Regulation
The Consumer Financial Protection Bureau has opened an inquiry into whether the largest issuers are engaging in unfair or anti-competitive practices. JPMorgan Chase, Citigroup and the rest of the top eight control 70% of the $1 trillion credit card market.
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The megabank is dealing with one less regulatory headache following the termination of an enforcement action related to the sale of identity protection products.
January 20 -
The nation’s sixth-largest bank will offer a $750 line of credit to customers who need short-term liquidity, and will gradually become less reliant on older accounts that charge the controversial fees. With the plans, Truist is moving in the same direction as many large and midsize banks.
January 18
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The standard charge for customers who overdraw their accounts is $30 or more. Analysts say one megabank’s decision to slash the price will pressure competitors to take similar steps.
January 11 -
The nation’s second-largest bank by assets is the latest to roll out changes that will reduce its overdraft revenues. But in cutting its fee from $35, BofA is taking a different tack than many competitors.
January 11 -
The Consumer Financial Protection Bureau's investigation calls some installment lenders' collection practices into question, but also highlights the ease of access that has made their loans so popular.
January 10 -
The largest U.S. banks have made progress in detailing the risks posed by climate change, but it's clear the industry will have to do more. As federal regulators prepare to impose new obligations, banks are pushing back against calls for more aggressive measures such as capital requirements and increased risk weighting for fossil-fuel lending.
January 9 -
The Secured Overnight Financing Rate has benefited — amid the phaseout of Libor — from positive comments by regulators. Is a multirate environment, which some banks would prefer, still possible?
January 3
