Toronto-Dominion Bank (TD Bank) reportedly fired more than a dozen employees and began an overhaul of its processes as part of its efforts to address earlier failings in its anti-money laundering (AML) program. As TD faces regulatory scrutiny and legal challenges, it has embarked on a...
The Federal Reserve’s proposal to lower debit interchange fee caps has drawn a flurry of responses — roughly 2,500 responses, in fact — from trade organizations representing merchants and financial services firms, from bank executives and unaffiliated individuals too. Generally speaking, the comment period after...
The House Financial Services Committee (HFSC) voted Thursday (May 16) to advance a bill that would raise the asset thresholds for several regulations covering banks from $10 billion to $50 billion. The Bank Resilience and Regulatory Improvement Act (H.R. 8337) will now move to the full House for consideration, the HFSC...
Beyond the Consumer Financial Protection Bureau (CFPB)’s new rule that would cap credit card late fees, banks are girding for the impact of the Federal Reserve’s updated Reg II proposal, which would cap debit interchange fees. This past October, the Fed unveiled its proposal to...
The rise of open banking and FinTechs is changing the fabric of financial services. Data sharing and pacts between traditional financial institutions and digital-only innovators promise to bring innovation to the masses, especially when consumer-permissioned data, held by community banks and larger enterprises, is shared with third parties. The...
The Federal Deposit Insurance Corp. (FDIC) should change its rules to ensure that it reviews any “suspicious changes” in bank control, FDIC board member Rohit Chopra said Thursday (April 25). Chopra, who is also director of the Consumer Financial Protection Bureau (CFPB), said during an...
Canada’s federal budget, released this week, includes a proposal to limit the fees that banks charge customers for overdrawing their accounts. This move is expected to provide relief for low-income clients but could potentially impact the revenue of Canadian banks, Bloomberg reported Thursday (April 18). The proposed...
The European Banking Federation (EBF) is calling on the European Union (EU) to streamline regulation of banks and to declare banks a “strategic sector.” The group is promoting these reforms as a way to boost the competitiveness of the region’s banks, Reuters reported Tuesday (April 16). EBF CEO Wim Mijs told...
India wants its banks to stop forging exclusive arrangements with credit card networks. The Reserve Bank of India (RBI) — the country’s central bank and bank regulator — announced the move on its website Wednesday (March 6), saying it had concluded that some of these partnerships do...
