Two Senate Democrats are proposing large new fines for credit reporting agencies that lose consumers’ personal information in data breaches, according to a bill they introduced on Wednesday. The bill would impose potentially significant fines against companies like Equifax, TransUnion, …
Global financial regulators have decided to ditch a “too big to fail” gauge for assessing the riskiness of insurers, according to a source briefed on the matter, in a big win for companies such as American International Group and Prudential …
The U.S. Consumer Financial Protection Bureau is turning its attention to companies that collect consumer financial information to provide services and products. The regulator laid out a series of principles on Wednesday to establish its expectations for accessing consumer’s financial …
A panel of U.S. regulators decided after meeting on Friday to stick with its existing policy for stricter rules on a handful of large financial institutions it deems “systemically important.” The Financial Stability Oversight Council convened Friday to potentially remove …
A U.S. rule years in the making that was intended to restore consumers’ ability to band together to sue financial companies could unravel in just a few months as the heads of two federal agencies clash over it and critics …
A U.S. Congressional banking panel is moving to advance legislation that would overhaul how the government regulates the financial sector, although it faces obstacles towards becoming law. Representative Jeb Hensarling, who chairs the House Financial Services Committee, is considering amendments …
The federal government has ordered Wells Fargo to reinstate a former bank manager who lost his job after reporting suspected fraudulent behavior at the bank. The Labor Department’s Occupational Safety and Health Administration (OSHA) announced on Monday that the bank …
A Republican member of the Senate Banking Committee said on Thursday that he was “frustrated” that the Trump administration had not yet dropped the government’s case against Metlife Inc., an insurer challenging its “too big to fail” designation. Senator Pat …
Congressional Republicans are taking aim at the regulatory process through which some financial institutions become subject to heightened regulation because they are deemed too big to fail. In a report released on Tuesday, Republican staff members of the House of …
