The EU is cracking down on the ability for banks outside the EU to sell services to the bloc, with a focus on “core banking.” Financial Times writes that this will hopefully ease concerns in the industry about more sweeping restrictions. EU executive vice president...
Mergers and acquisitions have been a mainstay of financial services, a strategic tool that helps big firms get bigger and smaller firms become, well, big. At a high level, M&A can be seen as a direct answer to that age-old question of build vs. buy,...
After two months of hand-wringing and criticism from the financial industry and political opponents who feared President Biden’s nominee to oversee the nation’s top banks was too harsh, Saule Omarova’s bid to lead the Office of the Comptroller of the Currency (OCC) was withdrawn Tuesday...
Stricter rules and more oversight are needed to curb the risk of bond funds throwing market stability and the runaway growth of decentralized finance (DeFi), the Bank for International Settlements (BIS) said in its December Quarterly Review. The financial watchdog that serves central banks worldwide...
President Joe Biden is weighing whether to nominate attorney and former Consumer Financial Protection Bureau Richard Cordray as the Federal Reserve’s top banking regulator, people familiar with the discussions told The Wall Street Journal Tuesday (Nov. 30). Cordray would be “the government’s most influential overseer...
On the surface, it sounds good. Acting Comptroller of the Currency Michael Hsu confirmed that banks can hold cryptocurrencies for customers, can hold dollar reserves for stablecoin issuers and can use stablecoins to make payments. In reality, the Nov. 23 interpretive letter was a stark...
Over the objections of bankers and critics in the Senate, President Joe Biden officially nominated Cornell University law professor Saule Omarova to serve as the Comptroller of the Currency (OCC) and sent the bid to the Senate. The nomination comes five weeks after the Biden...
China’s president is taking a closer look at the connections between his country’s state banks and larger private-sector operators in an effort to clamp down on capitalist forces. That’s according to a Monday (Oct. 11) report in The Wall Street Journal, which says President Xi...
Regulatory agencies and financial institutions (FIs) agree on the importance of protecting the banking ecosystem from illicit activity and fraudulent users, but the methodology of fraud prevention varies. Know your customer (KYC) is a crucial battleground for debate in the anti-money laundering (AML) space. FIs...