An alleged embezzlement of more than $2.2 million from a Winslow, Ariz., credit union has earned a former worker a prohibition from further service at any federally insured financial institution, the federal regulator said Tuesday. […]
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, […]
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 […]
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 […]
More than three in four (78%) of Americans reported either doing okay or living comfortably financially at the end of 2021, according to survey results released by the Federal Reserve Monday, which the agency called […]
Risks related to cybersecurity and illicit financial activity are among the top hazards facing banks in 2022, the federal bank deposit insurance agency said in report Friday. In its 2022 Risk Review, the Federal Deposit […]
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