Some of the nation’s largest banks are reportedly exploring a deal that could allow them to sidestep debit card fee limits imposed under the Obama administration, reopening a long-running fight over government regulation of the payments industry. The Wall Street Journal reported Monday that JPMorgan Chase, Bank of America, Wells Fargo and PNC Financial Services have held preliminary discussions about acquiring a debit payments network owned by fintech company Fiserv. According to the Journal, ownership of the network could allow the banks to avoid interchange fee caps created by the Durbin Amendment, a provision of the 2010 Dodd-Frank Act. BREAKING: Banks including JPMorgan, Bank of America, and Wells Fargo are in talks acquire a…Open
Former Rep. Barney Frank (D-Mass.), a driving force behind far-reaching Wall Street reforms following the 2008 financial crisis, died Tuesday night, according to Frank's former campaign manager. He was 86. The big picture: With a sharp wit and pugnacious outspokenness, Frank became a liberal icon in his three decades in the House. He was an architect of the landmark Dodd-Frank Act and a trailblazer for the LGBTQ+ community as an openly gay member of Congress. Driving the news: Jim Segel, Frank's former campaign manager and close friend, tells Axios Frank died Tuesday night. - Segel on Wednesday talked to Frank's brother, who confirmed his passing. Context: The former lawmaker gave a number of final media interviews from hospice care,…
A new filing asks a federal court to allow the White House to dismiss much of the Consumer Financial Protection Bureau’s remaining work force, but not close the bureau entirely.
The administration is looking to review the section of the Dodd-Frank Act, a 2010 regulation designed to end taxpayer bailouts and protect consumers from unfair financial practices.