If presidential hopeful Sen. Elizabeth Warren (D-Massachusetts) gets into the White House, it is expected that the finance industry – bank mergers in particular – will be put under a microscope, The New York Times reported on Wednesday (Dec. 4). She is already planning to...
Four federal agencies, in conjunction with state bank regulators, clarified the legal status of hemp-related businesses and the applicable edicts under the Bank Secrecy Act (BSA) for financial institutions (FI) offering services to those businesses, the Office of the Comptroller of the Currency (OCC) said...
The Prudential Regulation Authority (PRA), the supervisory arm of the Bank of England (BoE), has fined Citigroup a record-breaking $56.3 million for not completing accurate returns between 2014 and 2018, according to a report by Reuters. The regulator said the data it received from Citigroup...
The U.S. recorded its fourth bank failure this year — the first collapse of financial institutions since 2017, according to data from the Federal Deposit Insurance Corp (FDIC). The most recent failure was on Nov. 1 when City National Bank of New Jersey closed its...
Deutsche Bank told U.K. regulators that it still has ongoing problems processing high-value payments despite more than three years of remediation efforts, the Financial Times (FT) reported on Sunday (Nov. 10). The German bank’s executives met with Bank of England (BoE) officials at the end...
U.K. legislators are calling for a mandatory 24-hour waiting period on all first-time payments between bank accounts as a way to reduce fraud, Reuters reported on Friday (Nov. 1). Parliament’s Treasury Select Committee said in a report that in the first six months of 2019,...
New York’s federal district court ruled that the U.S. Office of the Comptroller of the Currency (OCC) does not have the power to grant national charters to financial technology (FinTech) companies, The Wall Street Journal reported on Tuesday (Oct. 22). The decision is a victory...
The United States Federal Reserve has passed new rules which lower the liquidity and capital requirements for most banks, as well as easing other restrictions. The Financial Times is reporting that Federal Reserve Chair Jay Powell announced the new rules on Thursday (Oct. 10), and...
Germany’s state-owned savings and cooperative banks are moving forward with discussions that could create a powerful financial association with $286 billion in assets and a staff of 11,000, the Financial Times reported on Wednesday (Oct. 9). Talks between Frankfurt bank Helaba and asset manager Deka were...
