America’s top consumer watchdog is calling for deposit insurance reform. Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB) made this argument last week following the failure of Oklahoma lender The First National Bank of Lindsay, according to testimony released by the bureau Monday...
The government has ordered America’s largest credit union to repay its customers $80 million. Navy Federal Credit Union was issued that order Thursday (Nov. 7) by the Consumer Financial Protection Bureau (CFPB) after the regulator found that the financial institution had charged members illegal overdraft...
Capital One disclosed Thursday (Oct. 31) that it could face an enforcement action by the Consumer Financial Protection Bureau (CFPB) regarding its introduction of a new savings account product with a higher interest rate than its existing savings account products. The regulator sent the bank...
House Republicans are warning against what they argue is regulatory overreach in bank-FinTech partnerships. The lawmakers — all members of the House Financial Services Committee – issued a letter Thursday (Oct. 31) to regulators at the Federal Reserve Board, Office of the Comptroller of the...
Jamie Dimon, CEO of J.P. Morgan Chase, the largest bank in the United States, said Monday (Oct. 28) that his colleagues should fight against overregulation. He said the industry is saddled with redundant or badly-conceived regulations on things like open banking, Reuters reported Monday. “It’s...
Washington-based UniBank and its parent company U&I Financial have agreed to measures to be taken under an enforcement action issued Thursday (Oct. 24) by the Federal Reserve Board. The Washington Department of Financial Institutions (WDFI) also agreed to these measures. The enforcement action follows the...
Cross River Founder and CEO Gilles Gade has spoken out in favor of the Federal Deposit Insurance Corp.’s (FDIC) proposed requirements for custodial deposit accounts. The proposed requirements are a proper response to the collapse of Synapse and the fallout that impacted its FDIC-insured banking...
The OCC has released enforcement actions against national banks accused of “unsafe or unsound” practices. The Office of the Comptroller of the Currency (OCC) said it “uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the deficient practices or...
You’ve heard of the October surprise. The term applies to politics, to a bombshell or report that upends a race. And sometimes the event brings clarity — determining the direction of the race and who the ultimate winner(s) might be. In financial services, and particularly...
