Goldman Sachs issues memo to 2024 campaigns warning of under-the-radar regulation harming small businesses
FIRST ON FOX: A Goldman Sachs small business initiative is calling on 2024 political candidates to oppose efforts to restrict small business owners' access to capital.
CFPB proposes federal oversight for digital wallets, payment apps
The Consumer Financial Protection Bureau proposed a new regulation to apply consumer financial protection rules to nonbank firms that offer payment apps and digital wallets.
Think tank launches campaign to protect consumers from CFPB after agency data breach
A think tank is launching a campaign aimed at holding the Consumer Financial Protection Bureau accountable after a data breach at the agency affected more than 250,000 consumers.
Biden called upon by pro-growth groups to withdraw CFPB’s late fees rule
A coalition of pro-growth groups are calling on the Biden administration to withdraw its credit card late fees rule, arguing the regulation will hurt responsible consumers.
Cryptocurrency under scrutiny after link to funding Hamas attack on Israel: 'proliferation' of illicit use
Cryptocurrency should have created transparency with digital tracking of all uses and owners, but the process of its use has made it possible to instead obscure those very facts.
Limiting credit card rates means credit won’t be everywhere you want to be
Limiting credit card rates means credit won’t be everywhere you want to be. Capping rates will mean banks and financial companies will restrict credit cards for less risk.
SEC probes Elon Musk's Twitter takeover
Billionaire Elon Musk is facing a new probe from the SEC regarding possible violations of securities laws related to his $44 billion acquisition of Twitter a year ago.
Supreme Court takes up case that could determine CFPB's fate
The Supreme Court will hear arguments in a case challenging the constitutionality of the Consumer Financial Protection Bureau's funding mechanism that could create uncertainty around the regulatory agency's future.
GOP state AGs hit Biden Treasury 'net-zero financing' memo as backdoor regulation by 'green cabal'
Republican state AGs say Biden Treasury Dept. net-zero "principles" for private sector financing are “compulsion of the green cabal" that "fly in the face" of legal scrutiny.
Biden administration announces rule to remove medical bills from credit reports
Vice President Kamala Harris and the Consumer Financial Protection Bureau announced the Biden administration is proposing a rule to remove medical debt from credit reports.
SEC issues rule cracking down on 'greenwashing' by investment funds
The Securities and Exchange Commission adopted a new rule to crack down on "greenwashing" by investment funds that deceptively market funds that aren't as ESG-friendly as they claim.
China risks should get disclosed by large US companies, says former SEC chair
Former SEC chair Jay Clayton told the House Select Committee on the Chinese Communist Party that U.S. businesses should start disclosing their exposure to China for investors' benefit.
Federal judge rules against CFPB's anti-discrimination effort
A federal judge ruled that the Consumer Financial Protection Bureau overstepped its authority by looking to pursue regulatory actions related to anti-discrimination efforts.
Regulators propose changes to ‘living wills’ and debt rules for big banks in wake of crisis
Federal financial regulators proposed new rules for large banks that aren't classified as systemically important related to their long-term debt holdings and their "living wills."
Facebook owner Meta, forced to pay nearly $100K per day for violation, is still breaking rule, regulator says
Meta Platforms should continue paying a daily fee of nearly $100,000 as it remains in violation of the European General Data Protection Regulation, a Norwegian regulator argued.
Wells Fargo, BNP among firms fined $260 million over use of WhatsApp, texts
Regulators issued fines against several financial firms, including Wells Fargo and BNP Paribas, for failing to maintain records of employee communications on unapproved platforms.
SEC’s Gary Gensler says AI financial advice must benefit investors, not the model
SEC Chair Gary Gensler said Monday that the financial regulator is looking to ensure that the use of AI in financial advising focuses on clients' interests, rather than the model's.
Warren says Yellen, Biden officials wrong on 'dangerous' bank mergers
Massachusetts Sen. Elizabeth Warren sent a letter warning Treasury Secretary Janet Yellen and other financial regulators against allowing further bank mergers.
Fed exploring ways to speed up bank oversight, strengthen stress tests
Federal Reserve Vice Chair for Supervision Michael Barr said Tuesday that the central bank is looking to be more agile in regulating banks before and during financial crises.
Fed, SEC probing Goldman Sachs’ role in SVB’s final days
Officials are seeking documents related to Goldman Sachs' role as both buyer of SVB’s securities portfolio and adviser on the company’s capital raise.