The European Central Bank is reportedly set to announce proposals to simplify some of its regulations in response to similar overhauls being carried out by regulators in the United States and the United Kingdom. Christine Lagarde, president of the European Central Bank, told lawmakers Wednesday...
Digital financial services platform Nubank said it intends to obtain a banking license in Brazil in 2026. Nubank is doing so to comply with a new rule issued by Brazil’s central bank and National Monetary Council, the company said in a Wednesday (Dec. 3) press...
A Capitol Hill hearing Tuesday (Dec. 2nd) on prudential oversight made clear one problem looms over bank regulation: rulebooks designed for a different era. Lawmakers from the House Financial Services Oversight Committee heard from senior officials from the Office of the Comptroller of the Currency,...
FinTech Propel Holdings received regulatory permission to launch its own bank. The approval came from the Office of the Commissioner of Financial Institutions (OCFI) of Puerto Rico and allows Propel Bank to be licensed as an international financial entity (IFE) overseen by the regulator, according...
The banking system is “sound and resilient,” Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman said Tuesday (Dec. 2). Bowman said this while testifying before the House Financial Services Committee on the Federal Reserve’s supervisory and regulatory activities. She also shared the Fed’s...
Costco has sued the Trump administration over what it calls the country’s “unlawful” tariffs. In a lawsuit filed last week, the warehouse retailer asks the Court of International Trade to consider all tariffs collected under the International Emergency Economic Powers Act (IEEPA) illegal, and seeks a full refund of all...
Private credit, representing lending by nonbank entities to companies, has in recent years come to rival traditional bank lending in size and influence. According to the U.S. Federal Reserve, private credit outstanding has roughly doubled over the past five years. At the same time, many...
Google reportedly withdrew an antitrust complaint that it filed with the European Union against Microsoft. The company did so after the European Commission began investigating whether Microsoft’s cloud business, Azure, must adhere to the Digital Markets Act, The Wall Street Journal reported Friday (Nov. 28)....
The Federal Deposit Insurance Corp. terminated consent orders against New York-based Israel Discount Bank of New York and Georgia-based F&M Bank and Trust Company. These administrative enforcement actions were among eight such orders issued in October and announced by the FDIC in a Friday (Nov....