Cryptocurrency under scrutiny after link to funding Hamas attack on Israel: 'proliferation' of illicit use
Cryptocurrency should have created transparency with digital tracking of all uses and owners, but the process of its use has made it possible to instead obscure those very facts.
Limiting credit card rates means credit won’t be everywhere you want to be
Limiting credit card rates means credit won’t be everywhere you want to be. Capping rates will mean banks and financial companies will restrict credit cards for less risk.
SEC probes Elon Musk's Twitter takeover
Billionaire Elon Musk is facing a new probe from the SEC regarding possible violations of securities laws related to his $44 billion acquisition of Twitter a year ago.
Supreme Court takes up case that could determine CFPB's fate
The Supreme Court will hear arguments in a case challenging the constitutionality of the Consumer Financial Protection Bureau's funding mechanism that could create uncertainty around the regulatory agency's future.
GOP state AGs hit Biden Treasury 'net-zero financing' memo as backdoor regulation by 'green cabal'
Republican state AGs say Biden Treasury Dept. net-zero "principles" for private sector financing are “compulsion of the green cabal" that "fly in the face" of legal scrutiny.
Biden administration announces rule to remove medical bills from credit reports
Vice President Kamala Harris and the Consumer Financial Protection Bureau announced the Biden administration is proposing a rule to remove medical debt from credit reports.
SEC issues rule cracking down on 'greenwashing' by investment funds
The Securities and Exchange Commission adopted a new rule to crack down on "greenwashing" by investment funds that deceptively market funds that aren't as ESG-friendly as they claim.
China risks should get disclosed by large US companies, says former SEC chair
Former SEC chair Jay Clayton told the House Select Committee on the Chinese Communist Party that U.S. businesses should start disclosing their exposure to China for investors' benefit.
Federal judge rules against CFPB's anti-discrimination effort
A federal judge ruled that the Consumer Financial Protection Bureau overstepped its authority by looking to pursue regulatory actions related to anti-discrimination efforts.
Regulators propose changes to ‘living wills’ and debt rules for big banks in wake of crisis
Federal financial regulators proposed new rules for large banks that aren't classified as systemically important related to their long-term debt holdings and their "living wills."
Facebook owner Meta, forced to pay nearly $100K per day for violation, is still breaking rule, regulator says
Meta Platforms should continue paying a daily fee of nearly $100,000 as it remains in violation of the European General Data Protection Regulation, a Norwegian regulator argued.
Wells Fargo, BNP among firms fined $260 million over use of WhatsApp, texts
Regulators issued fines against several financial firms, including Wells Fargo and BNP Paribas, for failing to maintain records of employee communications on unapproved platforms.
SEC’s Gary Gensler says AI financial advice must benefit investors, not the model
SEC Chair Gary Gensler said Monday that the financial regulator is looking to ensure that the use of AI in financial advising focuses on clients' interests, rather than the model's.
Warren says Yellen, Biden officials wrong on 'dangerous' bank mergers
Massachusetts Sen. Elizabeth Warren sent a letter warning Treasury Secretary Janet Yellen and other financial regulators against allowing further bank mergers.
Fed exploring ways to speed up bank oversight, strengthen stress tests
Federal Reserve Vice Chair for Supervision Michael Barr said Tuesday that the central bank is looking to be more agile in regulating banks before and during financial crises.
Fed, SEC probing Goldman Sachs’ role in SVB’s final days
Officials are seeking documents related to Goldman Sachs' role as both buyer of SVB’s securities portfolio and adviser on the company’s capital raise.
Banking crisis caused US bank deposits to fall even as insured deposits rose: FDIC
The FDIC's quarterly banking report found that total deposits in U.S. banks declined as uninsured deposits were withdrawn even as insured deposits rose amid the banking crisis.
Regional bank shares rally on Western Alliance deposit growth
Regional banks saw their share prices jump Wednesday in the wake of the banking crisis as Western Alliance Bank announced strong growth in its deposit base.
FDIC wants big lenders to shoulder Silicon Valley, Signature bank busts
The FDIC announced a proposed special assessment on large banks that would recoup the $15.8 billion pulled from an insurance fund following the failures of Silicon Valley Bank and Signature Bank.
House Republicans resume favorite pastime: bashing Gary Gensler and demanding SEC documents
House Republicans are growing tired of SEC Chairman Gary Gensler's antics over internal documents requested by Congress intended to shed light on the agency's goals.