The Swiss banking giant is expected to set aside $850 million for litigation costs stemming from a long-running dispute with bond issuer over the sale of mortgage-backed securities.
After nine months of stockpiling capital to ensure they could withstand the strains of the pandemic, Canada's biggest banks are facing a new problem: how to spend all that extra money.
Four federal agencies are looking into alleged aggressive and misleading sales tactics at the company; banks are worried about doling out fat payouts as millions of people are suffering.
Despite limiting on-site visits and adding more self-service channels, the industry is forging ahead with plans for hundreds of new or expanded brick-and-mortar locations.
New guidance from the Consumer Financial Protection Bureau shows how companies that offer workers early access to their wages can avoid being regulated as lenders. But the incoming Biden administration could add new complications.
PayPal Holdings closed an account held by Joy In Liberty, one of the groups that paid for supporters of President Donald Trump to travel to Washington, where mobs stormed the U.S. Capitol on Wednesday.
In memos to their staffs, acting Comptroller of the Currency Brian Brooks and Consumer Financial Protection Bureau Director Kathy Kraninger denounced the violence perpetrated by President Trump's supporters and said both agencies remain in operation.
President-elect Joe Biden picked California official Isabel Casillas Guzman to lead the Small Business Administration, according to people familiar with the decision.
The Federal Reserve has returned about $42 billion to the U.S. Treasury, and will soon transfer another $20 billion in excess funds connected to emergency lending facilities that stopped offering new loans last month, it said Thursday.
Remember Mick Mulvaney? He was a Tea Party Congressman who became head of OMB for Trump and was then named acting CFPB Director and ultimately acting Chief of Staff for Trump before being appointed special envoy to Northern Ireland. Well he’s resigned in protest over the sacking of the Capitol.
