financial regulations News

CFPB Drops Suit Against US Banks Over Alleged Fraud on Zelle

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 …

Crypto Industry Seeks to Cement Political Influence, Mainstream Acceptance

When the Trump administration’s crypto czar, David Sacks, recently held a news conference to announce a new congressional working group to advance cryptocurrency regulation, many digital asset enthusiasts were unimpressed and underwhelmed. “There were a lot of people on X …

CFPB Disarray Puts Future Fintech, Bank Oversight Into Question

Less than two months ago, the Consumer Financial Protection Bureau was pumping out lawsuits against some of the world’s biggest firms, suing JPMorgan Chase & Co., Bank of America Corp. and Walmart Inc. within a single week. On Monday, the …

Consumer Finance Watchdog Chief Tells all Staff to Cease Work

President Donald Trump’s newly installed chief of the U.S. Consumer Financial Protection Bureau told all of the agency’s staff on Monday to stay away from the office and do no work, according to an email reviewed by Reuters. The move …

Trump Picks Atkins, Ex-SEC Commissioner, to Succeed Gensler

Paul Atkins is President-elect Donald Trump’s choice to lead the US Securities and Exchange Commission, suggesting four years of relaxed policy and enforcement for crypto firms to hedge funds. Trump selected Atkins to replace outgoing Chair Gary Gensler, whose ambitious …

Shadow Banks to Face Reins on Leverage Following Watchdog Probe

Global watchdogs will move to rein in leverage at non-banks early next year, the Financial Stability Board promised on Monday, more than a year after its chair signaled a probe into mounting borrowings at hedge funds, private capital markets and …

Vulnerabilities in Non-Banks Leave Door Open to ‘Shocks’, G20 Watchdog Says

Patchy progress on implementing reforms to make money market funds and other types of “non banks” safer has left the global financial system vulnerable to more shocks, the G20’s risk watchdog said on Monday. The Financial Stability Board said that …

Bank Groups Sue US Regulators to Halt Anti-Redlining Rules

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. …

World’s ‘Carbon Majors’ Face Biggest Share Price Hit From Climate Litigation: Study

The world’s ‘carbon majors’ in the energy, utilities and mining sectors face the biggest share price hit when climate-related lawsuits are filed against them and need to consider it a financial risk, a study on Tuesday showed. The paper by …

Dozens of Obama Administration Financial Rules that Republicans May Kill

In recent days Republican Congressional leaders have taken several opportunities to warn Obama Administration regulators not to finish any more rulemakings, but some agency heads, such as U.S. Securities and Exchange Commission Chair Mary Jo White, say they are proceeding …