FDIC Chairman Jelena McWilliams revealed an effort by the banking agencies to gain better clarity on how authorities use the huge amounts of suspicious activity reports that banks must submit under anti-money-laundering laws.
Wall Street moves to compete with the low-fee financial services giant; activist investor has an uphill climb for a seat at this week’s annual meeting.
The central bank issued an enforcement action against Sumitomo Mitsui Banking Corp. and its New York branch, citing deficiencies related to risk management and compliance with the Bank Secrecy Act.
The two banks’ CEOs used a public hearing to argue their merger will be a boon for underserved markets. But other speakers warned that bank consolidation hurts communities.
Sen. Sherrod Brown questioned Stephen Moore's ability to make decisions at the Fed to benefit all Americans after calling two Ohio cities the "armpit of America."
The Fed wants to make it easier for investors to own big stakes in banks without triggering oversight; Shelley O’Connor has been named head of the firm's two regulated bank entities.
The Fed board unveiled a proposal Tuesday to standardize how investors owning less than one-quarter of a bank can determine who holds a "controlling" stake and therefore must register as a bank holding company.
President Trump said he won't nominate Cain for a seat on the Federal Reserve Board after opposition from his own Republican party appeared to sink the former pizza company executive's hopes for Senate confirmation.
The findings of a new survey suggest that banks risk becoming irrelevant unless they match the speedier processes that are a key selling point for online lenders.
