Economy Jan 17 New regulation proposed by Biden administration would limit overdraft fees at big banks to as low as $3 Under the proposal, banks would have to show how much it costs for them to run overdraft services, or instead charge a benchmark fee that could be as little as $3.
Economy Jan 10 Regulators approve new bitcoin funds in move that could spur more investment in cryptocurrency The Securities and Exchange Commission has reluctantly approved trading of the first exchange-traded funds that hold bitcoin. But the agency said Wednesday that it is still deeply skeptical about cryptocurrencies and did not approve or endorse bitcoin in its decision.
Politics Dec 06 WATCH: Wall Street bank CEOs oppose proposed Biden regulations in Senate hearing The banks contend the new regulations proposed by the administration would curtail lending and weaken bank balance sheets at a time when the industry needs more flexibility.
Nation Oct 27 In court, FTX’s Sam Bankman-Fried denies he took customers’ funds but acknowledges that people got hurt FTX founder Sam Bankman-Fried is testifying at his fraud trial saying he hoped would move the cryptocurrency ecosystem forward but ended up doing the opposite and hurting customers.
Nation Oct 07 FTX co-founder tells jury Sam Bankman-Fried stole customer funds from the beginning Sam Bankman-Fried authorized the illegal use of FTX customers' funds and assets to plug financial gaps at an affiliated hedge fund from the exchange's earliest days, FTX's co-founder Gary Wang told a New York jury on Friday.
World Sep 26 JPMorgan to pay $75 million for role in Epstein sex trafficking operation In effect, the Virgin Islands had argued that JPMorgan had been complicit in Epstein's behavior and did not raise any red flags to law enforcement or bank regulators about Epstein being a “high risk” customer and making repeated large cash…
Economy Aug 14 UBS to pay $1.44 billion to settle 2007 financial crisis-era mortgage fraud case The Swiss bank agreed to pay a civil penalty over how it handled the sale of 40 mortgage-backed securities issued in 2006 and 2007.
Economy Jun 06 Customer service chatbots used by banks raises concerns for consumer watchdog The regulator says poorly designed chatbots could run afoul of federal laws that govern how debts are collected or how personal information is being used.
Economy Jun 05 Federal watchdogs advise against storing money in payment apps, say those funds may be vulnerable Money stored on a payment app is not being held in a traditional bank account. So, if there is an event similar to a bank run with the payment apps, those funds may not be protected.
Economy May 16 WATCH: Executives from failed banks face Senate questions on risk management Along with questions about how these banks failed, senators used the hearing to also address executive pay and whether senior executives in the U.S. are being rewarded more for short-term gains than for ensuring their companies’ long-term health.