A defense spending bill signed into law Thursday (Dec. 18) by President Donald Trump reportedly includes provisions that restrict United States investment in Chinese tech firms. The National Defense Authorization Act’s outbound-investment provisions enable the White House to monitor and, in some cases, prohibit U.S....
The Office of the Comptroller of the Currency terminated a July 2024 amendment to an October 2020 consent order with Citi having to do with deficiencies in the bank’s risk management systems. The OCC’s amendment mandated that Citi implement a quarterly process to ensure it...
Instacart agreed to pay $60 million to settle a Federal Trade Commission lawsuit that alleged the company engaged in deceptive tactics. In its lawsuit, the regulator alleged that the grocery delivery platform falsely advertised “free delivery” to consumers on their first order even though it...
Federal regulators are reportedly seeking information about Instacart’s artificial intelligence (AI) pricing tool. The Federal Trade Commission (FTC) has sent the grocery delivery platform a civil investigative demand asking about its Eversight tool, Reuters reported Wednesday (Dec. 17), citing sources familiar with the matter. According...
The Federal Reserve Board said Wednesday (Dec. 17) that it withdrew a 2023 policy statement and issued a new statement regarding the treatment of certain banks, with the aim of facilitating “responsible innovation.” The 2023 policy statement allowed board-supervised state member banks to participate only...
Federal prosecutors are accusing four executives from defunct subprime auto lender Tricolor Holdings of defrauding investors. In an indictment unsealed Tuesday (Dec. 16), the U.S. Attorney’s Office alleged that Tricolor founder and CEO Daniel Chu and chief operating officer David Goodgame took in billions of...
The United States Trade Representative (USTR) said Tuesday (Dec. 16) that the U.S. will consider imposing fees or restrictions on foreign companies in response to lawsuits, taxes, fines and directives imposed on U.S. service providers by the European Union (EU) and some EU member states....
When it comes to cryptocurrency, the Securities and Exchange Commission is increasingly trading in its stance of enforcement for one of education and enablement. The agency released an investor bulletin Friday (Dec. 12), titled “Crypto Asset Custody Basics for Retail Investors,” a plain-language explainer of...
Watch more: Monday Conversation With Michael J. Hsu Moving between the public and private sectors in banking and financial services is rarely straightforward. The objectives may overlap, but the perspectives can often shift, especially for those who have spent decades focused on protecting the financial...