In order to prevent cybersecurity attacks, U.K. banks are going to have to take chances investing in new technologies at a time when the banks are spending more than the country’s prison system is spending to fight crime. According to Bloomberg, Megan Butler, director of supervision at...
With Europe’s new data protection law coming into effect this week, activists are aiming to turn the tables on big companies that have long harvested data on customers. According to a report in Reuters, activists are requesting massive amounts of data from SCHUFA, the German personal credit...
A bill that would give regional banks a break on regulation won approval in the U.S. House of Representatives on Tuesday (May 22), with the bill now headed to President Trump for his expected signature. The Economic Growth, Regulatory Relief, and Consumer Protection Act, S....
While U.S. states got the nod from the Supreme Court to allow betting on sporting games, it still faces challenges as to how those bets are placed. According to a report in Bloomberg, gamblers may not be able to place bets via a credit card,...
It’s happened again. Wells Fargo on Thursday (May 17) was facing accusations that its employees altered customer data, this time in a business banking unit, according to The Wall Street Journal. The paper, citing unnamed sources, reported that bank employees “improperly altered information on documents...
The deadline cometh. Today (May 11) is the day the final rule, served up by the Financial Crimes Enforcement Network (FinCEN), takes effect. The CDD Rule — titled “Customer Due Diligence Requirements for Financial Institutions” — amends the Bank Secrecy Act regulations. And, in a reminder to FIs,...
Britain’s financial watchdog, the Financial Conduct Authority (FCA), has come under attack from former small business owners who have complained about being mistreated by big banks. According to Reuters, during questioning from the Treasury Committee, the former business owners said the FCA was unable to...
After workers reportedly didn’t get rest breaks, allowed by California’s strict labor rules, Wells Fargo will have to pay $97 million to private mortgage bankers and home mortgage consultants in the state based on both hourly pay and commissions, American Banker reported. A Los Angeles-based...
May 11 is basically here, with new Customer Due Diligence rules likely to send ripples, if not shockwaves, across the FI landscape. As GIACT EVP of product David Barnhardt explains, in a world where "ready or not" takes on new meaning when it comes to compliance,...
