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Category: Regulations


Regulations

Mercado Pago enters talks with regulators for banking licence in Mexico

May 22, 2024

Via: FinTech Futures

Initially founded in 2003 to facilitate payments for MercadoLibre’s online marketplace, Mercado Pago has operated as an Electronic Payment Funds Institution (IFPE) for over two years. During this period, the subsidiary has worked to position itself as a comprehensive financial […]


Regulations

Deutsche Bank to explore asset tokenisation applications as part of MAS’ Project Guardian

May 15, 2024

Via: FinTech Futures

Project Guardian was launched by MAS in May 2022 and seeks to develop and pilot tokenisation use cases across its four focus areas of interoperable networks, independent trust anchors, institutional grade DeFi protocols, and the use of tokenised deposits issued […]


Activity, Investment Banking, Regulations

Treasury Department Issues Proposed Rule to Enhance CFIUS Procedures, Enforcement Authorities

May 13, 2024

Via: JD Supra

Almost six years after the enactment of the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), the U.S. Department of the Treasury, as chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of […]


Regulations

CFPB fines Chime $3.25m for customer refund delays

May 10, 2024

Via: FinTech Futures

The CFPB says: “Until 2021, Chime’s policy, reflected in consumer account agreements, was to process and mail refund checks within 14 days of an account’s closure.” However, the regulator claims that “thousands of consumers waited for weeks or even months […]


Regulations

US Financial Regulators Restart Work on Long-Delayed Dodd-Frank Compensation Rules

May 9, 2024

Via: Insurance Journal

A trio of U.S. financial regulators have resumed work on a long-delayed rule-writing project to make executive compensation plans at financial firms more sensitive to risk. The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Federal […]


Capital and Risk, Regulations, Trading

SEC Warns Robinhood That Its Crypto Business Faces Lawsuit

May 6, 2024

Via: Insurance Journal

The US Securities and Exchange Commission warned Robinhood Markets Inc. that it faces an enforcement action over its crypto business — the latest sign that the regulator isn’t letting up on its years-long crackdown on digital assets. Robinhood, which is […]


Regulations

Russian court orders seizure of nearly $440M in JPMorgan funds

April 25, 2024

Via: Banking Dive

A Russian court ordered the seizure of roughly $439.5 million that state-owned VTB Bank held in JPMorgan Chase accounts in the country, according to a filing seen Wednesday by Reuters and CNBC. The court order permits the funds in JPMorgan’s […]


Capital and Risk, Insurance, Regulations

Investment Funds File New Suits Over Lighthouse Insurance Collapse in 2022

April 23, 2024

Via: Insurance Journal

Three investment firms connected to some of the best-known names on Wall Street have upped the ante in a legal dispute over now-insolvent Lighthouse Property Insurance Corp., based in Tampa. Fortinbras Enterprises, the managing partner of which is the well-known […]


Regulations

Morgan Stanley AML probe draws SEC, OCC, Treasury focus: report

April 12, 2024

Via: Banking Dive

Multiple U.S. regulators have joined the probe into Morgan Stanley’s efforts to prevent potential money laundering by its wealth clients, according to a report from The Wall Street Journal. The Securities and Exchange Commission, the Office of the Comptroller of […]


Regulations

Revolut to launch operations in Mexico with new banking licence

April 10, 2024

Via: FinTech Futures

Previously cited by the fintech as a “key region for international expansion”, Revolut has been in pursuit of the approval since 2021, when it hired former RappiPay executive Juan Miguel Guerra to head its entry into the market. Its efforts […]


Regulations

NY Fed enters cross-border tokenization effort

April 4, 2024

Via: Payments Dive

The central bank also provided perspective on its goals. “The project will focus on overcoming common structural inefficiencies in cross-border payments today related to differing legal, regulatory, and technical requirements, operating hours and time zones, and varying financial integrity controls,” […]


Regulations

U.S. Indicts KuCoin: What It Means for Cryptocurrency Companies Offering Money Transmission Services to U.S. Customers

April 1, 2024

Via: JD Supra

In a display of the United States’ jurisdictional reach, the Justice Department has indicted KuCoin, a prominent global cryptocurrency exchange, along with founders Chun Gan and Ke Tang, for Bank Secrecy Act (BSA) and unlicensed money transmission offenses. The indictment […]


Regulations

DOJ calls Apple card fees ‘significant expense’ for banks

March 26, 2024

Via: Banking Dive

The Justice Department lawsuit against Apple suggests banks have been victims of Apple’s antitrust infractions, noting that fees the banks must pay when consumers use credit cards are “a significant new cost.” “Apple has charged issuing banks 15 basis points […]


Regulations

SEC Charges 2 Investment Firms, Doles Out $400,000 in Fines, for ‘AI Washing’

March 21, 2024

Via: Insurance Journal

The U.S. Securities and Exchange Commission this week said it settled charges against two investment advisers related to “AI washing.” The firms, Delphia Inc. and Global Predictions Inc, will pay a total of $400,000 in civil penalties for making false […]


Capital and Risk, Credit, Regulations

FTC fines fintechs Biz2Credit, Womply $59M over PPP actions

March 19, 2024

Via: Banking Dive

Two fintechs, Biz2Credit and Womply, agreed to pay a collective $59 million to settle allegations they deceived small businesses seeking Paycheck Protection Program loans during the COVID-19 pandemic, the Federal Trade Commission said Monday. Biz2Credit and its subsidiary, Itria Ventures, […]


Regulations

JPMorgan Chase fined $348.2M over gaps in trade data reporting

March 14, 2024

Via: Banking Dive

The Office of the Comptroller of the Currency fined JPMorgan Chase $250 million Thursday, and the Federal Reserve added a $98.2 million penalty, asserting the bank failed to adequately monitor client trading activities for market misconduct between 2014 and 2023. […]


Capital and Risk, Credit, Regulations

CFPB to cap credit card late fees at $8 and increase accountability among issuers

March 8, 2024

Via: FinTech Futures

The ruling has lowered the charge from its previous figure of $32, in a move that the regulator hopes will save account holders more than $14 billion a year while axing what it describes as business models founded on “penalties, […]


Regulations

Puerto Rican bank sues Fed for $150M in damages

March 5, 2024

Via: Banking Dive

Banco San Juan Internacional filed an amended lawsuit Thursday, seeking damages exceeding $150 million from the Federal Reserve Bank of New York and the Fed’s board of governors. The complaint, filed in the U.S. District Court for the Southern District […]


Regulations

Green Dot receives proposed consent order from US Federal Reserve

February 29, 2024

Via: FinTech Futures

In its recently published Q4 and full year financial results for 2023, Green Dot states that the matters addressed in the proposed consent order “relate to activities and practices that commenced prior to the company’s Chief Executive Officer transition in […]


Regulations

Germany’s BaFin warns Deutsche Bank of potential fines if it doesn’t improve money laundering controls

February 20, 2024

Via: FinTech Futures

The regulator has extended the stay of its special representative at Deutsche Bank until 30 October 2024 to report on and assess the progress of the bank’s implementation of safeguards against money laundering and terrorist financing. The representative was first […]