Category: Regulations

November 18, 2022

On November 16, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report, focusing on the auto servicing industry, consumer reporting, mortgage servicing, and COVID-19 relief funds. The report highlights the CFPB’s continued focus on so-called junk fees […]

November 11, 2022

The DFSA claims it found deficiencies in the bank’s AML business risk assessments, client risk assessments, customer due diligence practices, suspicious activity reporting and identification of clients’ sources of funds. The regulatory authority says it also found that the bank […]

November 9, 2022

Central banks are mainly responsible for maintaining inflation in the interest of sustainable economic growth while contributing to the overall stability of the financial system. When central banks deem it necessary they will intervene in financial markets in line with […]

October 25, 2022

Banks’ relationships with fintechs, particularly banking-as-a-service (BaaS) arrangements, have garnered increased attention among regulators and lawmakers in recent months. BaaS, a business model that allows fintechs and corporations without a charter to offer their customers financial services by using the […]

October 20, 2022

Attorneys-general from 19 states are investigating six major American banks that have signed on to the United Nations’ Net-Zero Banking Alliance, pledging to achieve net-zero emissions in their lending and investment portfolios by 2050. The banks under investigation include Bank […]

October 18, 2022

The firm took the regulator to court earlier this year to challenge what it calls the DNB’s “antiquated and ineffective” AML strategy. “Where DNB insisted on using one-sided reporting from account holders – a system resting squarely on the honesty […]

October 7, 2022

President Joe Biden on Thursday announced an executive action to pardon all prior federal offenses of simple possession of marijuana, and encouraged governors to follow suit with regard to state offenses. And in what is largely seen as a major […]

September 29, 2022

In the aftermath of the global financial crisis, fintech companies burst onto the scene with a dizzying array of exciting new products and services. While fintechs are perhaps best known for designing online and mobile applications that make it easy […]

September 26, 2022

The Vermont Supreme Court has kept alive a COVID-19 business interruption loss claim by major shipbuilder against a group of reinsurers. The state’s high court ruled that the case brought by Huntington Ingalls Industries Risk Management and its captive insurer […]

September 20, 2022

Like its Senate companion, the House bill seeks more card network competition as merchants fight for lower interchange — or “swipe” — fees. Those fees, typically around 2%, are what merchants pay to route transactions through the card giants’ networks. […]

September 18, 2022

A group of President Biden-appointed bank regulators are considering new rules to require large regional banks to add to financial cushions that could be called on in times of crisis. The steps under consideration include requirements that the regional firms […]

September 12, 2022

Wells Fargo neither admitted nor denied the Labor Department’s allegations, and noted that the transactions in question stopped in 2018. “The Company strongly disagrees with the DOL’s allegations and believes it followed applicable laws in conducting the transactions,” the bank […]

August 31, 2022

Withdrawing guidance permitting banks to engage in cryptocurrency-related activities won’t address the risks presented by nonbank crypto firms and won’t promote a safer marketplace for consumers and investors, two trade groups wrote last week in a letter to the Office […]

August 22, 2022

On August 15, the Federal Reserve Board (Fed) issued final guidelines, outlining the tiered approach it will use when evaluating the growing requests from fintech firms and cryptocurrency companies for access to master accounts. The guidelines make clear that while […]

August 17, 2022

Before engaging in crypto-related activity, banking organizations supervised by the Federal Reserve should notify their lead point of contact at the central bank to ensure the activity is legal, the Fed said in a statement Tuesday. The directive is similar […]

August 15, 2022

The UNCTAD, which promotes the interests of developing states in world trade, details how crypto is a potential threat to financial stability, the allocation of capital and resources and the security of monetary systems within developing countries. Citizens of emerging […]

August 10, 2022

The banking giant says the regulator is examining its “credit card account management practices, including with respect to the application of refunds, crediting of nonconforming payments, billing error resolution, advertisements, and reporting to credit bureaus”. Goldman Sachs says it is […]

August 8, 2022

Democratic Sen. Dick Durbin finally found a Republican partner to join him in taking on the nation’s big card network companies, Visa and Mastercard. Durbin (D-IL) joined with Sen. Roger Marshall (R-KS) last month to introduce the Credit Card Competition […]

July 29, 2022

The challenger informed the CMA it had failed to send transaction histories to more than 13,000 customers, despite reporting a similar breach last year. Monzo has since contacted all affected customers to offer them a copy of their transaction history, […]

July 28, 2022

A U.S. regulator on Thursday fined U.S. Bancorp $37.5 million for mistreating customers by opening sham accounts without their permission, conduct that also occurred at larger rival Wells Fargo & Co. The Consumer Financial Protection Bureau said U.S. Bancorp, the […]