structure
The discussions are expected to focus on bankers’ opposition to allowing interest payments on stablecoins, along with the ability of banks to compete in the crypto space and preventing the use of cryptocurrencies to facilitate illegal activities.
Inside JPMorganChase’s quest to ‘open’ its digital currency
By placing the JPMD deposit token on a public blockchain, the bank hopes to sell a combination of regulatory cover with speed and transparency for large institutional transactions.
Gould says trust charters have long had nonfiduciary scope
Comptroller of the Currency Jonathan Gould said digital asset firms’ trust charter bids fit into the historic scope of the charter, refuting claims that a 2021 interpretive letter he authored as OCC General Counsel expanded the charter’s scope.
Lenders say consumer credit conditions dipped in 3Q: Report
A survey compiled by the American Financial Services Association showed deteriorating business conditions during the third quarter of this year. The outlook for subprime borrowers was particularly grim.
Block doubles down on teen focus with advisory council
The payments firm is taking another step to attract younger customers, a strategy that CEO Jack Dorsey has said will promote long-term network growth.
Banks face new risks as account takeover fraud spikes 250%
Criminals are posing as support staff to drain accounts. A court ruling this year threatens to make banks — not consumers — bear the cost.