Metro Bank senior managers are being grilled by the U.K. Financial Conduct Authority (FCA) about a misreporting scandal that caused stock values to fall in excess of 80 percent, the Financial Times reported on Tuesday (Sept. 17). The FCA first began investigating the high street bank in...
An increased number of banks are swapping their own regulators for oversight by the Office of the Comptroller of the Currency (OCC), The Wall Street Journal reported on Tuesday (Sept. 17). U.S. financial institutions can choose either state or federal oversight, although it is more...
The Australian Securities and Investments Commission (ASIC) is just weeks away from filing lawsuits against the country’s biggest banks, as the regulator increases its active investigations, Reuters reported on Monday (Aug. 19). The agency said in a recently published report that it was going to...
The Office of the Comptroller of the Currency (OCC) has announced that it’s going to realign about 150 staff members in two new units, the organization said in a press release. The two units will consolidate bank supervision support, risk analysis, and oversight of national...
Among the main stories in payments in recent months has been the increasing push to reform federal banking laws so that legal cannabis retailers can move away from their cash-based businesses and move further into the world of the digital payments. On Tuesday (July 23),...
The U.K.’s Competition and Markets Authority (CMA) is ordering Barclays to improve its treatment of small and medium-sized businesses (SMBs) after the financial institution reportedly admitted to initially failing to change practices to comply with CMA requirements. Reuters reported late last week that the CMA...
President Trump has made two new nominations to the U.S. Federal Reserve. According to his tweets and reports, he wants to fill two board vacancies with Judy Shelton, who serves as U.S. executive director at the European Bank for Reconstruction and Development, and Christopher Waller,...
Internal auditors at Deutsche Bank found weaknesses in anti-money laundering processes resulted in checks and high-value electronic payments being processed without undergoing the proper vetting. The Financial Times, citing people familiar with the review, reported the lax anti-money laundering and sanctions controls were in place...
Open Banking is brand new, but maybe not. Token.io Limited CEO Steve Kirsch tells Karen Webster that there are limitations with PSD2 amid a lack of API standardization. There’s precedent in the World Wide Web when it comes to having the most open protocols in accessing financial...
