The Federal Reserve building in Washington, D.C. (AP Photo/Patrick Semansky, File)
The Federal Reserve building in Washington, D.C. (AP Photo/Patrick Semansky, File)Lenders can use any reference rate they wish to replace LIBOR as long as they provide a “robust fallback rate” in case the original is discontinued, U.S. regulators said on Friday, in a win for smaller banks that had pushed back against a mandated replacement.

The Golden Gate Bridge and San Francisco skyline from the Marin Headlands above Sausalito, Calif. (AP Photo/Eric Risberg, File)
The Golden Gate Bridge and San Francisco skyline from the Marin Headlands above Sausalito, Calif. (AP Photo/Eric Risberg, File)SoFi co-founder and former CEO Mike Cagney, ousted from the fintech over a sexual harassment scandal, has applied for a national bank charter for his own blockchain lending startup.

In this Aug. 16, 2019, file photo, the logo for JPMorgan Chase & Co. appears above a trading post on the floor of the New York Stock Exchange in New York. (AP Photo/Richard Drew, File)
In this Aug. 16, 2019, file photo, the logo for JPMorgan Chase & Co. appears above a trading post on the floor of the New York Stock Exchange in New York. (AP Photo/Richard Drew, File)JPMorgan may face a monetary penalty from U.S. regulators for faults in its internal rules and procedures, the bank said on Monday in a regulatory filing, one month after it paid a record settlement in a spoofing probe.

General exterior view of SoFi Stadium, the future home of the Los Angeles Rams Saturday, Aug. 29, 2020, in Inglewood, Calif. (AP Photo/Kyusung Gong)
General exterior view of SoFi Stadium, the future home of the Los Angeles Rams Saturday, Aug. 29, 2020, in Inglewood, Calif. (AP Photo/Kyusung Gong)Fintech startup SoFi received a preliminary, conditional approval from the Office of the Comptroller of the Currency regarding the creation of a national bank, SoFi said Wednesday, as the company looks to grow its financial abilities without the need for bank partner.

Acting Comptroller of the Currency Brian Brooks (Creative Commons)
Acting Comptroller of the Currency Brian Brooks (Creative Commons)U.S. banking regulators issued a rule on Tuesday targeting "rent-a-charter" predatory lending schemes by establishing clearer definitions for how national banks can provide loans through a third party.

Acting Comptroller of the Currency Brian Brooks (Creative Commons)
Acting Comptroller of the Currency Brian Brooks (Creative Commons)Acting U.S. Comptroller of the Currency Brian Brooks said his office will release a long-anticipated proposal opposed by Democratic lawmakers changing how banks will be scored under the Community Reinvestment Act.

In this Sept. 1, 2020 file photo, Treasury Secretary Steven Mnuchin testifies before the House Select Subcommittee on the Coronavirus Crisis, during a hybrid hearing on Capitol Hill in Washington. (Graeme Jennings/Pool via AP, File)
In this Sept. 1, 2020 file photo, Treasury Secretary Steven Mnuchin testifies before the House Select Subcommittee on the Coronavirus Crisis, during a hybrid hearing on Capitol Hill in Washington. (Graeme Jennings/Pool via AP, File)Eight top U.S. regulatory officials said in a letter to a group of bank treasurers that they will not recommend adding a credit-sensitive supplement for the Secured Overnight Funding Rate, a replacement for the LIBOR reference rate that has support from a committee organized by the Federal Reserve Bank of New York.

In this Saturday, March 28, 2020 photo, a man rides his bicycle on an empty road during a lockdown following an effort to contain the spread of the coronavirus, in Tel Aviv, Israel. (AP Photo/Oded Balilty)
In this Saturday, March 28, 2020 photo, a man rides his bicycle on an empty road during a lockdown following an effort to contain the spread of the coronavirus, in Tel Aviv, Israel. (AP Photo/Oded Balilty)Franklin Templeton revealed Thursday that it invested in Curv, an Israeli digital asset-security fintech, building on its efforts to encourage growth through partnerships with international fintechs and targeting younger customers.

FDIC Chairman Jelena McWilliams attends a Senate Banking Committee hearing on her nomination, Tuesday, Jan. 23, 2018, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)
FDIC Chairman Jelena McWilliams attends a Senate Banking Committee hearing on her nomination, Tuesday, Jan. 23, 2018, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)U.S. banking regulators finalized a rule imposing new funding stability requirements for financial institutions over an official's concerns that the measure had been severely weakened from its original form.

Sen. Susan Collins, R-Maine, questions Goldman Sachs executives testifying before the Senate Subcommittee on Investigations hearing on Wall Street investment banks and the financial crisis on Capitol Hill . (AP Photo/Charles Dharapak)
Sen. Susan Collins, R-Maine, questions Goldman Sachs executives testifying before the Senate Subcommittee on Investigations hearing on Wall Street investment banks and the financial crisis on Capitol Hill . (AP Photo/Charles Dharapak)U.S. lawmakers on Monday rejected an attempt to overturn a revamp of the Community Reinvestment Act, allowing the controversial regulatory update to go into effect for the country’s banks and other lenders.

Citigroup management failed for years to disclose problems with its internal controls, damaging the bank’s finances and reputation while causing its shares to lose significant value, shareholders alleged in a lawsuit.

USAA Federal Savings Bank was ordered to pay an $85 million fine over allegations of engaging in illegal unsafe practices related to its compliance and risk management, according to a U.S. financial regulator.

Trade groups representing U.S. banks criticized an industry regulator’s move to create a special purpose payment charter for nonbank fintechs, arguing that Congress should have a say over the matter.

Citigroup executives faced tough questions from investors on Tuesday about penalties handed down by U.S. regulators last week, despite the bank reporting an otherwise resilient quarter in the face of economic uncertainty.

The U.S. Office of the Comptroller of the Currency said Monday that it has assessed a $60 million civil penalty against Morgan Stanley in connection with two potential data security incidents that took place in 2016 and 2019.

Citigroup was hit with a $400 million fine and ordered by U.S. regulators to take “broad and comprehensive” steps to correct risk management systems following a series of high-profile record-keeping blunders.

Experts urged a U.S. House of Representatives task force on Tuesday to update banking regulations to meet the needs of a modern economy and to find a regulatory balance for fintechs that provides consumer protections and ensures the security of the financial system without stifling innovation.

The percentage of U.S. residential mortgages that are current and performing declined to 91.1% in the second quarter of 2020, down from 96.1% during the same period in 2019, according to data released Wednesday by the Office of the Comptroller of the Currency.

U.S. banks will be permitted to hold reserves on behalf of stablecoin issuers under a new set of regulations released Monday, offering clarification for financial institutions amid increased digital currency development.

Three former Wells Fargo community banking executives have agreed to cooperate with federal regulators in a probe and pay fines relating to allegations of sales practices misconduct, deepening troubles for the firm.