Banking

The last time someone decided to gut a major financial services regulatory agency, we got the Great Recession. DOGE cuts to the Consumer Financial Protection Bureau could trigger similar pain.

The bureau's Tuesday afternoon announcement follows an earlier statement that it would walk back a rule that places buy now/pay later loans under the Truth in Lending Act's Regulation Z, a move that will ease compliance for fintechs that offer installment loans.

Eliminating overdraft charges is Stearns Bank's latest move to limit fees that its customers pay. CEO Kelly Skalicky says deposit service fees aren't a good business model.

The banking arm of Spanish giant Banco Santander plans to close about 4.5% of its branch network in the United States, according to regulatory filings.

Tokenization is a natural fit for the private credit market, and could help create new investment opportunities. But regulators must create clear rules of the road.

The 10 winning innovations span categories from AI and payments to risk and compliance. An overall winner will be announced at American Banker's Digital Banking event on June 2.