President Donald Trump continues to urge Congress to pass the Credit Card Competition Act, a bill that would require any card issued by major banks to support at least two card networks, the Wall Street Journal reported Thursday (Oct. 8). Merchant lobbyists who support the bill have...
Digital asset platform Blockchain.com applied for licenses to offer event contracts and cryptocurrency derivatives in the United States, CNBC reported Friday (Oct. 9). Blockchain.com told CNBC it filed applications with the Commodity Futures Trading Commission (CFTC) seeking a designated contract market (DCM) license and registration as a futures commission merchant...
Banks and other consumer lending institutions are finding it easier these days to score a passing grade from Consumer Financial Protection Bureau (CFPB) examiners amid an ongoing battle over the agency’s funding and structure. According to Reuters, more than half the institutions examined earlier this...
American Express takes its responsibility to fight financial crime seriously and is committed to addressing concerns outlined by banking regulators, Chairman and CEO Stephen J. Squeri said in a statement released Thursday (Oct. 8). Squeri issued the statement on the same day the Office of...
There is more work to be done in modernizing the bank regulatory and supervision framework, Federal Reserve Vice Chair for Supervision Michelle W. Bowman said Tuesday (Oct. 6). In a speech delivered at the Community Banking Research Conference in St. Louis, Missouri, Bowman said that over the past two years the Fed...
Rain is the latest digital asset company seeking to launch a national trust bank. The stablecoin payments infrastructure company announced Monday (Oct. 5) that it has applied to the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank (RNTB). If...
A law passed in 1968 is apparently driving a new surge in privacy violation settlements. That’s according to new research published Monday (Oct. 5) by privacy platform Privado AI, showing that American companies are on track this year to pay upwards of $1.4 billion to settle claims that...
Money movement infrastructure company Modern Treasury says it wants to establish a national trust bank. The company announced Monday (Oct. 5) that it had applied to the Office of the Comptroller of the Currency (OCC) to launch Modern Treasury National Trust Bank. “If approved, Modern...
Two U.S. Senators are opposing OppFi’s attempt to acquire a national bank. Democrats Chris Van Hollen of Maryland and Elizabeth Warren of Massachusetts wrote to the company last week to voice their opposition, arguing that OppFi’s business model is based on “predatory lending practices,” such...