Category: Regulations

November 27, 2023

On November 21, 2023, the U.S. Justice Department unsealed charges against cryptocurrency exchange Binance and Binance CEO Changpeng Zhao for violating anti-money laundering provisions of the Bank Secrecy Act (“BSA”) and for causing violations of U.S. sanctions issued pursuant to […]

November 20, 2023

The regulator says the company has been charged for withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions. In 2019, Enova paid a $3.2 million penalty to the CFPB with orders […]

November 16, 2023

The bank says that it “received confirmation of its position on the FCA’s watchlist for financial crime compliance” on 6 June, and that the action related to the “ongoing management of financial crime risk” within its back book and online […]

November 14, 2023

There are certain nonbank markets that the Consumer Financial Protection Bureau (“CFPB”) has the statutory right to supervise irrespective of size (e.g., mortgage, private education loan, payday lending). Then, there are other consumer finance markets to which Congress gave the […]

November 13, 2023

The Gramm-Leach-Bliley Act, enacted in 1999, requires financial institutions, broadly defined, to establish administrative, technical, and physical safeguards to protect customer information, but does not impose obligations to notify regulators of data breaches. It also tasked certain administrative agencies with […]

November 9, 2023

The proposals put forward by the US consumer finance watchdog this week specifically target nonbank companies that offer digital wallets, retail payment apps, or process more than 5 million transactions per year. Under this scope, the new regulations would only […]

November 8, 2023

Under the order, Citi will pay $1.4 million to harmed consumers along with a $24.5 million penalty. “Citi purposefully discriminated against applicants of Armenian descent, primarily based on the spelling of their last name,” CFPB Director Rohit Chopra said in […]

November 8, 2023

Nearly half of the Commodity Futures Training Commission’s enforcement actions in fiscal 2023 were related to digital assets, including against crypto companies and crypto-tied “individual Ponzi schemers,” the regulator said Tuesday. Through 47 total crypto-related enforcement actions, the CFTC “cemented […]

November 7, 2023

Citizens Bank of Sac City, Iowa, failed Friday after examiners “identified significant loan losses that had not previously been identified by the bank,” the Iowa Division of Banking announced. The $66 million-asset bank’s collapse marks the fifth bank failure this […]

November 6, 2023

On October 24, 2023, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (together, the “Agencies”) released their final Principles for Climate-Related Financial Risk Management for Large Financial Institutions (the […]

November 6, 2023

U.S. Bank and KeyBank could be among the next round of financial institutions to be hit with penalties from regulators’ ongoing probes into employees’ use of WhatsApp and other messaging platforms to conduct official business, according to the banks’ most […]

November 3, 2023

Amazon.com used a series of illegal strategies to boost profits at its online retail empire, including an algorithm that pushed up prices U.S. households paid by more than $1 billion, the U.S. Federal Trade Commission detailed in a new court […]

November 1, 2023

The Securities and Exchange Commission is investigating the cash sweep options Wells Fargo provides to investment advisory clients at account opening, the bank disclosed in a regulatory filing on Tuesday. Wells Fargo Advisors offers a sweep feature with three options […]

November 1, 2023

The Federal Trade Commission will require non-banking financial institutions to report data breaches and other events related to cybersecurity, the agency announced Friday. The amendment to the FTC’s Safeguards Rule would require non-banking financial institutions like mortgage brokers, motor vehicle […]

October 31, 2023

The proposals specifically seek to determine whether interchange fees for processing a transaction are “reasonable and proportional to certain issuer costs”. It forms the most significant update to the cap since the Reserve first implemented restrictions on debit card issuers […]

October 25, 2023

The regulator states that banks’ critical systems cannot be out of action for more than four hours within any 12-month period, and that these systems must be supported by a back-up data centre and tested periodically in order to ensure […]

October 24, 2023

The Board alleges that the bank violated customer identification rules and has identified “deficiencies” in the bank’s third-party risk management with respect to its issuance of prepaid card accounts. From April to July 2020, the Board says that the bank […]

October 20, 2023

The phase will involve the identification and selection of providers for the digital euro’s supporting platform and underlying infrastructure, as well as the finalisation of the regulations and rulebook behind the technology. The ECB is expected to begin this endeavour […]

October 19, 2023

The Senate voted Wednesday, by a 53-44 tally, to repeal the Consumer Financial Protection Bureau’s small-business data collection rule. The rule, issued in March, has drawn criticism over the specific pieces of information it seeks to collect from small-business owners […]

October 17, 2023

The Federal Trade Commission (FTC) announced it has reached a settlement with the bankrupt crypto company Voyager over the company’s alleged deceptive crypto marketing practices. Specifically, the FTC’s complaint alleges that from at least 2018 until its declaration of bankruptcy […]