This week, an official with the Financial Conduct Authority (FCA), an agency tasked with overseeing firms and markets in the U.K., compared her job to that of a juggler. “Juggling is, at least metaphorically, a skill we regulators have to master,” said Sarah Pritchard, executive...
House Republicans think America’s financial oversight bodies need some oversight of their own. U.S. Rep. Patrick McHenry (R-NC), chair of the House Financial Services Committee, re-introduced legislation Wednesday (April 17) that would set up Financial Services Innovation Offices (FSIO) within each financial regulator. “Each FSIO will assess burdensome agency regulations...
A top House Republican wants to overturn a recent federal regulation governing non-bank financial companies. Rep. French Hill (R-Ark.) introduced a resolution Wednesday (April 17) that would yank the approval of the Financial Stability Oversight Council (FSOC)’s guidance on non-bank financial company determinations, adopted last fall. “This guidance transforms...
Proposed rules for marijuana banking and cryptocurrency regulation may be combined into a single bill. The legislation has not been finalized, but there have been talks in the U.S. Congress about combining a cannabis bill, the “Secure and Fair Enforcement Regulation (SAFER) Banking Act,” and...
The Financial Crimes Enforcement Network (FinCEN) requested comments on its Customer Identification Program (CIP) requirements for banks. The agency is exploring ways to modernize these requirements and has issued a request for information on the topic, FinCEN said in a Thursday (March 28) press release. The CIP Rule requires banks...
The U.K.’s financial watchdog is warning social media influencers against making misleading financial services promotions. The Financial Conduct Authority (FCA) on Tuesday (March 26) issued guidelines aimed at social media advertising, telling influencers they could be breaking the law by promoting financial products without regulatory approval. “Any marketing for...
Sigue Corp. has stopped its money transmission activities after being ordered to do so by financial regulatory agencies from 39 states, Puerto Rico and the District of Columbia. “We are no longer processing new money transfers, money orders or bill payment transactions through agents, branches or...
The European Commission (EC) is reportedly set to launch full-scale investigations of tech giants Apple and Google, looking into their compliance with the EU’s new Digital Markets Act (DMA). The probes are expected to be announced within days, Bloomberg reported Thursday (March 21). The investigations will primarily focus on the new fees, terms...
House Financial Services Committee (HFSC) Chairman Patrick McHenry (R-N.C.) said Thursday (March 21) that the Basel III Endgame proposal and other projects threaten to give global governance bodies authority over American financial regulation. This threatens to weaken the country’s standing on the global stage, McHenry said in opening...
