TD Bank said Thursday (Feb. 27) that U.S. authorities selected consulting firm Guidepost Solutions as the independent monitor to oversee the bank’s remediation efforts. Leo Salom, TD Bank’s U.S. head, said during the bank’s earnings call that the Justice Department and the Treasury Department’s Financial...
The regulatory framework should not prevent banks from providing innovative and competitive products and services, Federal Reserve Gov. Michelle W. Bowman said Monday (Feb. 17). Speaking at the American Bankers Association’s Conference for Community Bankers in Phoenix, Bowman said that while the framework must promote safety and soundness...
Global payment service provider EBANX secured In-Principle Approval (IPA) for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license supports cross-border money transfers and merchant acquisition services in Singapore, the company said in a Monday (Feb. 17) press release. EBANX CEO and Co-founder João Del...
JPMorgan Chase has reportedly declined to share its private credit lending data with regulators. As the Financial Times (FT) reported Saturday (Feb. 15), this decision hinders efforts by the likes of the Federal Deposit Insurance Corp. (FDIC) to gauge the depth of connections between banks,...
Congressional Review Act (CRA) resolutions introduced Thursday (Feb. 13) in the U.S. House and Senate would overturn the Consumer Financial Protection Bureau’s (CFPB) final rule capping overdraft fees. The resolutions were introduced by House Financial Service Committee Chairman French Hill, R-Ark., and Senate Banking Committee...
The fight over the CFPB’s status and, in particular, the future of Open Banking Rule 1033 is on. A Washington, D.C.-based trade group, the Financial Technology Association (FTA), is seeking to intervene in a lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) final rule on personal...
One of America’s main financial regulators has a new acting director. Treasury Secretary Scott Bessent announced Friday (Feb. 7) his plans to appoint Rodney Hood to serve as the first deputy comptroller for the Office of the Comptroller of the Currency (OCC). In this position,...
Beware the dangers of regulatory “overreach” and a one-size-fits-all approach to community banking oversight, several industry participants testified at a Capitol Hill hearing Wednesday (Feb. 5). The 119th Congress has begun, and with the latest iteration of the House Committee on Financial Services been seated,...
The Federal Deposit Insurance Corporation (FDIC) rated three banks “outstanding” in its latest monthly list of banks examined for Community Reinvestment Act (CRA) compliance. The remainder of the 60 banks included in the monthly list released Tuesday (Feb. 4) were rated “satisfactory.” None of the banks were...
