Regulators in the U.K. have unveiled their proposals for governing the use of stablecoins. The Bank of England (BOE) and the country’s Financial Conduct Authority (FCA) on Monday (Nov. 6) published regulations designed to harness the potential of stablecoins, a form of cryptocurrency backed by fiat currency. “Stablecoins can enhance digital...
The most significant overhaul of debit card interchange fees in more than a decade looms, where those fees may be cut by roughly 30%. In the wake of a Federal Reserve Open Board meeting Wednesday (Oct. 25), nothing’s set in stone yet, and a commentary period’s underway....
The Federal Reserve will meet Wednesday (Oct. 25) to tackle merchant debit card fees. As a report by Reuters notes, analysts expect the central bank will propose an official review of these fees, charged to retailers by banks every time someone makes a debit card transaction. And...
The Federal Reserve has reportedly finalized a revamp of the Community Reinvestment Act (CRA) rules, which were enacted in 1977 to combat discriminatory lending practices in minority neighborhoods. The updated rules aim to address the challenges posed by the rise of online banking and mobile transactions, shifting...
Revolut continues to navigate the complexities of obtaining a banking license in the United Kingdom. The digital banking services provider has encountered various challenges and delays in its regulatory journey, but remains committed to close collaboration with regulators and maintains hope for eventual license approval, the...
Two of the largest U.S. banks said capital rules proposed by U.S. regulators could have significant impacts on credit availability and pricing for businesses and consumers. J.P. Morgan Chase & Co. and Citigroup have expressed concerns that, if implemented without revisions, these rules that would require banks to...
Citigroup’s chairman is the latest banking executive to warn against the U.S. plan for new capital requirements. In an interview with Bloomberg published Wednesday (Oct. 11), John C. Dugan said the proposal to raise capital requirements for banks will diminish lending opportunities. “We believe it really will have a material...
Michael Barr wants American banks to see new capital requirements as a help, not a hinderance. The Federal Reserve’s vice chair for supervision said at an American Bankers Association (ABA) event Monday (Oct. 9) that the proposed rules would make the financial system safer. “The proposal is projected to raise...
Scott Steinberg, chief operating officer of Enigma Technologies, said there has been an evolution of know your business (KYB) practices — and there’s increased urgency to use technology to tackle “best practices” and satisfy existing and new laws. Where KYB may have once been “an...
