Law and regulation

In "Antitrust," former Democratic presidential candidate Sen. Amy Klobuchar offers little nuance in weighing the costs and benefits of concentrated economic power.

Banks need to innovate to compete with upstart fintechs, but fragmented and inflexible core systems are slowing digital transformation. Here’s how banks — with help from their regulators — can thrive amid the disruption.

It's in financial institutions' best interest to treat increasingly popular cryptocurrency assets the same as other financial assets held by their customers. And regulators must foster a safe environment for these assets by focusing on real risks like money laundering and terrorism finance.

The biggest U.S. banks criticized a pair of proposals designed to help consumers who don’t use their services.

During the pandemic-induced lockdowns, the Federal Reserve loosened a rule requiring banks to cap certain savings withdrawals at six per month. Some banks have since dropped ceilings and associated fees, while others have stood pat.

Binance Holdings Ltd. is under investigation by the Justice Department and IRS, ensnaring the world’s biggest cryptocurrency exchange in U.S. efforts to root out illicit activity that’s thrived in the red-hot but mostly unregulated market.

The banks disclosed this week that they are under scrutiny for conduct that may have harmed consumers. The timing raises questions about whether the Consumer Financial Protection Bureau under President Biden is poised to bring more enforcement actions against large banks than it did under Trump-appointed Director Kathy Kraninger.

The probe is the latest example of the consumer bureau scrutinizing sales tactics at big banks following the Wells Fargo fake-accounts scandal. U.S. Bancorp said it is cooperating fully.

The fintech reached an agreement with California regulators to disclose clearly that it’s not a bank and that its services are provided through bank partnerships.

Most executives are comfortable crossing over $1 billion of assets, where more frequent exams are the biggest supervisory change. But few are eager to take on the compliance burdens that accompany the jump above $10 billion.