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Category: Regulations


Regulations

Morgan Stanley AML probe draws SEC, OCC, Treasury focus: report

April 12, 2024

Via: Banking Dive

Multiple U.S. regulators have joined the probe into Morgan Stanley’s efforts to prevent potential money laundering by its wealth clients, according to a report from The Wall Street Journal. The Securities and Exchange Commission, the Office of the Comptroller of […]


Regulations

Revolut to launch operations in Mexico with new banking licence

April 10, 2024

Via: FinTech Futures

Previously cited by the fintech as a “key region for international expansion”, Revolut has been in pursuit of the approval since 2021, when it hired former RappiPay executive Juan Miguel Guerra to head its entry into the market. Its efforts […]


Regulations

NY Fed enters cross-border tokenization effort

April 4, 2024

Via: Payments Dive

The central bank also provided perspective on its goals. “The project will focus on overcoming common structural inefficiencies in cross-border payments today related to differing legal, regulatory, and technical requirements, operating hours and time zones, and varying financial integrity controls,” […]


Regulations

U.S. Indicts KuCoin: What It Means for Cryptocurrency Companies Offering Money Transmission Services to U.S. Customers

April 1, 2024

Via: JD Supra

In a display of the United States’ jurisdictional reach, the Justice Department has indicted KuCoin, a prominent global cryptocurrency exchange, along with founders Chun Gan and Ke Tang, for Bank Secrecy Act (BSA) and unlicensed money transmission offenses. The indictment […]


Regulations

DOJ calls Apple card fees ‘significant expense’ for banks

March 26, 2024

Via: Banking Dive

The Justice Department lawsuit against Apple suggests banks have been victims of Apple’s antitrust infractions, noting that fees the banks must pay when consumers use credit cards are “a significant new cost.” “Apple has charged issuing banks 15 basis points […]


Regulations

SEC Charges 2 Investment Firms, Doles Out $400,000 in Fines, for ‘AI Washing’

March 21, 2024

Via: Insurance Journal

The U.S. Securities and Exchange Commission this week said it settled charges against two investment advisers related to “AI washing.” The firms, Delphia Inc. and Global Predictions Inc, will pay a total of $400,000 in civil penalties for making false […]


Capital and Risk, Credit, Regulations

FTC fines fintechs Biz2Credit, Womply $59M over PPP actions

March 19, 2024

Via: Banking Dive

Two fintechs, Biz2Credit and Womply, agreed to pay a collective $59 million to settle allegations they deceived small businesses seeking Paycheck Protection Program loans during the COVID-19 pandemic, the Federal Trade Commission said Monday. Biz2Credit and its subsidiary, Itria Ventures, […]


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 […]