Prohibition and a civil money penalty of $140,000 is sought against a bookkeeper who allegedly misappropriated some $181,000 from bank customer accounts over about three years, according to an April notice of intent released Friday […]
The leaders of six large credit card issuers have been asked to explain some of their companies’ practices of allegedly holding back information about payments made by consumers in letters from the consumer financial protection […]
Companies using complex algorithms for credit models – sometimes called “black box” – must provide specific and accurate explanations for denying applications for credit, the federal consumer financial protection agency said Thursday. In a release, […]
The federal fund that insures shares (savings) in credit unions closed 2021 at an equity ratio (reserves to insured shares) of 1.26% and is expected to dip slightly to 1.25% by June 30, agency staff […]
No decision has been made about adoption of a U.S. central bank digital currency (CBDC), the vice chair of the Federal Reserve Board said Thursday to a congressional committee, but she indicated that “clear regulatory […]
More than 180 national banks and savings associations will be examined for compliance with anti-redlining rules in the second half of the year, their federal regulator said Wednesday. The Office of the Comptroller of the […]
Clarifying certain expectations for credit unions contemplating the use of new or emerging distributed ledger technologies (DLT) is the focus of a letter issued Wednesday to all of the federally insured cooperatives insured by the […]
Banks’ net income declined $17 billion to $59.7 billion in the first quarter of 2022, a 22.2% drop from the same time a year ago, with growth in provision expense driving that 12-month decline, the […]
The first new minority depository institution (MDI) national bank created in 15 years was awarded late Monday by their federal regulator, the agency said, forming a woman-owned and led institution. According to the Office of […]
Spurring innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants is the aim of a new office created within the federal consumer financial protection agency (and replacing another), the […]
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