The Consumer Financial Protection Bureau announced Tuesday (Sept. 12) that recent supervisory actions resulted in $14 million in relief to more than 104,000 consumers from January through June 2017. In a press release detailing the CFPB’s Supervisory Highlights report, the government watchdog said that supervisory...
Tim Sloan, CEO of Wells Fargo & Company, said Tuesday (Sept. 12) that the company is improving its cost controls in relation to revenue as it claws its way out of its fake account scandal. Speaking during an investor conference hosted by Barclays and covered...
Late last week, regional bank TCF Financial Corporation saw a judge dismiss some of the claims lodged against it by the Consumer Financial Protection Bureau. According to a news report in American Banker, a Minnesota district court judge threw out the government watchdog’s claims that...
With FinTechs eroding away traditional banks’ lead, rules governing investments in software in the European Union (EU) may loosen. According to a news report in Reuters, as the EU banking rules stand today, money spent on software is treated as a cost instead of an...
Wells Fargo revealed Thursday (Aug. 31) that the fake account scandal that has plagued the company affected 67 percent more customers than previously reported. In a press release announcing the conclusion of an expanded inquiry into how many fake accounts were open on unwitting consumers...
Federal Reserve Chair Janet Yellen defended financial reforms that were put in place after the Great Recession, arguing they have strengthened the financial system and haven’t hurt economic growth. Speaking during the annual central bank research conference, which was covered by Reuters, Yellen said any...
The Consumer Financial Protection Bureau is gearing up to scale back its rule on payday lending, giving the industry a potential break from oversight. According to a report in the Wall Street Journal, citing industry lobbyists and consumer advocacy groups, the CFPB is moving to...
The regulatory rollback may be rolled back. It has been a key aim of the Republican Congress and President Donald Trump’s administration over the past several months, and an explicitly stated goal: to unwind regulations governing the U.S. financial system that have been in place...
Wells Fargo, the embattled national bank, disclosed in a Securities and Exchange Commission (SEC) filing that the Consumer Financial Protection Bureau (CFPB), a government regulatory agency, is investigating if it closed accounts of customers that needed them. According to a news report in Reuters, citing...
