Australia has introduced tougher rules on banks that will go into effect as early as next month, including capping executives’ salaries, delaying their bonuses and driving them out of the industry if they are guilty of wrongdoing. According to news from Reuters, the changes follow...
A new sanctions order bans banks doing business in North Korea to also operate in the United States. Reuters reported that the new international finance order is aimed at obstructing Pyongyang’s nuclear and missiles program. “No bank in any country should be used to facilitate Kim...
The European Union wants market supervision to integrate more fully than has been the case, with the price tag borne by the very banks being scrutinized. According to a Reuters news report, that strategy gives a hint as to how capital markets may reconfigure the...
The Consumer Financial Protection Bureau announced Tuesday (Sept. 12) that recent supervisory actions resulted in $14 million in relief to more than 104,000 consumers from January through June 2017. In a press release detailing the CFPB’s Supervisory Highlights report, the government watchdog said that supervisory...
Tim Sloan, CEO of Wells Fargo & Company, said Tuesday (Sept. 12) that the company is improving its cost controls in relation to revenue as it claws its way out of its fake account scandal. Speaking during an investor conference hosted by Barclays and covered...
Late last week, regional bank TCF Financial Corporation saw a judge dismiss some of the claims lodged against it by the Consumer Financial Protection Bureau. According to a news report in American Banker, a Minnesota district court judge threw out the government watchdog’s claims that...
With FinTechs eroding away traditional banks’ lead, rules governing investments in software in the European Union (EU) may loosen. According to a news report in Reuters, as the EU banking rules stand today, money spent on software is treated as a cost instead of an...
Wells Fargo revealed Thursday (Aug. 31) that the fake account scandal that has plagued the company affected 67 percent more customers than previously reported. In a press release announcing the conclusion of an expanded inquiry into how many fake accounts were open on unwitting consumers...
Federal Reserve Chair Janet Yellen defended financial reforms that were put in place after the Great Recession, arguing they have strengthened the financial system and haven’t hurt economic growth. Speaking during the annual central bank research conference, which was covered by Reuters, Yellen said any...
