Oct 30, 2024 · Amid the Synapse ordeal, the FDIC proposed a recordkeeping rule last month to bolster recordkeeping for bank deposits received from third-party or non-bank entities that accept those deposits on behalf of consumers and businesses. The proposal aims to address the risks related to these third-party arrangements, like faulty account ledgering, and protect depositors.

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Nov 1, 2024 · Dive Brief: The Consumer Financial Protection Bureau is weighing an enforcement action against Capital One related to online savings accounts that have drawn litigation, the bank said Thursday in its latest quarterly filing with the Securities and Exchange Commission.; Customers who sued said Capital One led them to believe they were receiving a higher percentage yield than they actually were.

Jan 8, 2025 · Ever since November’s presidential election cemented Donald Trump’s return to the White House, speculation has been rife that the banking sector would see a downturn in regulation, an uptick in mergers and acquisitions, and a boost in the profile and credibility of cryptocurrencies.If these early days of 2025 seem like a wait-and-see period, there may be something to that.

Nov 20, 2024 · Denver-based FirstSun Capital Bancorp and Seattle-based HomeStreet have agreed to terminate their proposed merger after determining “it is in the best interests of their respective companies,” both firms said in filings Tuesday.. The termination comes roughly three weeks after the banks disclosed they were “discussing the pursuit of an alternative regulatory structure ” for the deal ...

Oct 22, 2024 · The Consumer Financial Protection Bureau on Tuesday issued its long-awaited final rule on open banking — with a major tweak.. The rule would require financial institutions, credit card issuers and other firms to transfer personal financial data to other providers for free at the consumer’s request.

Nov 15, 2024 · Hill’s principles also touched upon the FDIC’s brokered deposits rule. The FDIC should maintain its 2020 rule and withdraw this year’s proposal – which would expand the definition of deposit brokers while reinstating restrictions on less-capitalized banks’ access to volatile or “hot money” deposits – to allow institutions to access diverse funding and give consumers more ...

Jan 14, 2025 · Dive Insight: Capital One had warned in October that it might face CFPB action related to the savings product in question. Customers have filed a class-action lawsuit against Capital One over the account offering, saying the bank led them to believe they were receiving a higher percentage yield than they actually were.

Nov 27, 2024 · It’s not the first time Evolve has been sued related to Synapse ledger issues. Yotta sued Evolve in September, claiming that the lender “utterly” failed in its most basic duty to its customers by misplacing tens of millions of dollars in customer funds.. Most end-user funds were held in omnibus for-benefit-of accounts; the rest was …

Oct 22, 2024 · Santander's Openbank savings account is offering an initial 5.25% annual percentage yield — outpacing digital rivals such as Goldman Sachs' Marcus (4.1%) and CIT Bank's platinum savings account (4.7%). “Our goal is to offer U.S. customers the best high-yield savings account through a digital-first service, which is fast, simple with a competitive rate, and a superior customer experience ...