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Rohit Chopra, the director of the Consumer Financial Protection Bureau, weighed in on credit card late fees, an upcoming open banking rulemaking and the chaos that could result if the Supreme Court defunds the agency.

The Consumer Financial Protection Bureau celebrates its 12th anniversary on Friday, prompting Director Rohit Chopra to discuss the agency's work including a proposal to set credit card late fees at $8 and the upcoming Supreme Court case that could defund the bureau.

The recent conversion marked one of the final steps in the $8 billion acquisition, first announced in 2021. U.S. Bank still anticipates up to $900 million in cost savings and a breadth of opportunities to expand revenue from the transaction.

Several community banks noted an uptick in problem loans in second-quarter earnings reports. Small lenders should brace for more of this, industry observers noted.

The Wall Street giant has more than $14 billion of real estate investments, and it took a $1.15 billion hit during the second quarter from writedowns of those bets.

Even as some observers are reducing their expectations for an economic downturn, the government-sponsored enterprise changed the expected time frame that one could occur.

Declining rates contributed to a surge in refinances, but a sluggish market is capping purchase activity, according to the Mortgage Bankers Association.

If the Supreme Court strikes down CFPB regulations by ruling against the constitutionality of the agency's structure, technological innovation will be harder for banks to achieve as regulatory clarity moves further out of reach.

Residential starts fell 8% last month to a 1.43 million annualized rate, according to government data released Wednesday.

The disgruntled worker, among other actions, entered false information into the firm's Optimal Blue platform causing severe economic damages, the lender said.