The liberal argument for reforming the CFPB
The Consumer Financial Protection Bureau’s mission is important. That’s why Congress needs to have stricter oversight of its actions.
For broader adoption of FedNow, experts say it’s all about use cases
Three months after the instant payment network went live, users and former Fed staffers say the rollout is going as expected. But the key to wider use depends on banks and their customers figuring out what to do with it.
Check fraud leads to big Q3 charge at Regions Financial
The Alabama bank reported that check fraud resulted in operational losses of $135 million between April and September, including $53 million last quarter. The entire banking industry has been beset by higher levels of check fraud since the start of the COVID-19 pandemic.
Texas Capital stands by 2025 profit targets amid short-term pressure
The Dallas company, which is in the midst of a four-year business overhaul, is facing a margin squeeze in the coming quarters. But even as analysts express skepticism, company executives aren’t budging from the profitability goals they set two years ago.
How data sharing could change under CFPB’s proposed new rules
Banks already share consumers’ transaction data with fintechs, mostly through data aggregators, and often grudgingly through screen scraping. The proposed 1033 regulation could give more control to consumers, better data access to fintechs and a competitive edge to big banks over smaller ones, some observers say.
DOJ spoofing cop who led JPMorgan case exits for private firm
Avi Perry, who led the Justice Department’s probe into JPMorgan Chase’s commodities activities that resulted in a $920 million settlement in 2020, is joining Quinn Emanual Urquhard & Sullivan as co-chair of the firm’s securities litigation practice.
Treasury enlists banks to root out Hamas financing
The Treasury Department’s Financial Crimes Enforcement Network issued an alert Friday calling on financial institutions to closely monitor and report suspected financial activities related to Hamas, including complex cryptocurrency transactions and through fictitious charities.
Finance of America rolls out second-lien product
The loan, dubbed Homesafe Second, will allow borrowers 55 and older to tap their home equity via a second mortgage.
Banc of California wins timely Fed approval of PacWest acquisition
The Federal Reserve Board and state regulators signed off on the $1 billion deal, paving the way for a late 2023 closing. The approvals were significant given that other large combinations have run into trouble.
20 banks and thrifts with the most deposits
The top five banks and thrifts have combined total deposits of nearly $7.5 trillion.