Five of America’s biggest investment banks are preparing to pay a combined $1 billion in fines for letting their workers use unauthorized messaging apps. As Bloomberg News reported Friday (July 15), Morgan Stanley is preparing to pay a $200 million fine, the same amount JPMorgan...
Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), has made it a priority for the bureau to fight against “junk fees,” overdraft fees, non-sufficient fund (NSF) fees and credit card late fees. He has also encouraged state regulators to take a more active...
The U.K. Financial Conduct Authority (FCA) warned banks that they should provide better service to small and medium-sized enterprises (SMEs) that are struggling with debt, or they will face more severe regulatory actions. In a letter addressed to the CEOs of the main retail banks...
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration, and the Office of the Comptroller of the Currency (the agencies), on Wednesday, July 6, issued a joint statement urging...
Last week, on June 24, the U.K. Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) issued two different statements about the future of open banking and the role that the Joint Regulatory Oversight Committee will play in this endeavor. Interestingly, both regulators called...
The European Banking Authority (EBA) published on Thursday, June 23 an opinion in response to the European Commission’s call for advice on the upcoming review of the Payment Services Directive (PDS2). The opinion, far from being a mere reply to fulfill its statutory duties, contains...
The Swedish Financial Supervisory Authority has granted TF Bank’s Swedish subsidiary TFB Service AB a license to operate as a deposit-taking financial institution. With this license, the Nordic division of the company’s eCommerce payment solution, currently operating under the Avarda brand, can be transferred to...
The European Banking Authority (EBA) published on Wednesday, June 15, its Annual Report which describes in detail the activities and achievements of the Authority in 2021 and provides an overview of the key priorities for the coming year. The strategic priorities for 2022 include purely...
The Federal Reserve Board published in March an updated proposal for its guidelines to evaluate requests for accounts and services at Federal Reserve Banks. The new proposal, which added a new chapter to the original guidelines published in May 2021, creates a tiered system based...
