The European Banking Authority (EBA) has warned that the largely unharmonized regulatory regimes across Europe regarding non-bank lending may create challenges for stakeholders, including regulators, and it recommended changes that may affect lending solutions like buy now pay later (BNPL) and peer-to-peer (P2P) platforms. In...
Speaking at an event Monday (May 9), Acting Comptroller of the Currency Michael Hsu discussed the need to rethink bank merger assessment and directed his team to work with the Department of Justice (DOJ) and other banking regulators to review the merger frameworks. “From my...
U.S. regulators are set to rework the way banks lend money to lower-income communities. A plan to update the 1977 Community Reinvestment Act was announced Thursday (May 5), with the goal of making sure lending is more evenly distributed to lower-income consumers and small businesses....
The European Union (EU) will be moving ahead with its digital euro investigation, including exercises on how people will interact and pay with the digital coin if it is adopted. The European Central Bank (ECB) put out a call for payment service providers, banks and...
The European Banking Authority (EBA) said in its response to the European Commission’s Call for Advice that banks don’t need cryptocurrency protections — yet, according to a Friday (April 29) press release from the European policymaker. The European Commission’s Call for Advice proposed a set of recommendations...
The Chinese anti-corruption watchdog has reportedly put Tian Huiyu, the ex-president of China Merchants Bank, under investigation, The Wall Street Journal (WSJ) wrote. This comes after he had been removed abruptly from the state-backed lender’s head spot. Huiyu had reportedly been “suspected of seriously violating...
No comment. Really — at least right now — now comment. Today remarks the end of a public commentary period on proposed changes to how companies — particularly FinTechs — can apply for and be granted master accounts with the Federal Reserve. As we spotlighted...
The Office of the Comptroller of the Currency (OCC) issued yesterday, April 21, 2022, two cease-and-desist orders against USAA Federal Saving Bank and Anchorage Digital Bank for violations of the Bank Secrecy Act (BSA) and deficiencies in their anti-money laundering (AML) programs. In the case...
Cryptocurrency lender Anchorage Digital Bank failed to comply with anti-money laundering mandates (AML) and violated rules for monitoring suspicious activity, according to a statement from the Office of the Comptroller of the Currency (OCC). The OCC said the flagship crypto bank, which was granted a...
