Citigroup is undertaking drastic cutbacks on the amount of money it lends to private equity firms and other asset managers as big banks try to adhere to strict new regulations on capital. The lending in question is what’s called subscription-line financing, the Financial Times (FT)...
The top brass of the country’s seven biggest financial institutions faced lawmakers in a second meeting on Capitol Hill about accountability, consumer protection, and compliance, with private peer-to-peer payment network Zelle emerging as a hot-button issue. Zelle has been in the hot seat over authorized...
Bank of America CEO Brian Moynihan is heading to Capitol Hill on Wednesday (Sept. 21) along with banking brass from six of the other biggest commercial financial institutions in the country for the annual Congressional hearings about the industry. Moynihan will discuss the bank’s approach...
Large regional banks may be required to increase their financial cushions so they can better weather any crises that may emerge, the Wall Street Journal reported Sunday (Sept. 18). The Journal cited anonymous sources as having said regulations under consideration would impose on large regional...
The Federal Reserve is reportedly reviewing the operation of Goldman Sachs Group’s retail online banking platform, Marcus, asking questions of Goldman managers in a weeks-long process. The process is not indicative of wrongdoing, but it goes beyond the regulator’s usual oversight, Bloomberg reported Friday (Sept....
India’s central bank has issued new guidelines designed to add oversight to digital lending apps and the lenders who work with them. According to a Wednesday (Aug. 10) announcement from the Reserve Bank of India (RBI), the rules say that only regulated financial institutions (FIs)...
A faulty algorithm caused overdraft penalties for automated savings withdrawals for customers of Hello Digit and it has neglected to make good on promises, the Consumer Financial Protection Bureau (CFPB) said in an enforcement action on Wednesday (Aug. 10). The order requires Hello Digit to...
U.K. financial regulators haven’t tackled risks adequately, ex-Bank of England governor Paul Tucker says, and now they should construct a “comprehensive” new policy. Tucker said the BoE had been working inadequately on the “shadow banking” sector, which refers to a wide swathe of entities connected...
The Consumer Financial Protection Bureau (CFPB) hit U.S. Bank with a $37.5 million consent order for illegally accessing customers’ credit reports and personal information to open accounts without their permission. U.S. Bank attached sales goals to employees’ job requirements and offered them incentives for selling multiple products...
