Wells Fargo said Thursday (May 2) that U.S. authorities are investigating the handling of complaints about Zelle. This disclosure in a filing with the Securities and Exchange Commission (SEC) follows a similar statement by J.P. Morgan and comes amid scrutiny of Zelle’s peer-to-peer (P2P) payment network by both regulators and legislators,...
Block, owner of Cash App and Square, is reportedly facing a Department of Justice investigation. Federal prosecutors are in discussions with an ex-employee about allegations of widespread compliance failures at Cash App and Square going back years, NBC News reported Wednesday (May 1), citing unnamed sources. “From the ground up, everything in the compliance...
The Federal Trade Commission (FTC) is taking action against doxo, saying the bill payment company misleads consumers and tacks on junk fees. The agency filed a federal court complaint alleging that doxo violated the FTC Act, the Restore Online Shoppers’ Confidence Act and the Gramm-Leach-Bliley Act, the FTC said in a Thursday (April 25) press...
The clock is running out on TikTok’s U.S. ambitions. President Joe Biden on Wednesday (April 24) signed a bipartisan measure that gives TikTok’s owner, Chinese tech giant ByteDance, nine months to a year to sell the video-sharing social media platform or see it banned in...
President Joe Biden has signed a law banning TikTok unless it’s sold within a year. As NPR noted in its report Wednesday (April 24), the law is the largest threat so far to the popular social media platform in the U.S., though it will likely not immediately disrupt its business,...
Bad things can happen to good companies. And with the news Friday (April 12) that instant money movement platform TabaPay is acquiring Synapse’s assets following the latter’s bankruptcy, operational resilience is increasingly top of mind for firms. Against a macro backdrop embattled by global pandemics and geopolitical tensions, the...
This week, an official with the Financial Conduct Authority (FCA), an agency tasked with overseeing firms and markets in the U.K., compared her job to that of a juggler. “Juggling is, at least metaphorically, a skill we regulators have to master,” said Sarah Pritchard, executive...
House Republicans think America’s financial oversight bodies need some oversight of their own. U.S. Rep. Patrick McHenry (R-NC), chair of the House Financial Services Committee, re-introduced legislation Wednesday (April 17) that would set up Financial Services Innovation Offices (FSIO) within each financial regulator. “Each FSIO will assess burdensome agency regulations...
A top House Republican wants to overturn a recent federal regulation governing non-bank financial companies. Rep. French Hill (R-Ark.) introduced a resolution Wednesday (April 17) that would yank the approval of the Financial Stability Oversight Council (FSOC)’s guidance on non-bank financial company determinations, adopted last fall. “This guidance transforms...
