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Category: Regulations


Products, Regulations, Retail banking

USAA customers to get $12m back for payment errors

January 7, 2019

Via: Banking Technology

USAA Federal Savings Bank has been ordered to pay $12 million in restitution to customers and got hit with a $3.5 million fine for its unusual payment behaviour. In its consent order, the Consumer Financial Protection Bureau (CFPB) says it […]


Regulations

Major banks suspected of collusion in EU bond rigging probe

December 20, 2018

Via: Market Watch

The European Commission suspects Deutsche Bank AG, Credit Suisse Group AG and two other global banks of colluding to manipulate a multi-trillion-dollar government-backed bond market, escalating a long running probe. The European Union’s executive arm, which opened the investigation almost […]


Regulations

SEC Actions Against Public Companies Surged in Second Half

December 14, 2018

Via: Insurance Journal

The number of new U.S. Securities and Exchange Commission (SEC) enforcement actions against public companies and subsidiaries jumped substantially in the second half of fiscal year 2018. According to a report by the NYU Pollack Center for Law & Business […]


Regulations

Revolut gets European banking licence

December 13, 2018

Via: Banking Technology

Following on from the recent licences in Singapore and Japan, challenger Revolut has got its European banking licence. The “specialised” bank licence was facilitated by the Bank of Lithuania. This type of licence was introduced by the Bank of Lithuania […]


Regulations

Fed reportedly rejects Wells Fargo’s reform plan for preventing further consumer abuses, shares fall

December 6, 2018

Via: CNBC

The Federal Reserve rejected Wells Fargo’s plan to prevent more consumer abuses by the embattled bank, adding it needs stronger checks on the company’s management, Reuters reported citing three people with knowledge on the matter. According to the report, the […]


Regulations

New Financial Rules Could Allow China’s Smaller Banks to Fail. That’s a Good Thing.

November 28, 2018

Via: The New York Times

China’s too-big-to-fail banking rules are heading in the right direction. Chinese regulators published new guidelines on Tuesday for supervising the nation’s financial institutions. Of course, Beijing owns most big lenders, and failures are almost unheard-of. But the very act of […]


Regulations

US regulator plays hardball over ICO securities

November 20, 2018

Via: Banking Technology

The SEC has settled charges against two companies that sold digital tokens in ICOs. These are the commission’s first cases imposing civil penalties solely for ICO securities offering registration violations. Both companies have agreed to return funds to harmed investors, […]


Regulations

Danske Bank Whistleblower Says U.S., European Banks Helped Launder Money

November 19, 2018

Via: Insurance Journal

The whistleblower who revealed suspected money laundering involving Danske Bank said on Monday that two major U.S. and one European banks were among several which had helped process suspicious payments. Payments totaling 200 billion euros ($228.5 billion) made through Danske […]


Regulations

Europe needs a fully formed banking union to compete with Wall Street, Deutsche Bank CEO says

November 16, 2018

Via: CNBC

European banks desperately need a fully formed banking union to compete with the world’s most valuable financial institutions, according to the chief executive of Germany’s biggest lender. “We have to accelerate the banking union and revitalize the concept of a […]


Regulations

Wells Fargo Will Pay $65M Penalty to New York Over Cross-Selling Practices

October 23, 2018

Via: Insurance Journal

Wells Fargo & Co. will pay a $65 million penalty to New York state related to its cross-selling practices. The bank failed to disclose to investors that the success of its cross-selling – the pitching of additional financial products to […]