Banks in the United States and the United Kingdom are gaining additional asset capacity due to bank deregulation, while those in the European Union and Switzerland face increasing capital requirements, according to Alvarez & Marsal. For U.S. banks, deregulation could unlock $2.5 trillion in additional...
The Federal Deposit Insurance Corporation (FDIC) Board of Directors has taken another step in implementing the GENIUS Act by approving a proposed rule that would implement Bank Secrecy Act (BSA) and sanctions compliance standards for FDIC-supervised permitted payment stablecoin issuers (PPSIs). The proposed rule would require these PPSIs to comply with...
For years, the argument over Federal Reserve account access has largely centered on who gets in. The latest executive and regulatory moves suggest the next phase of the discussion may be about what happens after entry, especially for FinTechs that would conceivably clamor for access....
Criminals are not waiting for regulators to modernize anti-money laundering rules, and that asymmetry shaped a House hearing that exposed a larger divide than where to set reporting thresholds. At issue was whether the Bank Secrecy Act should evolve into a faster, more targeted and...
Financial infrastructure rarely becomes visible until it breaks. At Wednesday’s (May 20) House Financial Services Committee hearing on bank-FinTech partnerships, lawmakers, banking and FinTech executives explored a question that has become increasingly urgent as financial services move into API connections, as embedded banking models and...
The White House is pushing federal financial regulators to take a fresh look at the rules that shape how FinTechs work with banks, payment systems and the broader financial services sector. President Trump signed an executive order Tuesday (May 19) directing federal regulators to review...
California regulators have ordered FinTech Yotta Technologies to pay $1 million, adding another enforcement action to the long fallout from the collapse of banking-as-a-service middleman Synapse. Yotta’s model mixed savings with gamification. The company offered sweepstakes games and prizes to customers who opened savings accounts,...
Regulators in the United Kingdom said in a Monday (May 18) news release that they are ready to update the country’s 52-year-old Consumer Credit Act. The changes are designed to help consumers make wiser financial decisions by giving them clearer information when using credit cards,...
Federal regulators are touting their efforts to ease rules governing community lenders. Most community banks, the Office of the Comptroller of the Currency (OCC) argued in its Monday (May 18) announcement, are well-managed and well-capitalized, conduct business safely and avoid risk. With that in mind, the regulator said...