Fed's Powell wants capital reform rule rewrite; Fifth Third settles with CFPB over fake accounts

Fed's Powell says new proposal for Basel III endgame is "essential:" The Federal Reserve chair said there is a consensus within the central bank's board of governors for reproposing its capital rules, but notes that other agencies have not yet signed off on this approach.

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A look into Colorado's pioneering AI legislation: The Consumer Protections for Artificial Intelligence bill passed in May seeks to enhance consumer protections from the potential biases in AI systems through increased transparency and accountability from developers.

Fifth Third settles with CFPB over fake accounts, insurance violations: The Cincinnati bank has agreed to pay a total of $20 million to settle a lawsuit by the Consumer Financial Protection Bureau over fake bank accounts and to resolve separate violations involving force-placed auto insurance.

TD Bank, facing AML scrutiny, replaces its chief compliance officer: The Canadian bank has appointed Erin Morrow, who had served as deputy chief compliance officer for about six months, to replace Monica Kowal, who parted with TD July 2. The announcement comes as TD faces questions by U.S. and Canadian regulators about its anti-money-laundering compliance.

How Brex is fighting to keep B2B clients: The financial institution, which downsized earlier this year, is trying to broaden its scope to retain businesses that don't want to use multiple providers.

What Project 2025 would change about U.S. mortgage policy: The plan from the Heritage Foundation, a group with policy positions the first Trump administration largely mirrored , would shutter CFPB, break up HUD and raise FHA premiums.

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