In the continuing faceoff between the Trump administration and the Consumer Financial Protection Bureau (CFPB), the American Banker stated that President Donald Trump “deeply impressed” a group of community bankers at a Thursday meeting. That impression apparently came amid a give-and-take session where the president...
Guo Shuqing, the former head stock market regulator in China, has been appointed as chairman of the China Banking Regulatory Commission, replacing Shang Fulin, who was forced to retire after reaching the mandatory retirement age of 65. According to a report in The New York Times,...
Bank of New York (BNY) Mellon Corp. was unable to process payment instructions sent over the Swift Network from clients for a 19-hour stretch earlier this week. According to reports, the outage began around 2:30 pm on Sunday (Dec. 4) and was not resolved until...
The parade of political appointees for the incoming Trump administration continues, and as noted in reference to the financial industry, one possible appointment looms large. Bloomberg reported that President-elect Donald Trump may be putting a new position in place: A Federal Reserve vice chairman whose primary purview...
The more things change, the more they may stay the same … when it comes to interest rates. Two words came from the Fed chair last week that show that — election shocker notwithstanding — monetary policy will stay the course. Those two words were...
January 2018 may be a ways off, but PSD2 is going to change the way banks share customer information and APIs. And while some industry observers think it’s the worst thing that ever happened to banks, Token CEO Steve Kirsch says that it’s a blessing in...
The extent of cybersecurity attacks on financial institutions is much greater than reports show, especially in the U.K. Data from Britain’s Financial Conduct Authority (FCA) show that U.K. banks conceal many cyberattacks to keep their reputations intact and to avoid punishment. Shlomo Touboul, Chief Executive...
Two former workers of Wells Fargo have filed a $2.6 billion lawsuit on behalf of employees who suffered because they chose not to engage in unethical practices. Meanwhile, the Wells Fargo board has hired Shearman & Sterling to advise them on clawbacks on executives’ salaries.
Banks may soon find themselves with a big bill for cybersecurity systems, as New York Governor Andrew Cuomo and the Department of Financial Services pursue bank regulations to protect against data breaches. But it’s great news for cybersecurity firms.
