Wells Fargo’s regulatory woes continue. According to a report in The Wall Street Journal on Wednesday (Nov. 7), the bank in “recent weeks” has been sent a “regulatory warning” from the U.S. Office of the Comptroller of the Currency (OCC) regarding the financial institution’s “ technology operations.” Such...
Roughly a decade on, is it time to remove some of the rules governing the financial sector that took shape in the aftermath of the Financial Crisis of 2008? To that end, the Federal Reserve proposed last week that some rules be relaxed for 16...
In the latest salvo over awarding national bank charters to FinTechs spanning tech upstarts across online lending and various payments functions, the Conference of State Bank Supervisors (CSBS) filed suit late last week against the Office of the Comptroller of the Currency (OCC) over the...
Australia and New Zealand Banking Group announced Friday (October 12) that it fired more than 200 employees for engaging in misconduct, reported Reuters, citing ANZ Chief Executive Shayne Elliott. According to a report in Reuters, Elliott, in his first public comments after a critical report...
Investors shouldn’t shrug off fines against big banks that run afoul of banking regulations because they impact returns over the longer term. That’s according to The Wall Street Journal, which reported that regulations put on large banks after the great recession — combined with pressure...
Lloyds Banking Group has been ordered by the Competition and Markets Authority (CMA) to improve its communications with customers pertaining to payment protection insurance (PPI) policies. According to news from The Financial Times, citing the U.K. regulator, Lloyds was told to improve its communications because it has...
Five federal agencies spoke on Wednesday (Oct. 3) on how community banks and credit unions can share resources to boost anti-money laundering (AML) efforts, and make Bank Secrecy Act (BSA) compliance streamlined. The agencies include the Federal Reserve Board, the Financial Crimes Enforcement Network, the National Credit...
The China Banking and Insurance Regulatory Commission (CBIRC) is issuing fines to banks at a record rate in an effort to combat increasing financial risk. Bloomberg, citing research by UBS, reported the CBIRC has issued 4 billion yuan — or $585 million — in fines since Chairman...
European Regulators have issued a warning about what they are calling serious weaknesses in how the EU controls money laundering in the wake of scandals. According to a report in the Financial Times citing a confidential paper prepared by the EU financial supervisors, the supervisors said recent...
