President Joe Biden is expected to nominate Saule Omarova, a Cornell University law professor, to lead the Office of the Comptroller of the Currency (OCC). In prior comments, Omarova has been critical of big banks and the crypto sector.

According to Congress’s nonpartisan Joint Committee on Taxation, more than $279B sits in ‘mega-IRAs’, or individual retirement accounts with at least $5M each.

A group of investors have brought a class-action complaint against brokerage Charles Schwab. They claim the company violated fiduciary and consumer-protection responsibilities through its Schwab Intelligent Portfolios’ cash sweep program.

Cryptocurrency exchange Coinbase, which recently went public, says it’s facing possible enforcement action from the Securities and Exchange Commission (SEC) over its Coinbase Lend product that it expected to launch in the coming weeks.

The Consumer Financial Protection Bureau (CFPB) has outlined its priorities in a staff memo, including consumers facing hardship due to Covid-19, and racial equity.

The U.S. Senate has rejected a bipartisan amendment to the $1T infrastructure bill that would have ring-fenced cryptocurrency tax-reporting requirements, creating potential headaches for crypto companies.

Brain Brooks, former acting head of the Office of the Comptroller of the Currency under the Trump administration, resigned from his post as CEO of crypto exchange Binance.US, a mere three months into the job.

In a speech at the Aspen Security Forum this week, Gary Gensler, chairman of the Securities and Exchange Commission (SEC), likened the crypto markets to the Wild West in which investors were not sufficiently protected.

In an eleventh hour announcement, brokerage platform Robinhood, which is set to begin trading on the Nasdaq this week, has disclosed that it’s under investigation by regulators again.

Fidelity Investments, one of the nation’s biggest stock plan administrators, is tapping the toolset of Shoobx – an equity management company – on an equity management solution for private companies of all stages.

Banks are lobbying the Federal Reserve to set strict parameters for fintechs that want access to services provided by the Fed, including its payments system.

Chime, a fintech company that works with partner banks to offer banking services to its customers, is facing scrutiny over 920 complaints to the Consumer Financial Protection Bureau (CFPB)

In a blow to crypto traders, the Securities and Exchange Commission is holding off approval of the first Bitcoin exchange-traded fund (ETF).

Greenlight, an Atlanta company that offers debit cards and bank accounts for kids, is suing a former Facebook executive who recently began a job at rival startup Step, whose products serve a similar customer group.

Jamie Dimon, JPMorgan Chase CEO, along with bank CEOs of the five other largest banks in the U.S., testified before the Senate Banking Committee on Wednesday, May 26. A focus was overdraft fees, which banks continued to charge during the pandemic despite additional flexibility from regulators.