Apple is reportedly facing pushback from rivals like Meta and Microsoft over its plans to comply with the Digital Markets Act in the European Union (EU). The tech giant is under scrutiny from regulators who are preparing to fine it 500 euros million ($541 million)...
The European Commission has opened formal proceedings against TikTok under the Digital Services Act, saying the regulator aims to protect the well-being of online users. The action follows concerns related to the protection of minors, advertising transparency, data access for researchers, and the management of...
European regulators have reportedly increased their focus on anti-competitive behavior among consumer product companies. Last year, competition authorities carried out 26 surprise inspections on consumer companies in the U.K., Switzerland and the European Union, up from 17 in 2022, the Financial Times (FT) reported Sunday (Feb....
Amazon’s recent cancellation of its iRobot deal reportedly has European startups worried. In a recent Financial Times (FT) opinion piece, Javier Espinoza writes that entrepreneurs are concerned that if regulatory pressure keeps one of the world’s largest companies from buying the Roomba maker, it might mean other Big Tech...
The Reserve Bank of India (RBI) reportedly wants to take a “hands-off” approach to regulating FinTechs. At the same time, the central bank expects these firms to follow rules on customer verification and data protection, RBI Executive Director P. Vasudevan said Friday (Feb. 16), Bloomberg...
The Office of the Comptroller of the Currency terminated a 2016 consent order against Wells Fargo. The consent order concerned deficiencies and unsafe or unsound practices in the bank’s risk management and sales practices, the OCC said in a Thursday (Feb. 15) press release. The...
A top House Republican says the White House’s new beneficial ownership rules are needlessly complex. U.S. Rep. Patrick McHenry, (R-N.C.), head of the House Financial Services Committee, questioned the new reporting requirements during a hearing on Wednesday (Feb. 14). Under the new rules, many businesses are required to...
Matt Janiga, legal counsel and director of regulatory and public affairs at Trustly, told PYMNTS that the Consumer Financial Protection Bureau’s open banking rule, commonly referred to as Rule 1033 (or just 1033), is on track to be finalized this year. “I’d tend to trust...
Paytm is reportedly set for a small regulatory win while facing bigger government headaches. The government of the FinTech’s home country of India is on the verge of allowing Paytm to invest in its crucial payments gateway unit, Bloomberg News reported Friday (Feb. 11). The report, citing...