Compliance

Small and midsized banks fail to implement key oversight measures on their third-party vendors, something regulators implore they fix, according to research released Tuesday.

TD Bank Group's asset cap, USAA's overcharging settlement and the failure of a community bank in Oklahoma are part of some of the top issues plaguing bankers this year.

The agency said VyStar customers took on fees and credit report demerits because they could not access banking functions for months following an attempted upgrade.

This month's roundup features news about the rising concerns of Zelle fraud, JPMorgan Chase's AI arms race with Capital One and more.

Consumer Financial Protection Bureau Director Rohit Chopra said opposition to the bureau's recently finalized open banking rule should be viewed as banks and other large firms attempting to quash competition and stymie consumer data protection.

The Bank Policy Institute is among the parties that filed a lawsuit late Tuesday to challenge the Consumer Financial Protection Bureau's new open banking rule.

Section 1033 promised to increase competition in banking and improve the ability to offer novel payment methods, but experts say the regulation isn't clear enough to have a major impact.

A ban on screen scraping and new disclosures to consumers about data usage are among the new elements of the data protection rule.

JPMorgan Chase and bank trade groups criticized the Consumer Financial Protection Bureau's open banking rule for not providing enough data security.

The Consumer Financial Protection Bureau expanded the scope of the 1033 rule to include payment apps, provides for some secondary uses of data, and extends the timeline for compliance.