The U.K.’s Competition and Markets Authority (CMA) has found that HSBC has breached an order that requires banks to send payment transaction histories to some customers. Part 5 of the Retail Banking Market Investigation Order 2017 requires banks to send these histories to any business current account (BCA)...
The U.S. has historically regulated technical innovations sector by sector, rather than by overall capability. This generally results in the limited use of certain technologies within specific industries (such as facial recognition or other biometrics) rather than seeing that technology banned outright. But as it...
America’s consumer watchdog says bank mergers are set to become much tougher to pull off. In an interview with Reuters Thursday (July 20), Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra said lenders should expect more scrutiny into mergers following this year’s banking crisis. “The ink on the rubber stamp has...
Federal regulators want the public’s input into new guidelines governing mergers. The Federal Trade Commission (FTC) and Department of Justice (DOJ) on Wednesday (July 19) unveiled long-awaited updates to the government’s merger rules, representing the first updates to the way officials review corporate tie-ups in years. “Open, competitive, resilient markets have...
TikTok reportedly failed to fully pass a recent test conducted by the European Union’s governing body, raising concerns that the popular social media platform is not yet compliant with upcoming regulations. On Monday, EU Internal Market Commissioner Thierry Breton and his team conducted a “stress test” at TikTok’s...
The U.K.’s financial watchdog wants to crack down on illicit marketing of financial products on social media. That crackdown, the Financial Conduct Authority (FCA) announced Monday (July 17), will involve applying the tough new consumer duty for other financial companies set to go into effect...
Federal Trade Commission (FTC) Chair Lina Khan faced scrutiny from Republicans at a Thursday (July 13) House Judiciary Committee Oversight hearing. Under Khan, the FTC’s budget has ballooned by 30%, with the Biden administration granting an additional $430 million in fiscal year 2023, the New York Post...
The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America to pay more than $250 million in penalties and restitution to customers. The move comes in response to the bank’s “systematically double-dipping” on fees imposed on customers with insufficient funds, failure to pay reward bonuses explicitly promised to credit card...
In a victory for companies like Google and Meta, Europe and the U.S. have reached a data-sharing agreement. The European Commission announced Monday (July 10) the finalizing of the EU-U.S. Data Privacy Framework after concluding that the U.S. offers a level of data protection in line with...