The Treasury Department is pushing for frameworks and international standards for cross-border transactions — because if those foundations are not in place, risks abound. And, with those frameworks in place, it is the private sector that will accelerate the transformation of the ways and means...
Banking regulators say a change in presidential administrations won’t change their approach to financial crime. While Donald Trump may be focused on deregulation, banking industry experts at a conference in New York this week say financial crime will remain a bipartisan focus, Reuters reported Wednesday (Nov. 13)....
This week in artificial intelligence, Anthropic and OpenAI unveiled new AI systems capable of controlling computers and working in teams, while the U.S. Department of the Treasury demonstrated AI’s real-world impact by recovering $3.8 billion in fraudulent payments. The developments coincide with Apple’s AI pivot...
Through the past several weeks and months, the drumbeat’s grown louder for regulations at the federal level to govern nonbanks — especially FinTechs, neobanks and Big Tech. And while the goal may be uniformity, there’s still a lack of concrete detail about who would be...
November 22, 2023
Cryptocurrency exchanges play a vital role in the digital asset ecosystem. They facilitate the buying, selling, trading, transferring, and storing of both individual and institutional holdings of the more than 20,000 crypto tokens in circulation. The role they play, however, is rarely without governmental scrutiny and increasingly legal consequences. From the U.S. Securities Exchange Commission […]
July 13, 2022
A new Treasury Department report argues that banks’ fears that a digital dollar would lead to the loss of depositors and even bank runs is overblown. A U.S. central bank...
December 05, 2019
Call it Russian interference of a different sort that netted $100 million from banks and financial institutions (FIs) in more than 40 countries. What would you expect from an outfit...
December 12, 2024
Members of President-elect Donald Trump’s transition team reportedly are considering making changes to some bank regulatory agencies by shrinking, consolidating or eliminating them. These proposals have come up during team members’ interviews with potential nominees to lead the agencies, The Wall Street Journal (WSJ) reported Thursday (Dec. 12), citing unnamed sources. The ideas floated in […]
November 14, 2024
Banking regulators say a change in presidential administrations won’t change their approach to financial crime. While Donald Trump may be focused on deregulation, banking industry experts at a conference in...
October 17, 2024
The U.S. Treasury Department said artificial intelligence (AI) has helped fuel a fraud/improper payments recovery. The department announced Thursday that its “technology and data-driven” approach allowed it to prevent and...
October 11, 2024
A federal regulatory framework for nonbank payment service providers is needed to reduce risks and promote innovation, Nellie Liang, under secretary for domestic finance at the U.S. Treasury Department, said...
