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Category: Regulations


Regulations

Revolut seeks help applying for UK banking licence & loses four more execs

April 30, 2020

Via: Banking Technology

The UK challenger bank published the job listing on its career page, first spotted by AltFi. The job advert further supports reports by The Sunday Times last month that the fintech is gearing up to apply for a UK banking […]


Capital and Risk, Credit, Regulations

Mnuchin says U.S. will audit small-business loans above $2 million and warns of ‘criminal liability’ for false certifications

April 28, 2020

Via: Market Watch

The Trump administration will audit small-business loans above $2 million, U.S. Treasury Secretary Steven Mnuchin said Tuesday, as he warned of criminal liability for companies who improperly got government cash. “It’s the borrowers who have criminal liability” if they made […]


Regulations

Courts Allows Shareholder Class Action Against Goldman Sachs Tied to 2008 Crisis

April 13, 2020

Via: Insurance Journal

Goldman Sachs Group Inc. must face a shareholder class action accusing the bank of hiding conflicts of interest, including behind-the-scenes dealings with a prominent hedge fund manager, when creating risky subprime securities before the 2008 financial crisis. In a 2-1 […]


Capital and Risk, Credit, Regulations

The Fed is lifting Wells Fargo’s asset cap so it can help lend to small business

April 8, 2020

Via: CNBC

The Federal Reserve is lifting the asset cap it has imposed on Wells Fargo so the bank can participate in the government’s business lending programs. In a move that was expected, the central bank said Wells will have to return […]


Capital and Risk, Credit, Regulations

Regulators urge banks and credit unions: Help your customers during the coronavirus emergency

March 26, 2020

Via: Market Watch

Regulators are pushing for banks, credit unions and savings associations to provide consumers and small businesses with loans to help offset the financial burden caused by the coronavirus national emergency. The Board of Governors of the Federal Reserve System, Consumer […]


Regulations

Bank CEOs convene in Washington for meeting with President Trump on coronavirus response

March 11, 2020

Via: CNBC

The leaders of the biggest U.S. banks are scheduled to meet with President Donald Trump on Wednesday afternoon as the U.S. government grapples with the spread of the coronavirus. CEOs expected to attend the 3 p.m. ET event include Brian […]


Regulations

Financial regulators address the economic & operational effects of COVID-19

March 5, 2020

Via: Banking Technology

The Bank of Japan (BoJ), European Central Bank (ECB), UK’s Financial Conduct Authority (FCA) and the US Federal Reserve have all announced a range of measures that target the economic and operational risks the virus poses. “The coronavirus outbreak is […]


Regulations

Former Wells Fargo CEO barred from banking industry, fined $17.5m

January 24, 2020

Via: Banking Technology

Seven other former Wells Fargo executives were reprimanded by the Office of the Comptroller of the Currency (OCC), tallying fines with Stumpf which collectively come to at least $59 million. Stumpf agreed to his settlement alongside two other executives, having […]


Business Banking, Products, Regulations

Cashaa opens broker account for crypto businesses to enforce new FCA rules

January 20, 2020

Via: Finextra

Cashaa’s mission is to help crypto businesses get access to banking who have always struggled with traditional banks. Finally, in 2019, it started its operations in partnership with an FCA regulated entity intending to become the go-to banking services provider […]


Channels, Regulations

Chinese regulators planning digital banking go-ahead

January 16, 2020

Via: Banking Technology

In what is being billed as a push to reduce risk in the financial sector and encourage new entrants into the marketplace, the new rules could allow existing foreign companies in China – Like HSBC and Standard Chartered – to […]