Everyone agrees good corporate governance involves a board that is just the “right” size and has a “good mix” of knowledgeable insiders and independent watchdogs. But setting bright-line rules for banks as varied as M&T, Wells Fargo and Eastern Bank is hard.
In his inaugural hearing as comptroller of the currency, Joseph Otting defended his decision not to publicly rebuke banks for Wells Fargo-like problems.
Federal Reserve Chairman Jerome Powell said the agency has its hand full between proposals on liquidity and capital requirements and additional mandates made by the recently enacted regulatory relief law.
The agency will have to rework its strategy for amending its payday lending rule after a federal court rebuffed efforts to stop the rule from going into effect.
The House Financial Services Committee is preparing to vote on legislation to modernize anti-money-laundering rules, but the latest version of the bill excludes a key provision involving the collection of beneficial ownership information.
The simplified pricing of fintechs like Square and Stripe has finally caught up with banks' more complex fees, prompting Wells Fargo to restructure its billing for small businesses. Other banks will also face consequences—particularly community banks that depend on local merchants.
The bank’s AI-driven virtual assistant, which lets people quickly search transactions and cancel subscriptions and other recurring charges, was an instant hit. But BofA will have to take a number of steps to sustain erica's early momentum.
Six Senate Democrats are asking the SEC's internal watchdog to investigate a Republican commissioner who berated Citigroup executives in a private meeting over the bank's decision to curtail some of the business it does with companies that sell guns.
The bank's head of investment management said Wednesday that his unit has eliminated dozens of high-cost funds over the last two years and replaced them with more passive investment vehicles.
