Digital financial services giant Nu received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a new national bank in the United States, according to a Thursday (Jan. 29) press release. The new entity, to be known as Nubank, N.A., represents...
Food processing and commodities trading corporation Archer Daniels Midland (ADM) reached Wednesday (Jan. 28) a $40 million settlement with the Securities and Exchange Commission (SEC) to resolve allegations that the company defrauded investors by artificially inflating profit margins in its nutrition segment, according to The...
Frankfurt prosecutors and the Federal Criminal Police Office conducted searches at Deutsche Bank’s premises Wednesday (Jan. 28) as part of an investigation into allegations of money laundering involving bank staff, according to a Wednesday (Jan. 28) report from Bloomberg. The raids took place at the...
Eleven banking and credit union groups sent a joint letter to members of Congress, urging the lawmakers to reject the Credit Card Competition Act (CCCA) and any expansion of the Durbin amendment. “The payment card system is convenient, secure and essential to the American economy,” the...
Bank of Scotland, a subsidiary of Lloyds Banking Group, has been fined £160,000 (about $219,000) by a British regulator for breaching a sanctions law targeting Russia. The penalty was reduced by 50% because Lloyds Banking Group voluntarily disclosed the breaches on behalf of Bank of...
Google has reportedly agreed to a preliminary settlement in a class action lawsuit that alleged that the firm’s Google Assistant spied on smartphone users. The proposed $68 million settlement was filed Friday (Jan. 23) and requires approval by a judge, Reuters reported Monday (Jan. 26)....
Bank of London is still under investigation by U.K. regulators amid ongoing losses. The clearing bank recorded a net loss of 24 million pounds for the year ending Dec. 31, 2024, according to corporate filings from last week, flagged in a Saturday (Jan. 24) report by the Dow Jones-owned Financial...
The Justice Department reportedly told a judge Friday (Jan. 23) that Live Nation kept concerts that it promotes away from venues that stopped using its business unit Ticketmaster as a ticket seller. The government cited this as a reason why Live Nation should be broken up, Bloomberg reported Friday....
Banco Santander was reportedly fined 40 million euros ($47 million) by a Spanish regulator due to past deficiencies in internal processes in Spain at its digital unit Openbank. The fine was imposed by Spain’s anti-money laundering watchdog known as Sepblac, Bloomberg reported Friday (Jan. 23), citing unnamed sources. Asked about...