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The Federal Reserve said Wednesday that the nation's largest banks have enough capital to withstand a harsh global recession, giving them a clean bill of health in the first stress tests to follow this spring's U.S. banking sector turmoil.
A Minnesota federal judge declined to free BMO Harris Bank NA from a $563 million jury verdict finding it liable in connection with a massive, yearslong Ponzi scheme, rejecting its claims of insufficient evidence and ordering it to pay interest that pushes the overall award north of $1 billion.
The Consumer Financial Protection Bureau said Tuesday that payment processor ACI Worldwide Corp. has agreed to pay a $25 million fine over a 2021 testing error that resulted in the inadvertent initiation of more than $2 billion in debit transactions from mortgage borrowers' bank accounts.
A New York federal judge punted Friday on whether the Consumer Financial Protection Bureau can order MoneyGram vendors to preserve certain documents while the agency's case against the payments company is on pause, saying that while she is "sympathetic" to the request, the two sides should try again to resolve the issue themselves.
The Senate Banking Committee appeared poised to advance President Joe Biden's latest Federal Reserve Board picks after a Wednesday confirmation hearing that saw the nominees tread cautiously on potential changes to bank merger standards and capital requirements.