Financial regulations

Whoever is named SEC chair by the president-elect is likely to take a lighter hand on crypto, AI and "regulation by enforcement."

At the Most Powerful Women in Banking conference this week, New York's top banking regulator said banks need to take full responsibility for the artificial intelligence models they use, even if they bought them from a third party.

Sen. Tim Johnson, a former three-term senator and five-term U.S. representative for South Dakota, died after complications from a recent stroke.

Banks now have until Nov. 21 to provide feedback on the FDIC's proposed rule on brokered deposits that could lead to higher costs for some insured depositories.

Banks are trying to get a grasp of the Consumer Financial Protection Bureau's financial data rights plan, from preparing for an influx of data requests from fintechs to meeting ongoing compliance.

The Consumer Financial Protection Bureau issued an advisory opinion warning to debt collectors that they cannot rely only on information from a medical provider to collect a debt.

The Federal Housing Finance Agency issued guidance to ensure the Federal Home Loan banks are lending based on the credit worthiness of the member bank, not solely on the quality of the collateral.

As the Consumer Financial Protection Bureau increases scrutiny of earned wage access, cash-back fees and airline rewards, industry lobbyists are pushing back, while some groups cheer the move.

Four companies are fighting CFPB enforcement actions by claiming the agency cannot be funded by the Federal Reserve, which has not been profitable since 2022. The consumer bureau calls the new legal theory "meritless."