The Financial Stability Board (FSB) is set to deliver a report to the G20 in October, shedding light on the influence of social media in accelerating bank deposit outflows and the potential need for changes to liquidity rules. This investigation comes in the wake of the failure of Silicon...
Labels are popular on Capitol Hill. And this week the labels are flying fast and furiously, aimed at big banks and credit unions. The Consumer Financial Protection Bureau (CFPB) put forth a proposal Wednesday (Jan. 17) that would limit overdraft fees — in many cases,...
The White House wants to limit the overdraft fees banks can charge customers. To that end, the U.S. Consumer Financial Protection Bureau (CFPB) on Wednesday (Jan. 17) issued a proposal that would close an “outdated loophole” that exempts overdraft lending services from consumer protection laws. The CFPB proposal would...
The calendar has barely turned to a new year — and the Consumer Financial Protection Bureau (CFPB) has already had a fair share of criticism. The most recent volley against the Bureau came Wednesday (Jan. 3), as the American Bankers Association, in tandem with the...
The movement to open banking here in the states will prove more marathon than sprint — with twists and turns along the way, with the demise of screen scraping on the horizon. Among the larger questions in the mix: What will be the role of...
The federal banking system remains sound but faces credit, market, operational and compliance risks, according to the Office of the Comptroller of the Currency (OCC). The OCC shed light on key risks facing the federal banking system in its Semiannual Risk Perspective for Fall 2023, the regulator...
In an effort to prevent bank failures, U.S. bank supervisors have reportedly increased scrutiny of lenders’ risk management practices and are taking disciplinary action. This comes after the collapses of three banks earlier this year, which were partly fueled by deposit runs and concerns over...
Bank CEOs are set to appear before the Senate Banking Committee to protest new regulations and capital hikes, arguing that these measures will harm the economy. The CEOs of major banks, including J.P. Morgan, Bank of America, Citigroup, Wells Fargo and others, are expected to...
Wells Fargo is reportedly grappling with regulatory obligations to enhance its monitoring of financial crime. Regulators have issued formal orders to Wells Fargo, instructing the bank to bolster its ability to detect and prevent criminals from exploiting its accounts or products, The Wall Street Journal (WSJ)...
