Orla McCaffrey

Bank technologists and fintech leaders who are bringing fresh ideas to life will be considered for this annual award.

The president of the Federal Reserve Bank of Dallas and former manager of the central bank's open market account said a slower approach to balance sheet reduction may be warranted sooner rather than later.

After a record-breaking year of reeling in business from failed banks and scared customers defecting from rivals, the largest U.S. bank expects it will keep getting larger.

Federal Reserve Board. Extended comment period. On April 24, 2024, FRB and the Office of the Comptroller of the Currency said they would continue to accept comments on Capital One's proposed acquisition of Discover Financial Services until May 31. The comment period had been set to end April 26.

Securities and Exchange Commission. Cryptocurrency regulation. On April 23, 2024, two groups representing the cryptocurrency industry sued SEC over its expanded dealer definition announced earlier this year. The Blockchain Association and Crypto Freedom Alliance of Texas allege that the agency failed to adequately explain how the rule would affect the digital assets industry. The rule, approved by the SEC in February, broadens the definition of a dealer to include firms with trading activities that provide liquidity.

Federal Trade Commission. Deceptive real estate listings. On April 3, 2024, FTC announced close to $62 million in refunds for consumers misled by deceptive marketing and advertising practices used by Opendoor Labs, Inc., an online real estate listing and buying service, also known as an "iBuyer." Opendoor said it used "sophisticated" technology to buy and resell homes quickly, which led almost 55,000 home sellers to believe that they could make more money selling to Opendoor than on the open market, according to FTC's 2022 complaint. FTC is sending checks to the affected consumers.

Bank for International Settlements. Credit risk management. On April 30, 2024, Bank of International Settlements issued updated guidance on counterparty credit risk management. The fresh guidance reaffirms the need for ongoing due diligence and the development of a comprehensive risk mitigation strategy to control counterparty credit risk.

Securities and Exchange Commission. Fraud. On May 3, 2024, SEC sanctioned an audit firm for "deliberate and systemic failures" to comply with Public Company Accounting Oversight Board (PCAOB) standards in more than 1,500 SEC filings. The firm, BFA Borgers CPA PC, fabricated audit documents and misled clients into believing that the firm's audits complied with PCAOB accounting standards, according to SEC. The firm will pay $12 million to settle the charges.

Consumer Financial Protection Bureau. Credit card late fees. On May 10, 2024, a federal district judge in the Northern District of Texas granted a preliminary injunction that for now stays CFPB's rule capping most credit card late fees at $8. The court's injunction was issued just days before the fiercely contested amendment to Regulation Z was scheduled to take effect on May 14.

Securities and Exchange Commission. Customer ID requirements. On May 13, 2024, SEC and FinCEN proposed a rule designed to make it more difficult for criminal actors to establish customer relationships with investment advisers. The rule would require certain investment and financial advisers to establish procedures to verify the identity of their customers. The procedures would help prevent illicit finance activities by strengthening the anti-money laundering framework of the investment advisor sector and countering terrorism financing (AML/CFT) within the sector, SEC said. The agencies will accept comments until July 22, 2024.