Banking

Banking Groups Push for Rapid Federal Reserve Reforms, Seek Expedited Judgment in Stress Test Lawsuit

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Washington, D.C. – A lawsuit brought by several leading bank trade groups against the Federal Reserve is pushing for a swift legal decision over the central bank’s approach to stress testing. These groups, eager to implement changes in time for the next examination cycle, are arguing that the Fed’s practices have not been transparent and fall short of legal standards. Late last week, the Bank Policy Institute, American Bankers Association, and Ohio Bankers League put forward a motion for a summary judgment, urging a decisive ruling based on the existing evidence. They propose this to … Read more

Illinois Judge Refuses to Block Law Limiting Credit Card Swipe Fees on Tips and Taxes, Banking Groups Vow to Fight On

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SPRINGFIELD, Ill. – In a significant legal ruling, a federal judge on Thursday refrained from halting an Illinois law designed to limit certain charges by credit card companies, which is set to alter transaction fee structures statewide. These companies typically impose “swipe fees” on merchants for processing credit and debit card payments. Last spring, the Illinois Legislature enacted the Interchange Fee Prohibition Act, a pioneering law that prohibits these fees on the taxation and gratuity portions of credit and debit card transactions, effective from July 1. This legislative move, part of the state’s budget resolution, … Read more

Alleged Unauthorized Banking: Lawsuit Claims Walmart Opened Over a Million Accounts for Drivers Without Consent

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San Francisco — In a significant legal challenge, retail giant Walmart has been accused of opening bank accounts for approximately one million drivers without their consent, according to a recent lawsuit. The case, filed in federal court, raises serious concerns about the privacy and financial security of individuals who may have been unknowingly signed up for financial services. The lawsuit alleges that Walmart launched these unauthorized bank accounts over a period spanning several years. This action purportedly aimed at circumventing banking regulations and boosting the number of account openings, thereby creating an artificial appearance of … Read more