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...
China has reportedly closed almost 25% of its banks amid increased oversight of smaller lenders. The world’s second largest economy shuttered a record 670-plus banks in 2025, the Financial Times (FT) reported Saturday (Oct. 3), citing figures from China’s National Financial Regulatory Administration. The closures,...
Independent Community Bankers of America sued the Office of the Comptroller of the Currency, alleging that the regulator authorized cryptocurrency firms to enter the banking system without being subject to the same scrutiny as community banks, according to a Friday (Oct. 2) press release from the association. The lawsuit centers...
The Office of the Comptroller of the Currency rated three banks “outstanding” and 10 “satisfactory” in its latest list of banks examined for Community Reinvestment Act (CRA) compliance, the OCC said in a Thursday (Oct. 1) press release. Among the OCC’s performance evaluations that became...
A government watchdog issued a report Wednesday (Sept. 30) saying that it had recommended that the Consumer Financial Protection Bureau (CFPB) secure hardware assets that it left at former regional offices it vacated in early 2025. The watchdog, the Office of Inspector General for the...
The Commodity Futures Trading Commission is moving to write its claim of authority over prediction markets directly into federal regulations. The CFTC sent the White House two proposed rules Monday (Sept. 28) that could strengthen its hand in an escalating jurisdictional fight with state gambling...
Merrill Lynch has reportedly agreed to settle a lawsuit accusing it of underpaying brokerage customers. The Bank of America-owned brokerage will pay $39 million in the settlement, Reuters reported Wednesday (Sept. 30), citing court documents. The class action suit accused Merrill of paying brokerage customers near-zero interest rates rather...