Robinhood, the FinTech that garnered a lot of attention last week after announcing a checking and savings product with 3 percent interest, has retreated from that, removing any mention of checking and savings from the product. According to a report in Bloomberg, when Robinhood announced...
Multiple regulators issued a joint statement encouraging banks to embrace innovation when it comes to battling financial crime. In an interview with PYMNTS, DLA Regulatory and Compliance Policy Advisor, Paola Ronquillo weighs in on what’s changed, and what hasn’t, in the wake of the joint...
Wells Fargo won’t be allowed to grow until it hardens its risk management policies to make sure there are no more abuses of customers, according to a report by Reuters. Jerome Powell, chairman of the Federal Reserve, wrote a letter to U.S. Senator Elizabeth Warren...
The Federal Reserve sent Wells Fargo & Co. back to the drawing table with its plan to prevent consumer abuses in the future obligation of or guaranteed, rejecting its plan and calling on the bank to put in place stronger checks on management. Reuters, citing...
U.S. Senators Sherrod Brown and Marco Rubio have called for a ban on confessions of judgement, a tactic predatory lenders use to make borrowers forfeit the right to defend themselves in court, according to a report from Bloomberg. Brown, a Democrat on the Senate Banking...
The Danske Bank money laundering scandal in Denmark could potentially affect the country’s financial stability. Denmark’s largest bank is being investigated over “massive money laundering flows,” with the Securities and Exchange Commission (SEC), the Department of the Treasury and the DOJ all looking into transactions tied to...
The European Central Bank is gearing up to launch a network of watchdogs that share information on money laundering in an effort to increase scrutiny of banks. According to a report in Reuters, citing European Central Bank Supervisory Board Chair Daniele Nouy, the European Central...
Credit Suisse, UBS, and several other financial companies are in the crosshairs of regulators in Switzerland which launched an investigation into them. According to a report in CNBC, WEKO, the country’s competition watchdog, said Thursday (November 15) that it is investigating some of the largest...
Rep. Maxine Waters, the Los Angeles congresswoman, is expected to set her sights on Wells Fargo and Deutsche Bank when she becomes head of the House Financial Services Committee in January. According to a report in the Los Angeles Times, Waters is expected to become...
