The Federal Deposit Insurance Corp. (FDIC) should change its rules to ensure that it reviews any “suspicious changes” in bank control, FDIC board member Rohit Chopra said Thursday (April 25). Chopra, who is also director of the Consumer Financial Protection Bureau (CFPB), said during an...
Canada’s federal budget, released this week, includes a proposal to limit the fees that banks charge customers for overdrawing their accounts. This move is expected to provide relief for low-income clients but could potentially impact the revenue of Canadian banks, Bloomberg reported Thursday (April 18). The proposed...
The European Banking Federation (EBF) is calling on the European Union (EU) to streamline regulation of banks and to declare banks a “strategic sector.” The group is promoting these reforms as a way to boost the competitiveness of the region’s banks, Reuters reported Tuesday (April 16). EBF CEO Wim Mijs told...
India wants its banks to stop forging exclusive arrangements with credit card networks. The Reserve Bank of India (RBI) — the country’s central bank and bank regulator — announced the move on its website Wednesday (March 6), saying it had concluded that some of these partnerships do...
Nium has received new payments licenses in India as it looks to expand in that country. The Singapore-based real-time payments FinTech announced Monday (Feb. 5) that it had gotten principle approval from the Reserve Bank of India (RBI) for a prepaid payment instrument (PPI) license and a payment...
Iran reportedly used two of Great Britain’s largest banks to get around sanctions. Santander UK and Lloyds provided accounts to front companies owned by sanctioned Iranian petrochemical companies, the Financial Times reported Sunday (Feb. 4), citing documents seen by the paper’s journalists. According to the report, the state-run Petrochemical...
India’s banking regulator has reportedly found thousands of Paytm Payments Bank accounts created without proper identification. The Reserve Bank of India (RBI) has turned this information over to the country’s financial crime-fighting agency, Reuters reported Saturday (Feb. 3), citing sources familiar with the matter. According to the sources,...
A top U.S. financial regulator wants more transparency into bank mergers. The Office of the Comptroller of the Currency (OCC) on Monday (Jan. 29) introduced a proposal to update its rules for business combinations for national banks and federal savings associations, connected to the Bank Merger Act (BMA). The...
The debate over debit card interchange fees — and the cap on those fees — looks set to rage for at least a few more months. The Federal Reserve said in a statement Monday (Jan. 22) that it would delay the deadline for comments on the...
