The payday loan industry is looking to extend its years-long legal fight with the Consumer Financial Protection Bureau. It's planning to ask a federal appeals court to revisit a ruling that upheld a proposed limit on how often payday…
A recommendation to give Ginnie Mae expanded authorities is drawing focus in the reactions to a Financial Stability Oversight Council report on nonbank risks.
Rohit Chopra, director of the Consumer Financial Protection Bureau, said Friday that the agency will be moving forward with rules and enforcement actions after the defeat of a Supreme Court challenge to the agency's constitutionality.
Pima Federal Credit Union in Tucson plans to buy Republic Bank of Arizona in a cash transaction slated to close in the second half of this year. It's the ninth deal in 2024 in which a whole bank would sell itself to a credit union.
The House Financial Services Committee passed eleven bills, including a Democratic-sponsored bill on homeless veteran housing and a Republican-led package on bank regulation.
Even the conservative Supreme Court could see through the baseless arguments put forward by opponents of the Consumer Financial Protection Bureau, assuring that the agency will continue to fight to protect American consumers.
In this week's edition of the American Banker news quiz, gauge your understanding of topics like cybersecurity testing, the impact of high interest rates on community banks, FDIC Chairman Martin Gruenberg and more.
Executives at the Canadian bank, which recently took a major provision for potential fines, say they're working to shore up anti-money laundering controls. At the same time, they're preparing employees and investors for an expensive slog…
UMB Financial, Fulton Financial and Provident Financial Services have recently announced capital raises in connection with M&A deals. "They're setting a precedent," one consultant said.
The work of the TD Invent group and Layer 6 AI, a startup TD bought in 2018, show how innovation teams at large banks can cut through the bureaucracy and fiefdoms that exist in every big company to deploy and scale new technology.
The Senate Thursday joined the House in passing a resolution to overturn the SEC's SAB 121 accounting guidance for financial firms holding crypto in custody. President Biden has vowed to veto the measure.
In a statement to Sen. Tim Scott, R-S.C., the ranking member of the Senate Banking Committee, a number of anonymous Federal Deposit Insurance Corp. employees allegedly expressed doubts that FDIC Chairman Martin Gruenberg could lead the…
The utility, under financial pressure following its involvement in the 2023 fires that ravaged Maui, reportedly is considering a sale of its profitable American Savings Banking unit. An executive declined to "speculate on any strategic…
The Supreme Court issued an opinion Thursday morning that was unequivocal in its view that Congress is constitutionally empowered to fund agencies with open-ended and indirect funding mechanisms, overruling a 5th Circuit opinion from 2022…
The bank is connecting billers and brokerage accounts as it builds the case for instant funding. It also points to countries such as Brazil and India as models to follow.
The Securities and Exchange Commission, having already approved spot bitcoin ETFs, ought to follow through and grant the same approval to spot ethereum funds. Doing so would create a new surge of investment, with positive economic impacts.
Investors reacted negatively to New York Community Bancorp's divestiture of a $5 billion loan warehouse portfolio to JPMorgan Chase. The deal has triggered a debate about whether other banks might retreat from lending to nonbank home…
CEO Kevin Cohee is convinced WiseOne, the AI companion OneUnited Bank rolled out late last year, can help customers make better financial decisions. Cohee also wants to see his passion for personal fiscal improvement play to a wider…
A presidential advisor for housing could be the solution for the "alphabet soup" of federal agencies that don't understand the industry, Mortgage Bankers Association CEO Bob Broeksmit said.
As part of a sweeping digital enhancement of its consumer payment cards, Visa will enable banks to issue an account as a credit, debit, virtual or Pay in 4 installment loan, based on the user's preference at the time of purchase.
The $116 million deal to acquire HMN Financial in Rochester would mark the 26th acquisition of this century for Alerus. The transaction is slated to close in the fourth quarter.
Companies such as Synctera, Treasury Prime and Unit are diversifying their services or enabling more direct contracts between banks and fintechs to survive in an evolving regulatory environment.
The VantageScore 4plus product pulls in standard credit file information while also analyzing bank account balance and other transactional data to create an adjusted score
Federal Deposit Insurance Corp. chairman apologized for his management and temper at a House Financial Services Committee hearing that focused on his handling of the agency in the immediate aftermath of a workplace behavior report…