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Category: Regulations


Business Banking, Products, Regulations

Mastercard, Visa, eBay and Stripe follow PayPal’s suit and leave Facebook’s Libra

October 14, 2019

Via: Banking Technology

The Financial Times and Bloomberg reported the decisions by five heavy-weight backers to pull out of the project, which now leaves Libra with no major US payment processor following PayPal’s drop out too earlier last week. On Wednesday last week, […]


Capital and Risk, Liquidity, Regulations

Federal Reserve shelves tougher liquidity rules for foreign banks

October 11, 2019

Via: Banking Technology

The rules establish a framework that sorts banks with $100 billion or more in total assets into four different categories based on factors, including asset size, cross-jurisdictional activity, reliance on short-term wholesale funding, nonbank assets, and off-balance sheet exposure. According […]


Regulations

Deutsche Bank to focus on Germany for job cutting scheme

October 10, 2019

Via: Banking Technology

The lender is relying on savings at retail units to lower its annual costs. It employs 41,700 people in Germany, out of a total of 91,700. Deutsche Bank announced that it would be cutting 18,000 jobs in July, a key […]


Regulations

World Federation of Exchanges asks FCA not to ban sale of crypto derivatives to retail investors

October 7, 2019

Via: Finextra

The FCA consulted the industry on measures to protect investors, who may seek to buy crypto-based futures, options, and contracts for difference and exchange-traded notes. In its response, the WFE emphasised its desire to help find the right balance between […]


Regulations

Credit Suisse Executive Steps Down Amid Spying Scandal

October 1, 2019

Via: The New York Times

The chief operating officer of Credit Suisse, Pierre-Olivier Bouée, resigned on Tuesday as the company board examined his involvement in a corporate spy scandal. In August, Mr. Bouée ordered the Swiss bank’s head of security services to start surveillance of […]


Regulations

Scandal-plagued Wells Fargo names BNY Mellon’s Charles Scharf as CEO

September 27, 2019

Via: CNBC

Wells Fargo named Charles Scharf, chairman and CEO of Bank of New York Mellon, as its new chief executive officer and president on Friday, effective Oct. 21. “Charlie has demonstrated a strong track record in initiating and leading change, driving […]


Regulations

Israeli government to fast-track fintech and blockcain licenses

August 20, 2019

Via: Banking Technology

The Capital Market, Insurance and Saving Authority division is dedicating industry teams, some of whom specialise in blockchain companies, to create local competition by increasing the number of licensed fintech companies across the country. Around 2,000 fintech and blockchain companies […]


Regulations

Wells Fargo’s Irish arm fined for regulatory breaches

July 5, 2019

Via: Finextra

The Central Bank of Ireland (CBI) has slapped a €5.9 million penalty on Wells Fargo Bank International Unlimited Company, the second biggest fine it has ever issued, for what it called a prolonged series of regulatory reporting breaches and “serious […]


Regulations

FCA suggests ban on crypto derivatives

July 5, 2019

Via: Finextra

The Financial Conduct Authority (FCA) has focused on derivatives linked to crypto-assets, citing their extreme volatility, difficulty in valuation and the limited understanding of these products among retail consumers. The regulator’s fear is that retail investors may “suffer harm from […]


Capital and Risk, Macroeconomic, Regulations

History suggests Fed can’t make ‘insurance cuts’ to keep expansion alive

June 18, 2019

Via: Market Watch

Federal Reserve officials have spoken approvingly of the idea of “insurance” interest-rate cuts that could be enough to shore up financial markets and keep the expansion on track. “Now, if you look back at Fed history– I’m not looking to […]