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...
European regulators are targeting lenders as they look to protect consumers from excessive debt. In various guises across the continent, borrowing is on the rise. For example, earlier this month the Bank of England reported that British consumers borrowed an additional 1.5 billion pounds ($1.8...
The rise of digital banking — and specifically, consumer lending — looks set for renewed focus from regulators. As reported last week, the Federal Reserve has been looking into Goldman Sachs’ oversight of its consumer business Marcus, its management and governance and its handling of...
The Federal Reserve is reportedly investigating Goldman Sachs’ consumer business, Marcus. The Wall Street Journal (WSJ) reported Friday (Jan. 20) that the regulator is looking into the bank’s oversight of the consumer business, its management and governance, and its handling of customers’ problems. The move...
The U.K.’s Competition and Markets Authority (CMA) has found HSBC breached its open banking order. The breach in question relates to the Retail Banking Market Investigation Order 2017, which paved the way for open banking in the U.K. by mandating the country’s nine largest banks...
Six months after Israel’s open banking legislation came into effect, the field is taking shape. Like similar laws elsewhere, such as the EU’s second payment services directive (PSD2), Israel’s Financial Information Services Law (FISL) gives big banks a mandate to share consumer data with third...
Changes to strong customer authentication (SCA) rules in Europe are aiming to reduce customer friction. In the EU, the European Banking Authority (EBA) has updated its regulatory technical standards (RTS) to extend the 90-day “reauthentication rule” to 180 days. Under the EU’s old RTS, customers...
The Bank of England has outlined plans to ensure cash remains available in the U.K. In anticipation of its expanded remit to protect access to cash granted by the forthcoming Financial Services and Markets Bill (FSMA), on Wednesday (Dec. 14), the BoE put out a...
