The increasing links between financial institutions and Big Tech, particularly in cloud computing, is alarming — and regulators need to sit up, the European Banking Authority (EBA) warned on Tuesday (Sept. 21). The European Union (EU) watchdog said that regulators are not up to speed...
U.S. banking lobby groups want to nix a proposal for bank account reporting that’s part of the congressional reconciliation package. The groups, in a letter to Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy, said the proposal could make for “reputational” challenges for large...
Sen. Elizabeth Warren said she thinks the Federal Reserve needs to break up Wells Fargo over what she referred to in a letter on Monday (Sept. 13) as repeated instances of misconduct. Warren wrote that the massive bank has failed to “eliminate abusive and unlawful...
They say a chain is only as strong as its weakest link. Extending that logic a bit, it follows that open banking, underpinned by data, is only as reliable as the data itself. To that end, some red flags over data practices have just been raised...
A civil trial began on Monday (Sept. 13) against three former Wells Fargo executives for their alleged roles in the bank’s misconduct scandal, the Office of the Comptroller of the Currency (OCC) announced. The OCC’s public hearing before an administrative law judge in Sioux Falls,...
Guidance published in collaboration with several federal agencies was recently handed down to offer voluntary counsel for community banks launching partnerships with FinTechs, according to a recent report. The Federal Deposit Insurance Corporation (FDIC), the U.S. Federal Reserve (Fed) and the Office of the Comptroller...
The Securities and Exchange Commission (SEC) is ramping up its probe into special purpose acquisition companies (SPACs) and is targeting potential conflicts of interest regarding bank fees when the same financial institution (FI) serves as both underwriter and adviser on the same deal, Reuters reported....
Lloyds Bank was hit with a fine totaling £90 million by the U.K. Financial Conduct Authority (FCA), it’s biggest since 2019 and the second largest in the agency’s history, the Financial Times reported on Thursday (July 8). The fine was levied against the London-headquartered bank...
If a severe recession happens, the Federal Reserve‘s new annual stress tests shows large banks could continue lending to both households and businesses, a press release says. There were 23 large banks surveyed, and the report finds that all of them are positioned to keep...
