Federal regulators said some of the largest banks in the United States allowed political concerns to shape who received services. The Office of the Comptroller of the Currency released a 45-page report called “Guaranteeing Fair Banking for All Americans” Wednesday (Oct. 14) on the issue...
Digital businesses that don’t keep their promises to consumers can pay a heavy price if caught by the Federal Trade Commission (FTC). Enforcement actions in cases involving unfair and deceptive practices by digital businesses have produced tens of millions of dollars in consumer redress or...
Apple and OpenAI were due in court Wednesday (Oct. 14) to argue for and against the merits of the iPhone maker’s trade secrets case against the artificial intelligence startup, the Financial Times reported Wednesday. This is the first major public hearing in the high-profile lawsuit,...
The U.S. Department of Justice (DOJ) is reportedly investigating the chain of companies surrounding payments firm Euro Exchange Securities. This probe comes after British authorities seized Euro Exchange in June for possible anti-money laundering (AML) violations, Bloomberg News reported Wednesday (Oct. 14). The DOJ is seeking information...
Three federal agencies have imposed penalties totaling more than $1.21 billion on Bank of America, alleging that the bank violated anti-money laundering and sanctions laws, according to a Tuesday (Oct. 13) press release issued by the Treasury Department. The penalties imposed on Bank of America include the third largest...
Federal financial regulators have clarified that banks and credit unions can use government-issued digital credentials to verify customers’ identities, potentially streamlining account onboarding. But according to an analysis by Anderson Insights, reliance on digital credentials could place new demands on institutions’ verification technology, compliance procedures...
Compliance remains labor-intensive for financial institutions, which must satisfy multiple regulators and meet extensive documentation requirements. Leela is built to perform much of that work rather than simply provide information. The company is launching with $4.6 million in funding and an AI platform designed to...
The Commodity Futures Trading Commission (CFTC) wants to define financial swaps to include event contracts based on sports, political, cultural and weather-related events. The regulator published a proposed rulemaking plan Friday (Oct. 9), part of an ongoing legal fight around the prediction markets sector. That...
President Donald Trump continues to urge Congress to pass the Credit Card Competition Act, a bill that would require any card issued by major banks to support at least two card networks, the Wall Street Journal reported Thursday (Oct. 8). Merchant lobbyists who support the bill have...