The White House’s move to appoint Joseph Otting as the Comptroller of the Currency in November underscores the changing relationship between the nation’s largest banks and the federal government. Otting is the first banker in decades to run the OCC. According to a report in...
As financial institutions grapple with compliance costs, a finance industry organization in Asia wants regulators to allow new technologies that could help them fight money laundering. For example, the Asia Securities Industry and Financial Markets Association (ASIFMA) would like to see more use of know your...
From the beginning, Dodd-Frank has drawn the criticism that instead of doing what it was supposed to and targeting banks that were too big to fail, instead it targeted thousands of community banks and credit unions and rendered them, in effect, too small to survive. It...
Meridian Trade Bank, which serves residents in Latvia and Lithuania as well as some non-European clients, has been fined for breaching anti-money laundering rules. According to Reuters, Latvia’s Financial and Capital Market Commission (FCMC) announced it had fined Meridian almost 456,000 euros after inspections last...
FinTech and banks have long been painted as natural enemies vying for control of the future of consumer finances – but that view is a little out of date, notes Entersekt CTO Gerhard Oosthuizen. These days, banks and FinTechs are increasingly realizing they’ll work better...
Banks, faced with low business growth and fierce competition in the industry, are offering business loans with sweeter terms, which is worrying some regulators. The Wall Street Journal, citing an analysis of lending data, reported that lenders are providing corporate borrowers with lower interest rates...
Responsible short-term, small-dollar loans to consumers will result in increased purchasing power, according to a paper from the American Banking Association about small-dollar lending. The Office of the Comptroller of the Currency (OCC) last week issued new guidance encouraging banks to offer those loans to...
It’s not exactly dogs and cats living together in harmony, but FinTechs and banks — the upstarts and the traditionalists — are certainly cozying up, a trend that looks certain to continue. Take the latest example: Ant Financial Services Group on Wednesday (May 23) announced...
The Office of the Comptroller of the Currency (OCC) issued a new guidance encouraging banks to offer responsible short-term, small-dollar loans to their customers. The guidance did not change any regulation, but clarified the regulator’s stance on the loans, Reuters reported. In 2013, the OCC...
