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Category: Regulations


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 […]


Regulations

JP Morgan and fellow Viva Wallet shareholder WeRealize exchange lawsuits

February 20, 2024

Via: FinTech Futures

The US bank first acquired a 48.5% stake in Viva Wallet in December 2022 in an effort to tap the European payments market, with WeRealize, led by Viva Wallet founder Haris Karonis, retaining the remaining share. However, reports have suggested […]


Regulations

FTC Requires Non-Banking Financial Institutions to Report Data Security Breaches

February 14, 2024

Via: JD Supra

Beginning May 11, 2024, non-banking financial institutions regulated by the Federal Trade Commission (FTC) will be required to submit notifications of data breaches or other security events that impact 500+ consumers. The FTC issued a final rule (the Rule) amending […]


Regulations

Reforms to Financial Laws in Administrative Procedure

February 7, 2024

Via: JD Supra

The Decree responds to various criteria issued by Mexico’s Supreme Court of Justice (the “SCJN”), which declared that several financial laws were unconstitutional. These criteria had been leveraged by participants in the financial sector to vacate fines and sanctions. For […]


Regulations

Bank Groups Sue US Regulators to Halt Anti-Redlining Rules

February 6, 2024

Via: Insurance Journal

Several industry groups sued US regulators to block recent overhauls to the Community Reinvestment Act, arguing the new rules meant to tackle redlining and boost lending to lower-income areas will actually discourage banks from lending. The American Bankers Association, U.S. […]


Regulations

NY AG sues Citi over denied fraud claims

January 30, 2024

Via: Banking Dive

New York Attorney General Letitia James sued Citi in federal court Tuesday, alleging the bank fails to protect customers from fraud and refuses to reimburse victims. “Banks are supposed to be the safest place to keep money, yet Citi’s negligence […]


Regulations

CFPB proposes new laws to stamp out NSF fees for transactions declined in real time

January 25, 2024

Via: FinTech Futures

NSF fees are typically incurred when a transaction is processed and then declined due to lack of funds through payments made via cheques, electronic authorisations or the Automated Clearing House (ACH). Data published by the Bureau in 2022 suggests that […]


Regulations

Bill Introduced to Keep CFPB Out of State Insurance Regulation

January 17, 2024

Via: Insurance Journal

New bi-partisan legislation meant to keep the regulation of insurance companies with state regulators was introduced in the Senate on Jan. 16. The Business of Insurance Regulatory Reform Act of 2024 from senators Tim Scott, R-S.C., and Joe Manchin, D-W.V., […]


Capital and Risk, Insurance, Regulations

Fla. Senate Panel Votes to Raise Citizens’ Policy Cap to $1M, End Glidepath for Some

January 17, 2024

Via: Insurance Journal

The Florida Senate’s Banking and Insurance Committee on Tuesday approved a bill that would make the state-backed Citizens Property Insurance Corp. more like an insurer of last resort, unrestricted by premium caps – at least for some expensive homes in […]


Regulations

Fed bans ex-banker, fines 3 others over data handling

January 16, 2024

Via: Banking Dive

The Federal Reserve Board last week banned a former banker from future work in the industry and issued enforcement actions against three others over their mishandling of sensitive information, according to a Thursday press release from the central bank. John […]


Regulations

Treasury Announces Renewed Push for Investment Adviser AML Rules in Q1 2024

January 11, 2024

Via: JD Supra

The United States Department of the Treasury has announced that it is working to address what it perceives as money laundering risks associated with investment advisers. Specifically, the agency asserts that absent consistent and comprehensive anti-money laundering (“AML”) and countering […]


Regulations

The Corporate Transparency Act: A New Federal Law with Broad Implications

January 10, 2024

Via: JD Supra

The Corporate Transparency Act (the “CTA”) is a new federal law enacted in 2021 to combat money laundering, terrorism, tax fraud and other illegal activities. Starting January 1, 2024, the CTA will require a substantial number of business entities to […]


Regulations

Bank of America to take $1.6B charge in Q4 earnings

January 8, 2024

Via: Banking Dive

Bank of America will recognize a $1.6 billion charge for 2023’s fourth quarter, the Charlotte, North Carolina-based lender said Monday, according to a filing with the Securities and Exchange Commission. The charge stems from Bloomberg’s announcement that it would halt […]


Regulations

FCA Finalises UK Sustainable Investment Rules, With More To Follow After Further Consultation

January 8, 2024

Via: JD Supra

On 28 November 2023, the UK’s Financial Conduct Authority (FCA) unveiled its Policy Statement PS 23/16 (Policy Statement), which sets out the final rules for sustainability disclosure and investment labels (SDR Rules). The market has been anticipating this development since […]


Regulations

Financial trade groups remind CFPB of the SBREFA requirements for the imminent overdraft and NSF fee rulemaking

January 5, 2024

Via: JD Supra

American Bankers Association, America’s Credit Unions, and Independent Community Bankers of America wrote a letter to CFPB Director Rohit Chopra to address their concerns that the CFPB’s proposal for rulemaking on non-sufficient funds (NSF) and overdraft fees triggers the statutorily […]


Regulations

Tax Court holds that an offshore fund is engaged in a U.S. trade or business

January 3, 2024

Via: JD Supra

On November 15, 2023, the U.S. Tax Court held in YA Global Investments v. Commissioner that a non-U.S. private equity fund (YA Global) with a U.S. asset manager that bought equity and convertible debt of U.S. portfolio companies was engaged […]