After two months of hand-wringing and criticism from the financial industry and political opponents who feared President Biden’s nominee to oversee the nation’s top banks was too harsh, Saule Omarova’s bid to lead the Office of the Comptroller of the Currency (OCC) was withdrawn Tuesday...
Stricter rules and more oversight are needed to curb the risk of bond funds throwing market stability and the runaway growth of decentralized finance (DeFi), the Bank for International Settlements (BIS) said in its December Quarterly Review. Get the Full Story Complete the form to...
President Joe Biden is weighing whether to nominate attorney and former Consumer Financial Protection Bureau Richard Cordray as the Federal Reserve’s top banking regulator, people familiar with the discussions told The Wall Street Journal Tuesday (Nov. 30). Get the Full Story Complete the form to...
On the surface, it sounds good. Acting Comptroller of the Currency Michael Hsu confirmed that banks can hold cryptocurrencies for customers, can hold dollar reserves for stablecoin issuers and can use stablecoins to make payments. Get the Full Story Complete the form to unlock this...
Over the objections of bankers and critics in the Senate, President Joe Biden officially nominated Cornell University law professor Saule Omarova to serve as the Comptroller of the Currency (OCC) and sent the bid to the Senate. Get the Full Story Complete the form to...
China’s president is taking a closer look at the connections between his country’s state banks and larger private-sector operators in an effort to clamp down on capitalist forces. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to...
Regulatory agencies and financial institutions (FIs) agree on the importance of protecting the banking ecosystem from illicit activity and fraudulent users, but the methodology of fraud prevention varies. Know your customer (KYC) is a crucial battleground for debate in the anti-money laundering (AML) space. Get...
The increasing links between financial institutions and Big Tech, particularly in cloud computing, is alarming — and regulators need to sit up, the European Banking Authority (EBA) warned on Tuesday (Sept. 21). Get the Full Story Complete the form to unlock this article and enjoy...
U.S. banking lobby groups want to nix a proposal for bank account reporting that’s part of the congressional reconciliation package. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required....
