A U.S. alcohol maker's $191 million investment in Canadian cannabis could raise difficult questions for the banks that have lent big sums of money to the company.
Zions Bancorp. appears to have found a novel approach to escape the added requirements for banks above the Dodd-Frank Act's systemic $50 billion asset threshold, but other banks in a similar position are more likely to wait for Congress to address the issue rather than following suit.
Sens. Elizabeth Warren, D-Mass., and Chris Van Hollen, D-Md., sent a letter to OCC officials suggesting that Bank of Tokyo was trying to avoid an investigation by New York examiners when it switched to a federal charter.
The Consumer Financial Protection Bureau settled a $1.1 million enforcement action on Monday with Xerox Business Services, alleging that its software misreported borrower information to credit reporting agencies.
Federal Reserve Chair Janet Yellen announced Monday that she intends to step down from the Board of Governors after her successor is sworn in when her term expires early next year, ending any speculation that she may stay on.
Some fintechs argue that banks are selectively working with only certain third parties in sharing information and violating the spirit of the CFPB’s data-sharing principles.
The $65 billion-asset company intends to shed its holding company and then will petition regulators to reconsider its designation as a systemically important financial institution.
