Category: Regulations

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 […]

October 16, 2023

The proposals specifically aim to tackle “consumer harms” associated with digital assets, which the government says have been perpetuated by ineffective management practices, inadequate governance structures, poor operational resilience, widespread conflicts of interest and instances of fraudulent activities. To mitigate […]

October 12, 2023

As per a 2010 federal law, big banks and credit unions with more than $10 billion in assets are required to provide “complete and accurate” account information when requested by the accountholders. The CFPB says it became aware of banks […]

October 11, 2023

Banks that operate banking-as-a-service programs are facing heightened scrutiny from bank regulators, as examiners scramble to get a handle on the size and scale of lenders’ partnerships with fintechs, said Konrad Alt, a partner at financial services advisory and investment […]

October 6, 2023

Banks will have to make public their exposure to crypto under a plan mentioned Thursday by the Basel Committee on Banking Supervision. A consultation paper will be “published soon” and will propose “a set of disclosure requirements related to banks’ […]

October 5, 2023

Senate Banking Committee Chair Sherrod Brown, D-OH, is asking the Federal Reserve and Office of the Comptroller of the Currency to investigate allegations of labor abuse by Wells Fargo, in opposition to efforts by the bank’s employees to unionize. “Regulators […]

October 4, 2023

Small-business owners are increasingly relying on digital financial tools to help them manage spend, process payments, track payroll expenses, and handle other administrative tasks, according to the Financial Technology Association. That’s why the trade group, which represents 26 fintechs, says […]

October 3, 2023

On September 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued a Consumer Protection Circular, “Adverse Action Notification Requirements and the Proper Use of the CFPB’s Sample Forms Provided in Regulation B” (Guidance), concerning lenders’ obligations when using artificial intelligence […]

September 29, 2023

The Federal Reserve’s internal watchdog said the central bank’s supervision of Silicon Valley Bank did not keep pace with the firm’s growth and increased complexity before it collapsed in March, according to a report released on Thursday. “With the benefit […]

September 27, 2023

The RECOUP Act (S.2190), which passed the Senate Banking Committee in June by a bipartisan 21-2 vote, would greatly expand the federal bank agencies’ authority to remove and permanently ban officers from the banking industry if it becomes law. While […]

September 27, 2023

In a historic move, the Senate Banking Committee on Wednesday approved a bill that would make it easier for banks to serve state-legal cannabis businesses, positioning the legislation for a potential vote in front of the full Senate. Committee members […]

September 26, 2023

The first addresses DIMA’s “failure” to create a mutual fund anti-money laundering (AML) programme, while the second concerns “misstatements” regarding the firm’s environmental, social and governance (ESG) investment processes. Gurbir Grewal, director of the SEC’s division of enforcement, states that […]

September 25, 2023

The House Financial Services Committee last week passed a bill that would stop the Federal Reserve from working on a central bank digital currency, giving the full House a chance to consider the legislation. The bill would amend the Federal […]

September 21, 2023

The Bank of Utah is being sued for its alleged knowledge in a $29 million Ponzi scheme conducted by a local investment adviser, Salt Lake City CBS-affiliate KUTV reported Wednesday. Clients of Steve Swensen, a registered investment adviser who died […]

September 19, 2023

Morgan Stanley was hit with a $750 million lawsuit Monday by private-equity firms alleging fraud related to their investment in Brightline Holdings, a high-speed rail company. The lawsuit, filed in Manhattan by affiliates of Certares Management and Knighthead Capital Management, […]

September 15, 2023

A US Treasury Department unit that investigates financial crimes has directed banks to send alerts when they come across suspicious activity that indicates a business is using check cashing companies to avoid payroll taxes and reduce workers’ compensation premiums. Such […]

September 12, 2023

China’s financial regulator on Sunday reduced the risk weighting it attaches to insurance companies’ holdings of blue-chip shares and tech stocks, encouraging them to invest more in the country’s lagging stock market. The National Administration of Financial Regulation (NAFR)said on […]

August 29, 2023

“Providing equal access to credit is essential in every community, but the painful history of Tulsa makes this agreement particularly poignant because the redlined areas include historically Black neighborhoods that have endured the legacy of racial violence and the continuing […]

August 24, 2023

Four large banks will pay $499 million to settle a class-action lawsuit levied against them in 2017 by U.S. pension funds over the banks’ alleged attempts to thwart competition in the stock-lending market. JPMorgan Chase, Goldman Sachs, Morgan Stanley and […]