A Bank of England official warned on Monday (April 9) that the U.K.’s financial system is under cyberattack almost constantly, prompting regulators to soon roll out new standards for cybersecurity for financial firms. City A.M. reported Sam Woods, a deputy governor of the Bank of England and the...
The Consumer Finance Protection Bureau is seeking to impose fines – for a record amount – on Wells Fargo tied to the banking giant’s practices in the auto insurance and mortgage lending realms. The fines, with an eye on abuses in those practices, could top...
JPMorgan Chase CEO Jamie Dimon praised President Donald Trump in his annual letter to shareholders, saying his administration’s moves have help the biggest U.S. bank make a lot of money. According to Reuters, Dimon acknowledged the Trump administration for insisting that “rules around cost-benefit analysis...
The Reserve Bank of India has banned regulated financial institutions in the country from dealing with cryptocurrencies, CNBC reported. “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any...
Wells Fargo, weeks after it was hit with a rare enforcement action from the Federal Reserve, is overhauling its risk management processes and announced internally that four top risk management executives would be retiring. According to a report in The Wall Street Journal citing employees and an internal...
The U.K.’s Financial Conduct Authority (FCA) is taking a zero-tolerance stance on misconduct at banks. The regulator in charge of policing this has promised to detect wrongdoing more quickly and in more areas, according to Bloomberg Markets. There’s a diverse range of scandals in the...
The Bancorp Bank, among the largest prepaid card issuers, will pay $2 million to settle claims that it charged fees higher than those disclosed to its customers. As reported in American Banker, the Federal Deposit Insurance Corp. (FDIC) put into place an order that said...
Royal Bank of Scotland (RBS) was slammed by U.K. lawmakers, who published a report on Tuesday (Feb. 20) that details how RBS mistreated companies that were struggling during and after the financial crisis. According to a report in Reuters, the Treasury Select Committee said that...
U.S. Bank was slapped with a $185 million civil penalty for what the Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the Comptroller of the Currency (OCC) and the U.S. Department of Justice (DOJ), said were violations of the Bank Secrecy Act....
