The Basel III Endgame proposal requires “broad and material changes,” and a re-proposal is necessary, Federal Deposit Insurance Corp. (FDIC) Vice Chairman Travis Hill said Wednesday (July 24). Speaking at an American Enterprise Institute event covering bank regulatory and resolution issues, Hill said that the...
Great Britain’s financial regulator has just made it harder for banks to shutter branches. The Financial Conduct Authority (FCA) published its “access to cash” rules Wednesday (July 24), requiring banks to hold off on branch closures until they can demonstrate that communities would still have...
Open banking, as it emerges more fully in the United States, promises to bring personalized services and products to customers, expanding financial access. Data underpins the joint efforts of traditional financial institutions (FIs) and third parties to bring those innovations to the mass market. But...
Political polarization presents a long-term risk to banking, Acting Comptroller of the Currency Michael J. Hsu said Wednesday (July 17). The Office of the Comptroller of the Currency (OCC) has seen a risk of fragmentation as it monitors banking law developments at the state and local level,...
Banks in Australia are issuing $19 million in refunds to low-income customers. The move follows an investigation by the Australian Securities and Investment Commission, which said in a Monday (July 15) press release that it determined four of the country’s banks “systemically charged high fees...
Prudent regulation is needed in helping to define the risks and rewards in emerging partnerships between financial institutions and banks — but current regulatory efforts may be too vague, critics charged at a Congressional hearing held Friday (July 12). A “field hearing” held by the...
German financial regulator BaFin said Friday (July 12) that Solaris SE faces financial penalties if it doesn’t improve its controls. Solaris, which has a banking license in Germany but focuses on providing white-label services to other banks, has not fixed issues as ordered by BaFin in 2022, Bloomberg reported...
A top global banking regulator wants financial institutions to take more responsibility in outsourcing services. “Ongoing digitalisation has led to rapid adoption of innovative approaches in the banking sector,” the Basel Committee on Banking Supervision said Tuesday (July 9) in a new report on outsourcing. “As a result, banks...
Australian Banking Association (ABA) CEO Anna Bligh said its “time to go back to the drawing board” when it comes to the country’s open banking rules. Bligh said this in a Wednesday (July 3) press release announcing research that found that four years after the implementation of...
