There have been pockets of momentum to curb interest rates charged for balances credit cards and for loans extended by FinTechs. But the impact may be one where lending is actually curtailed, particularly as a few states have sought to winnow down rates lenders can...
There’s a rule of thumb in law that states that hard cases make bad law. The sentiment can be reworked a bit to extend to regulations, where bad policy translates into bad rule-making. Much remains in flux when it comes to regulatory agencies — their...
The European Commission reportedly wants to seek comments from banks on its plan to implement the Fundamental Review of the Trading Book (FRTB), which determines how banks estimate potential losses and, therefore, capital requirements. The review would further delay the implementation of new rules that...
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...
