The Consumer Bankers Association has issued a white paper outlining recommended changes to the Consumer Financial Protection Bureau in the next presidential administration, including the reconsideration or withdrawal of rules concerning overdraft services and credit card late fees. "The incoming administration and new Congress have a unique and important opportunity to institute meaningful reforms to the CFPB. It is our hope this white paper can act as a blueprint to ensure the CFPB remains a strong, durable and credible regulator for decades to come, regardless of what political party occupies the White House," CBA President and CEO Lindsey Johnson says.

The Consumer Financial Protection Bureau is calling for more research into the impact of buy now, pay later services on consumers' financial health. The calls follow a recent report that found BNPL users often have subprime credit scores, high credit card balances and multiple BNPL loans. Despite BNPL loans making up only 1% of consumer credit card spending, concerns are emerging about such loans' potential to cause financial strain, particularly among younger consumers.

The Consumer Financial Protection Bureau has issued a proposal that would prevent banks and other financial firms from using contractual terms that lead to consumers' legal rights being waived. The rule would forbid clauses that curtail free expression and allow companies to unilaterally amend contracts without customer consent. The proposed rule, which is open for public comment through April 1, seeks to align with the Federal Trade Commission's credit practices rule.

Major US banks, including JPMorgan Chase and Bank of America, are offering mortgage relief to their customers affected by the Los Angeles County wildfires. The relief includes disaster forbearance, allowing borrowers to pause or reduce loan repayments. Banks are also contributing to relief efforts, including a pledge of $1.3 million from Wells Fargo.

US banks are expected to report strong fourth-quarter earnings, driven by a resurgence in investment banking and trading activities. The six largest US banks are expected to report a total of $31 billion in profit for Q4, up 16% from a year earlier. The increase is fueled by rising investment banking fees due to higher deal volume and bond underwriting demand, as well as a steeper yield curve allowing banks to borrow at lower short-term rates and lend at higher long-term rates.

Bank of America CEO Brian Moynihan has led the bank for 15 years with a focus on "responsible growth," a strategy aimed at stabilizing the bank after the 2008 financial crisis. Moynihan has avoided risky ventures, prioritizing a balanced approach to risk management. His leadership style is characterized by a steady, cautious approach, which has helped Bank of America reach a market capitalization of $350 billion, making it the second-biggest US bank.

Regions Bank aims to enhance its open banking capabilities through a partnership to integrate Axway's Amplify Open Banking platform into the bank's systems. The move aligns with the Consumer Financial Protection Bureau's open banking rule, and Regions is working to improve data security with regard to shared information.