Lawmakers let their frustrations with regulators fly during Tuesday’s (March 28) Senate Banking Committee hearing. The collapse of Silicon Valley Bank (SVB) and Signature Bank sent tremors throughout the U.S. banking system, and U.S. lawmakers took the opportunity presented by the morning hearing to grill...
Federal regulators say neobank Utoppia misled its customers about its banking protections. The Federal Deposit Insurance Corp. announced Monday (March 27) that it was demanding Utoppia stop claiming that it had FDIC protection, part of what the agency says is a trend of institutions making...
It’s common practice on Capitol Hill for witnesses — appearing before various committees — to release their testimony ahead of time. And what’s written down sets the tone for the conversation and the questioning that’s sure to follow. Ahead of his appearance before the Senate...
Federal regulators are reportedly sweetening the deal for two failed banks. The Federal Deposit Insurance Corporation (FDIC) is open to negotiating sharing losses if that speeds the sales of Silicon Valley Bank and Signature Bank, the Financial Times (FT) reported Friday (March 17), citing unnamed sources. Reached...
Signature Bank was reportedly the target of a criminal investigation prior to its downfall. Federal authorities were examining the bank’s relationships with its crypto clients, Bloomberg News reported Tuesday (March 14), citing people familiar with the matter. The news comes as regulators are considering tougher...
Open banking is now live in Nigeria, the first country to adopt open banking regulations in the Africa region. The operational guidelines to kickstart the scheme were released by the Central Bank of Nigeria (CBN) this week, outlining the rules governing how traditional banks and...
Five Senate Democrats are sending a warning on Early Warning Services’ Zelle. In a letter addressed to the Federal Reserve, the FDIC, the National Credit Union Administration and the Office of the Comptroller of the Currency, the senators warned that Zelle’s “model has opened the...
A federal investigation into Goldman Sachs’ credit card business has apparently expanded. The Wall Street giant revealed last year that the Consumer Financial Protection Bureau (CFPB) was looking into that side of its operations. But in its annual report — filed Friday (Feb. 24) — Goldman...
Regulators in the U.K. are preparing to mandate that banks reimburse victims of APP fraud. Leading the charge, the Payment Systems Regulator (PSR) has drawn up proposals for a new framework that will require banks and other payment service providers to reimburse victims of authorized...
