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Category: Regulations


Regulations

Blockchain-based lender Figure seeks US bank charter

November 24, 2020

Via: Banking Technology

Founded by former Sofi executives, Figure uses its Provenance blockchain for loan origination, servicing, financing, and private funds. The firm is looking for a charter to reduce the complexity of its operations. Mike Cagney, CEO of Figure, says that without […]


Regulations

US Department of Justice moves to block $5.3bn Visa-Plaid deal

November 9, 2020

Via: FinTech Futures

The DOJ alleges that Visa’s reason for acquiring Plaid is to take a future competitor out of the market. It describes Visa as “a monopolist in online debit services, charging consumers and merchants billions of dollars in fees each year.” […]


Regulations

JPMorgan warns of another potential regulatory fine tied to weak ‘internal controls’ at bank

November 3, 2020

Via: CNBC

JPMorgan Chase said that just weeks after paying a record penalty it is facing another potential fine, this time over internal controls in wealth management and other areas. The bank disclosed the impending action late Monday in a filing, saying […]


Regulations

FCA and PRA fine Goldman Sachs £96.6m for 1MDB scandal

October 23, 2020

Via: FinTech Futures

The FCA and PRA fines are part of a globally coordinated resolution reached with Goldman Sachs Group (GSG) and its subsidiaries. GSI is an indirect wholly owned subsidiary of the GSG. GSI acts as a material booking entity for bond […]


Regulations

Three major US banks make up half of 2020’s $11.39bn fine total

October 22, 2020

Via: Banking Technology

Together, Goldman Sachs, Wells Fargo, and JP Morgan Chase paid $7.85 billion of this total, according to Finbold’s ‘Bank Fines 2020’ report. Finbold classes a ‘major fine’ as anything above $592,000, highlighting that “the real numbers of violations can be […]


Regulations

Morgan Stanley fined $60m for improper disposal of personal data

October 16, 2020

Via: FinTech Futures

The charges refer to the bank dismantling two data centres connected to its wealth management business in 2016. According to the OCC, Morgan Stanley failed to oversee third-party companies responsible for the erasure and removal of personal data. The OCC […]


Regulations

Fed plans new round of bank stress tests in response to Covid-19

October 15, 2020

Via: The Banker

The ongoing uncertainty around the Covid-19 pandemic has prompted the US Federal Reserve Board to announce another round of bank stress tests to see how large banks stand up against two scenarios featuring severe recessions. “The Fed’s stress tests earlier […]


Regulations

Citi to pay $400m OCC fine for risk management failures

October 12, 2020

Via: Banking Technology

The South Dakota-based bank was found to have “deficiencies” in enterprise-wide and compliance risk management, as well as its data governance and internal controls. As well as paying a hefty fine to the US Treasury, Citi will also have to […]


Channels, Regulations

WeChat transactions ban blocked by US judge

September 22, 2020

Via: Banking Technology

The ban is a response to an executive order from President Donald Trump. The Department of Commerce announced last week it would prohibit transactions on mobile apps WeChat and TikTok. The order was to come into force on 20 September. […]


Regulations

EBA calls for EU-wide set of anti-money laundering rules

September 14, 2020

Via: Banking Technology

The EBA is responding to a call for advice issued by the European Commission (EC). It sets out how the EU legal framework needs a boost to tackle vulnerabilities linked to divergent national approaches. Under current guidelines, EU states have […]