The British government plans to amend the law to make financial services more competitive. In a Thursday (Dec. 8) letter addressed to Bank of England Governor Andrew Bailey, Chancellor of the Exchequer Jeremy Hunt said the existing competition objective of the Prudential Regulation Authority (PRA)...
The U.K.’s payments regulator has fined Barclays 8.4 million pounds ($10.26 million). In a Thursday (Dec. 1) press release, the Payment Systems Regulator (PSR) said it imposed the fine in response to Barclays’ failure to comply with interchange fee regulation by not providing retailers complete...
Four U.S. senators have signed a letter to SoFi Technologies CEO Anthony Noto expressing concerns about the online personal finance company and online bank’s digital asset trading activities and asking if it is working to conform them to U.S. banking law. Noting that SoFi is...
As it currently stands, the proposed Financial Services and Markets Bill in the U.K. will give the Treasury and Financial Conduct Authority (FCA) a new mandate to protect access to cash services across the country. The new legislation is deemed important because bank branches and...
The U.S. Department of the Treasury issued a report Wednesday (Nov. 16) encouraging collaboration between banks and FinTechs, provided it is done responsibly. The report finds a number of financial technology companies (FinTechs) competing with banks. It argues that while FinTechs have offered new capabilities,...
The U.K.’s top financial watchdog is giving banks in that country an ultimatum: treat customers struggling with Britain’s cost-of-living crisis fairly, or be barred from lending. In a report issued Thursday (Nov. 3), the Financial Conduct Authority said it found that only 30% of the...
Three weeks after releasing a report focused on frauds and scams on Zelle, U.S. Sen. Elizabeth Warren has sent a letter to the Consumer Financial Protection Bureau (CFPB) summarizing the findings and encouraging the agency to update and strengthen its regulation of that and other...
Getting hit with an unexpected overdraft fee might be annoying, but according to America’s top consumer advocate, it’s probably also illegal. As part of its ongoing campaign against “junk fees,” the Consumer Financial Protection Bureau (CFPB) published guidance Wednesday (Oct. 26) about two such practices...
The merger of San Francisco-based MUFG Union Bank, National Association into U.S. Bank, National Association has been conditionally approved by the Office of the Comptroller of the Currency (OCC). The approval is conditioned upon U.S. Bank having a plan to sell business lines and portfolios...
