FinTech startups and big tech may provide competition for established banks that have bad loans on the books, The European Banking Authority (EBA) said on Tuesday (July 3). In addition, the EBA said banks might be burdened with old technology, Reuters reported. “This is particularly...
Bank of America is being sued for $120 million after failing to flag large deposits into small accounts, which were cleared a few days later. Previously, U.S. Bank was fined $600 million for failing to flag and report suspicious activity according to anti-money laundering (AML)...
Financial services companies in the U.K will have to undergo cyber stress tests to ensure they could recover if they were hit with a major cyber breach. According to a report in City A.M., citing the Bank of England, the test will ensure that banks...
Rising interest rates on the part of the Federal Reserve for the past few years hasn’t prompted a lot of banks to raise the rates they pay on deposits account. However, some customers have been making money, thanks to a cutthroat environment in which some...
FinTechs by the dozen. Apps by the dozen. Banks have competitive, operational and communication challenges in place, as Mitch Siegel, National FS Strategy and Transformation Leader at KPMG tells Karen Webster. But huge arrow for FIS remains in the quiver: Trust.
Financial firms have their work cut out for them when battling the bad guys, trying ensure that funds go where they need to go, and that money laundering is not taking place. Easier said than done, and at times the regulators call for reinforcements. Last...
Attorney Jeff Sessions’ strict stance on marijuana companies is facing pushback from the nation’s banks, which are stepping up their lobbying efforts to get more lenient plans. With support from both President Donald Trump and Democrat Senator Elizabeth Warren, Politico reported that the leading banking industry...
Some of the country’s largest banks should soon be handing over more capital to investors than they are generating for the first time since the 2008 financial crisis. According to Financial Times, shareholders in 22 of the country’s biggest listed banks are set to receive...
After receiving preliminary approval for a settlement last July, Wells Fargo said that it has received final approval from a California court to settle a class action suit. The $142 million suit sought to compensate customers impacted by a sales scandal, Reuters reported. Wells Fargo...
