Four Democratic senators are reportedly demanding the Federal Reserve release records related to last year’s collapse of the FinTech company Synapse. The senators, who include Sen. Elizabeth Warren, D-Mass., and Sen. John Fetterman, D-Pa., made this demand in a letter sent to Federal Reserve Governor...
The Federal Deposit Insurance Corp. (FDIC) reportedly plans to make a further staff reduction, eliminating another 750 positions in addition to the 500 it cut through voluntary reductions in February. The regulator told employees Monday (April 21) in an email that it plans to reduce...
The Federal Deposit Insurance Corp. (FDIC) and the Federal Reserve Board fined Discover Financial Services and two subsidiaries, Discover Bank and DFS Services LLC, alleging that they misclassified consumer credit cards as commercial, thereby requiring merchants to pay higher interchange fees. The FDIC said Wednesday (April 16) that it ordered...
The Treasury Department is reportedly taking the lead in the Trump Administration’s efforts to streamline oversight and ease regulation in the banking sector. Treasury Secretary Scott Bessent has been holding private meetings with bank agencies over the past month, Bloomberg reported Thursday (April 17). Bessent has met with Federal Reserve Governor Michelle Bowman, Federal...
The Office of the Comptroller of the Currency (OCC) said Wednesday (April 16) that it will combine some of its supervision activities; blend its risk identification, analysis and policy efforts; and elevate its Information Technology and Security (ITS) function. These organizational changes will be effective...
A Bloomberg report released late Monday (April 14) says that JPMorgan Chase and Bank of New York Mellon have scaled back electronic information sharing with the Office of the Comptroller of the Currency (OCC) following a significant breach of the regulator’s email system. Bloomberg cited...
Bank of America will reportedly pay $540.3 million following a judge’s ruling in a lawsuit in which the Federal Deposit Insurance Corp. (FDIC) accused the bank of paying less than it owed for deposit insurance. The judge’s decision was made public Monday (April 14), Reuters...
The U.S. Department of the Treasury is reportedly planning to take a greater part in regulating banks in the United States. The goal is to make sure lending policies better align with the risk facing financial firms, Bloomberg reported Wednesday (April 9). “Bank regulation has...
The Federal Deposit Insurance Corporation (FDIC) provided new guidance Friday (March 28) saying that FDIC-supervised institutions can engage in crypto-related activities without receiving prior FDIC approval, provided they adequately manage the associated risks. The FDIC provided this new guidance in a Financial Institution Letter (FIL-7-2025)...
