CFPB dropped its lawsuit against Bank of America, JP Morgan Chase, and Wells Fargo over handling of Zelle payments, citing widespread fraud concerns.
President Donald Trump accuses big banks of politically motivated debanking. The issue is driven by vague regulations and regulatory malfeasance. Congressional hearings investigate the matter. The real problem lies with unaccountable bureaucrats. Calls for enhanced accountability and modernization of laws to prevent future misuse of banking regulations.
President Trump has fired Rohit Chopra, the director of the Consumer Financial Protection Bureau. Chopra was appointed by former President Joe Biden in 2021. The agency was created in 2010 to prevent another financial crisis.
The House Judiciary Committee reveals that federal law enforcement has been manipulating the financial surveillance system to access Americans' financial information without warrants or probable cause, targeting Trump supporters. Banks were asked to search private transactions for terms like 'MAGA' and 'Trump' after the Jan. 6 Capitol riot.
Mortgage rates could continue to drop even if Treasury yields remain stable, as they are currently significantly higher than historic levels. Banks have reduced their presence in the mortgage market, leading to less competition on rates.
A widespread technology outage caused chaos around the globe, disrupting flights, banks, media outlets, and companies worldwide. The outage affected services and highlighted the dependence on software from a few providers.
The Electronic Payments Coalition discusses the importance of secure payment processing networks provided by banks and card companies, warning against proposed legislation that could compromise data security and credit card reward programs.