Revenue from overdrafts keeps rising, according to new FDIC data, even though the controversial product still has a bull’s-eye on its back. Clearer disclosures and higher consumer confidence are the big reasons.
The company's application, which is expected to be announced as early as Thursday, comes after online lender SoFi applied in June for an industrial loan company. The bank is expected to be led by a former Green Dot executive.
The Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. have signed off on an abbreviation of the settlement cycle for securities to two days from three days.
The rule limiting the largest U.S. banks’ ability to enter into contracts with early termination clauses is intended to forestall a liquidity crunch if the bank is under stress.
Bank undercounted fake accounts and says it also opened more than 500,000 bill-pay accounts; CFPB director provides “no further insights” on his future.
The 3-year-old order was related to Discover Bank’s programs for combating money laundering. A related agreement with the Federal Reserve Bank of Chicago remains in effect.
