The Federal Reserve will close tomorrow, April 22, a public consultation for its updated guidelines to evaluate requests for accounts and services at Federal Reserve Banks. However, according to the Federal Reserve’s website, there is not even one public comment to these guidelines — this...
The European Banking Authority (EBA) on Tuesday, April 19 will close a public consultation launched in January to better understand certain trends of payment fraud in Europe, and to figure out the origins of some types of fraud by payment method. The discussion paper released...
Former Obama Treasury official Michel Barr is expected to get an official nomination from President Joe Biden to fill the role of vice chairman of banking supervision at the Federal Reserve, according to a White House statement on Friday (April 15). Barr was dangled as...
On Thursday April 7, the Federal Deposit Insurance Corporation (FDIC) announced that it will require all the institutions that it supervises to notify if they are engaged or intent to engage in any activity involving or related to crypto assets. The FDIC will review the...
The European Central Bank (ECB) plans to end easy collateral terms that commenced at the start of COVID-19 and tighten banks’ access to liquidity, the bank announced Thursday (March 24). The pandemic collateral easing measures that were introduced nearly two years ago will be phased...
The U.K. Competition and Markets Authority (CMA) on March 21 sent two letters to Barclays and Lloyds to communicate the regulator’s concerns about breaching their open banking obligations set out in the Retail Banking Market Investigation Order 2017 (the Order). In 2017, as a result...
The United Kingdom’s banking regulator has ruled that Barclays Bank UK Plc has failed to make available accurate, comprehensive and timely information on its products and services through its Open Banking application programming interfaces (APIs). In a letter to Barclays dated Monday (March 21), the...
The Financial Crimes Enforcement Network (FinCEN) has announced a $140 million civil money penalty against USAA Federal Savings Bank for “willful violations” of the Bank Secrecy Act (BSA). In a press release published Thursday (March 17), FinCEN said USAA FSB has admitted it didn’t implement...
In July 2021, the U.K. Competition and Markets Authority (CMA) mandated the use of variable recurring payments (VRPs) as a mechanism to allow the automatic transfer of money between a customer’s own accounts (known as Sweeping). Sweeping was one of the remedies adopted in 2017...
