WASHINGTON—House Financial Services Committee Chairman French Hill (R-AR) and Senate Banking Committee Chairman Tim Scott (R-SC) have introduced Congressional Review Act (CRA) resolutions to overturn the CFPB's final rule capping overdraft fees at $5 for FIs above $10 billion in assets.
THE news
WASHINGTON—The Consumer Financial Protection Bureau has sued $480 billion Capital and its parent holding company, Capital One Financial Corp., for “cheating” millions of consumers out of more than $2 billion in interest, the agency announced.
ROME, Ga.—The $21.8 million Rome Kraft Employees Credit Union here has named Tiffany Howerton president/CEO, Coosa Valley News reported.
WASHINGTON—The Office of the Comptroller of the Currency has taken action against BofA, issuing a cease-and-desist order due to significant shortcomings in the bank’s compliance with the Bank Secrecy Act (BSA) and its sanctions programs, the Wall Street Pit reported.
LAYTON, Utah--A 41-year-old woman has been arrested after allegedly crashing her car—twice—into a credit union.
LEWISTON, Idaho—A Clarkston woman has been sentenced to probation and withheld judgment after taking more than $63,000 from Idaho Central Credit Union.
PUYALLUP, Wash.—A stolen excavator was used to rip loose a BECU ATM from a standalone kiosk here.
Financial Institutions Can Save Billions On Compliance Costs By Using AI To Prevent Money Laundering
NEW YORK—Global economies can save $3.13 trillion by using AI to detect and prevent money laundering and terrorist financing, which costs trillions of dollars annually, a new study shows.
WASHINGTON—In a move that will likely be viewed positively by many credit unions, the Consumer Financial Protection Bureau has finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps—such as Zelle, Google Pay, PayPal and Venmo.
WASHINGTON—Student loan debt relief has been a “lifeline” for many borrowers, a new report from the CFPB reveals.