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The rule requiring businesses to report their beneficial ownership is deeply flawed. Enforcement should be suspended until it can be revised to place fewer burdens on law-abiding people and companies.
February 13
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Hester Pierce, a Republican SEC appointee, said industry watchdogs had previously been practicing regulation by enforcement with digital assets.
February 12
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The superregional in Pittsburgh said banks large enough to attract its attention have yet to put themselves on the sale block. PNC's finance chief said, "We just have to be ready if and when those windows open."
February 11
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The Canadian bank plans to exit its 10.1% interest in the brokerage firm, allowing it to shore up capital and strategically shrink to adhere to penalties related to its historic compliance failures.
February 10
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After nearly 10 years of banking my business, BofA debanked it because of overzealous anti-money-laundering enforcement. The Trump administration must bring back common sense to Bank Secrecy Act compliance.
February 10
K.H. Thomas Associates -
A group of 19 state attorneys general have sued the Trump administration, alleging the Department of Government Efficiency's move is illegal. The injunction is pending a hearing Feb. 14.
February 8
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More state legislatures are exploring how to regulate earned wage access products, and interest rate caps are central to that discussion. New York state's pending legislation is taking a novel approach.
February 7
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With the Federal Reserve eyeing changes to its annual examination of large bank resilience, this year's test could be the last of its kind.
February 5
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Jon Weiss, Wells Fargo's co-CEO of corporate and investment banking resigned from his position with plans to retire; A new CFPB report says military service members paid more for auto loans and add-on products; City National Bank's Kelly Coffee is leaving the bank after her 2023 demotion; and more in this week's banking news roundup.
January 31
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Money remittance provider Wise said it "strongly disagrees" with the Consumer Financial Protection Bureau's characterization that it advertised inaccurate fees and did not properly disclose exchange rates.
January 30
