OneMain Financial said Monday (March 16) that it will vigorously litigate a lawsuit brought against it by a group of states. Thirteen state attorneys general sued OneMain Financial on Monday, alleging that the nonbank installment lender tricks borrowers into adding “expensive and often useless” products...
The Securities and Exchange Commission (SEC) is preparing to propose that it eliminate the quarterly reporting requirement and allow public companies to report earnings only twice a year, The Wall Street Journal (WSJ) said Monday (March 16). The regulator has been talking with officials at major...
Adobe has settled a Justice Department lawsuit by agreeing to provide $75 million worth of free services to eligible customers and paying $75 million to the Justice Department, the company said in a Friday (March 13) statement. The lawsuit, which was filed in June 2024,...
The Federal Reserve is set to unveil relaxed capital requirements for U.S. banks. That’s according to a speech Thursday (March 12) by Fed Vice Chair for Supervision Michelle Bowman, who said the new proposals should arrive in the coming week. “These changes to the capital...
The Commodity Futures Trading Commission (CFTC) said Thursday (March 12) that it is seeking public comment on whether it should amend or issue new regulations governing event contracts traded on prediction markets. The regulator also reminded designated contract markets (DCMs) of their obligations under current...
The White House is warning that businesses seeking tariff refunds may face a long wait. As the New York Times (NYT) reported Thursday (March 12), the administration has said in court that it could take the government up to 4.4 million hours to manually process the various refund...
The Federal Deposit Insurance Corporation (FDIC) plans to propose rules saying that stablecoins are not eligible for FDIC pass-through insurance, and that tokenized deposits are eligible for such insurance. FDIC Chairman Travis Hill said this on Wednesday (March 11) in a speech delivered at the...
Digital assets are reshaping U.S. financial services, and their impact can be traced by the wake of new banking charter applications. The U.S. Office of the Comptroller of the Currency (OCC) is receiving so many applications for digital asset-focused national trust charters that a lobbying...
Germany’s Commerzbank launched a partnership with anti-fraud and anti-money laundering (AML) technology firm Hawk. The collaboration, announced in a news release Tuesday (March 10), is designed to optimize the bank’s internal processes by supplementing its existing compliance system with Hawk’s AML AI Extended Risk Model....