Category: Regulations

September 15, 2023

A US Treasury Department unit that investigates financial crimes has directed banks to send alerts when they come across suspicious activity that indicates a business is using check cashing companies to avoid payroll taxes and reduce workers’ compensation premiums. Such […]

September 12, 2023

China’s financial regulator on Sunday reduced the risk weighting it attaches to insurance companies’ holdings of blue-chip shares and tech stocks, encouraging them to invest more in the country’s lagging stock market. The National Administration of Financial Regulation (NAFR)said on […]

August 29, 2023

“Providing equal access to credit is essential in every community, but the painful history of Tulsa makes this agreement particularly poignant because the redlined areas include historically Black neighborhoods that have endured the legacy of racial violence and the continuing […]

August 24, 2023

Four large banks will pay $499 million to settle a class-action lawsuit levied against them in 2017 by U.S. pension funds over the banks’ alleged attempts to thwart competition in the stock-lending market. JPMorgan Chase, Goldman Sachs, Morgan Stanley and […]

August 24, 2023

Morgan Stanley is paying another $6.9 million over its failure to retain communications made over WhatsApp by employees, but the agency levying the penalty may not be who you’d expect. Ofgem, the U.K.’s energy regulator, fined a subsidiary of the […]

August 22, 2023

Wells Fargo beat shareholders’ lawsuit accusing it of conducting fake interviews of nonwhite and female candidates, Reuters reported Monday. In a ruling Friday, Judge Trina Thompson, of the U.S. District Court for the Northern District of California, said shareholders could […]

August 8, 2023

A shareholder sued KeyBank on Friday, claiming the Cleveland-based lender misled investors about its liquidity when it revised its projection for net interest income this year. The bank adjusted its NII estimate to a range of 1% to 4% — […]

August 7, 2023

From 2 September 2023, Revolut’s US customers will no longer be able to place buy orders for crypto with the bank, with access due to be fully disabled a month later. A spokesperson for the bank told FinTech Futures that […]

August 7, 2023

Now that regulators in Washington have unfurled a hefty reform package of post-financial crisis capital regulations, banking industry advisers are honing in on what they consider most disruptive, including risk management requirements that could affect real estate lending, consumer credit […]

August 1, 2023

Banks have tightened lending standards as the Fed, beginning in March 2022, raised interest rates 11 times — the most aggressive pace in four decades. Policymakers, aiming to curb inflation to the central bank’s 2% target, increased the federal funds […]

July 27, 2023

The Bank Policy Institute and American Bankers Association submitted a petition this week to the Federal Reserve to consider a rulemaking process and seek public comments on its annual scenarios used to determine stress capital buffer requirements. In a letter […]

July 26, 2023

The Long-Term Effects Felt by Lenders Nationwide. As a result of the United States government instituting the Paycheck Protection Program (“PPP”), companies nationwide have defaulted on hundreds of thousands of PPP loans, and some say that fraud could be an […]

July 24, 2023

The letter says that there is currently “widespread practice of firms showing currency conversion services as have ‘zero fees’ or ‘0% commission’”, but claims this is “highly misleading when a much larger charge is embedded in the exchange rate, ranging […]

July 24, 2023

The Federal Reserve fined UBS $268.5 million in connection with “unsafe and unsound counterparty credit risk management practices” between Credit Suisse — the bank UBS recently acquired — and defunct investment fund Archegos, according to a consent order announced Monday. […]

July 21, 2023

FTX Trading on Thursday sued founder Sam Bankman-Fried and other former executives of the cryptocurrency exchange, seeking to recoup more than $1 billion they allegedly misappropriated before FTX went bankrupt. The complaint filed in Delaware bankruptcy court also names as […]

July 20, 2023

The Fed says it found that Deutsche Bank made “insufficient remedial progress” in fixing its anti-money laundering controls after initially flagging concerns with the bank back in 2015 and 2017. It adds that Deutsche Bank “had deficient anti-money laundering internal […]

July 18, 2023

The news comes exactly a year after it had published a statement calling for the need to regulate the crypto industry on an international level. “The events of the past year have highlighted the intrinsic volatility and structural vulnerabilities of […]

July 18, 2023

Last Friday, ten banking and payments trade associations, including the Electronic Payments Coalition, wrote a joint letter to Congress stating “strong opposition” to the Credit Card Competition Act, and a related amendment proponents of the bill seek to attach to […]

July 18, 2023

In a report published in June 2023, the Columbia Center on Sustainable Investment (CCSI) claims that many financial institutions’ climate strategies are not currently aligned with global climate goals under the Paris Agreement. The report, entitled “Finance For Zero: Redefining […]

July 12, 2023

The European Central Bank and Commission de Surveillance du Secteur Financier (CSSF) have jointly lodged the submission in Luxembourg. The announcement has been accompanied by the firm’s commitment to invest €200 million in Luxembourg and across the wider region to […]