Regulators have grown uneasy about the risk that the cloud poses to the financial system. That’s according to a Thursday (June 15) opinion piece by Gillian Tett of the Financial Times (FT). The piece cited a May U.S. Treasury report that found that 90% of...
By Danni Yu & Benjamin Cedric Larsen Different AI regulatory regimes are currently emerging across Europe, the United States, China, and elsewhere. But what do these new regulatory regimes mean for companies and their adoption of self-regulatory and compliance-based tools and practices? This article outlines how...
In today’s fast-paced world, financial crimes are becoming increasingly common, and it’s crucial to safeguard consumers and businesses. Lawmakers are moving to reform the Financial Crimes Enforcement Network (FinCEN) and protect small business data. The House Financial Services Committee Chairman Patrick McHenry (R-North Carolina) on...
Payments company FLEETCOR says it has closed out a four-year legal battle with the FTC. The company announced Friday (June 9) that it had received a court order in a marketing practices and disclosure case filed against it by the Federal Trade Commission (FTC). The order, the company...
Lawmakers are demanding greater clarity on FinCEN’s forthcoming beneficial ownership reporting requirements. In a Wednesday (June 7) letter to Financial Crimes Enforcement Network (FinCEN) Acting Director Himamauli Das and U.S. Treasury Secretary Janet Yellen, several House members, including House Financial Services Committee Chairman Patrick McHenry, R-N.C., expressed concern that with only six months until the effective date...
If at first you don’t succeed, try, try again. That seems to be the prevailing sentiment Wednesday (June 7) when it was announced that the Credit Card Competition Act legislation is being reintroduced on Capitol Hill. This time around, there will be more sponsors across the...
The Federal Trade Commission (FTC) undertook enforcement actions around automobile purchasing and financing, payday lending, and credit repair and debt relief in 2022. The agency highlighted some of these actions in its annual report to the Consumer Financial Protection Bureau (CFPB) that details its activities regarding financial acts, the FTC...
Authorized push payments (APP) fraud victims in the U.K. could soon see faster reimbursements. That’s according to Great Britain’s Payment Systems Regulator (PSR) which on Wednesday (June 7) announced new requirements for banks and payment companies at a time when APP fraud is costing Britons close to £500 million...
House Republicans have unveiled legislation they say fills in gaps in the country’s cryptocurrency regulations. The draft proposal, authored by Reps. Patrick McHenry of North Carolina and Glenn Thompson of Pennsylvania, gives the Commodity Futures Trading Commission (CFTC) explicit spot market authority over crypto commodities under...
