A federal judge ordered Bank of America to pay $540.3 million in a long-running Federal Deposit Insurance Corporation lawsuit accusing the second-largest U.S. bank of underpaying what it owed for deposit insurance. In a decision made public on Monday, U.S. …
The Consumer Financial Protection Bureau dismissed another Biden-era lawsuit, this one targeting some of the world’s largest banks for allegedly rushing out a peer-to-peer payment network that then allowed fraud to proliferate. The agency dropped the case against JPMorgan Chase …
Wells Fargo & Co. said it’s leaving the world’s biggest climate alliance for banks, in the latest sign that Wall Street is breaking away from such groups. The company said in a statement Friday that it ended its membership in …
Goldman Sachs said it has quit a sector coalition aimed at aligning bank lending and investment activities with global efforts to fight climate change, marking the latest high-profile departure of a U.S. financial firm from the group. The U.S. investment …
The Federal Deposit Insurance Corp. has started to directly monitor financial-technology companies that partner with banks across the US, according to people familiar with the regulator’s supervisory operations. The fintech monitoring system will help FDIC examiners anticipate potential vulnerabilities before …
Bank executives and lawyers anticipate the incoming Trump administration to place significant limits on the U.S. Consumer Financial Protection Bureau (CFPB), but the president’s populist leanings could leave room for some activity by the watchdog. The CFPB has long been …
Evolve Bank & Trust confirmed it was the victim of a cyberattack and that customer data had been posted on the dark web, less than two weeks after the Arkansas-based lender was ordered by regulators to improve its risk management …
The boom in artificial intelligence will increase banks’ dependence on big U.S. tech firms, creating new risks for the industry, European banking executives said. Excitement around using artificial intelligence (AI) in financial services – widely used already for detecting fraud …
Several industry groups sued US regulators to block recent overhauls to the Community Reinvestment Act, arguing the new rules meant to tackle redlining and boost lending to lower-income areas will actually discourage banks from lending. The American Bankers Association, U.S. …
Lex Greensill’s fraud and “conspiracy” with commodities tycoon Sanjeev Gupta should prevent the financier’s collapsed bank from making a $400 million claim, Zurich Insurance Group said in a London lawsuit. Greensill Bank AG’s administrators sued Zurich to recoup losses of …
