The Federal Reserve Bank of Richmond's decision to hire Thomas Barkin as its next president has renewed questions over the cloaked process of selecting officials who set the most widely watched policy interest rates in the world.
The Office of Financial Research said the failure of a large financial institution could still ignite a crisis; hotel chain plans to use both issuers for its credit cards.
Critics argue that the consumer bureau's independence is being undermined, and they worry that a precedent is being established that could hamper the autonomy of other U.S. financial regulators.
The Consumer Financial Protection Bureau’s 2013 guidance putting indirect auto lenders on the hook for unintentional discrimination by their partner dealers should have been subject to Congressional review, the Government Accountability Office said Tuesday.
America’s largest lenders made an epic mistake a decade ago when they cashed out of Visa and Mastercard through initial public offerings, says Chenault, who will step down in February as CEO of American Express.
During an industry conference Tuesday, executives from PNC, Wells Fargo, JPMorgan Chase and elsewhere offered differing takes on whether the Republican tax plan will boost loan demand.
A federal judge said Tuesday that he will hear motions Dec. 22 in a case that seeks a preliminary injunction against acting Consumer Financial Protection Bureau Director Mick Mulvaney and would instead install Deputy Director Leandra English as interim head of the agency.
The Office of Financial Research warned that a cyberattack could "disrupt the operations of one or more financial companies and markets and spread through financial networks and operational connections to the entire system."
The business faces a difficult comparison to last year, when activity spiked after Donald Trump’s surprising presidential election win, executives at the companies said.
Cutting payments helps stave off default, but principal reduction on underwater loans and lower consumer debt levels are less effective, according to JPMorgan Chase Institute's new study of post-crisis modifications.
