Regulators in China could force Tencent to spin WeChat Pay into its newly-created payments subsidiary, which could cause the need for the mobile payments service to obtain a new license, Bloomberg reported on Friday (March 18), citing sources with insider information. Get the Full Story...
The Financial Crimes Enforcement Network (FinCEN) has announced a $140 million civil money penalty against USAA Federal Savings Bank for “willful violations” of the Bank Secrecy Act (BSA). Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to...
Some lawmakers are questioning how cybercriminal Aleksei Burkov, who has operated two of the most exclusive Russian underground hacking forums, was released early, KrebsOnSecurity reported Tuesday (March 15). Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to...
The U.K. government will unveil on Thursday its long-awaited Online Safety Bill, which seeks to curb online harms by significantly increasing the responsibilities of Big Tech firms to monitor content posted on their platforms. Get the Full Story Complete the form to unlock this article...
OVHcloud, a French cloud computing company, is filing an antitrust complaint against Microsoft in Europe, The Wall Street Journal reported Wednesday (March 16). Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no...
The Consumer Financial Protection Bureau (CFPB) on Wednesday (March 16) updated its supervisory operations to “better protect families and communities from illegal discrimination, including in situations where fair lending laws may not apply,” according to a bureau press release. Get the Full Story Complete the...
The Federal Trade Commission (FTC) announced on March 15 that it filed an administrative complaint against Electronic Payment Systems for allegedly opening credit card processing merchant accounts for fictitious companies on behalf of a scammer, Money Now Funding. While the money at stake in this...
Sarah Bloom Raskin, the Biden administration’s nominee for most powerful banking regulator seat, has withdrawn her nomination Tuesday (March 15) after months of turmoil and opposition from Republicans along with one key Democrat, The Wall Street Journal reported. Get the Full Story Complete the form...
The Consumer Financial Protection Bureau (CFPB) in late February issued procedural rules that may represent a change in the agency’s strategy to pursue enforcement actions and could also allow it to have more time to tackle its ambitious and crowded agenda. Get the Full...
