Robinhood has reached a settlement with state securities regulators regarding operational and technical failures. The $10.2 million settlement includes the platform’s outages in March 2020 and operational deficiencies prior to March 2021, the North American Securities Administrators Association (NASAA) said in the Thursday (April 6)...
Cryptocurrency firm Beaxy has suspended operations amid criminal charges by U.S. regulators. The Securities and Exchange Commission (SEC) accused Beaxy and several of its executives Wednesday (March 29) of operating as an unregistered broker, exchange and clearing agency. It’s part of an ongoing crackdown by...
States can continue extending disclosure laws covering lending to businesses. The Consumer Financial Protection Bureau (CFPB) said in a Tuesday (March 28) preemption determination that such state laws are not inconsistent with or preempted by the federal Truth in Lending Act, the CFPB said in a Tuesday press release. “After analyzing...
Regulators are ready to do more to protect the banking system. Treasury Secretary Janet Yellen told a subcommittee of the House Appropriations Committee Thursday (March 23): “Certainly, we would be prepared to take additional actions if warranted,” Bloomberg reported Thursday. That statement was added to...
Hindsight is always 20/20 — and, in the rearview mirror, the Silicon Valley Bank collapse was obvious to see. Big bank. Dominant player/big fish in a relatively small pond. That pond, of course, was the tech industry, and in fact, SVB was a lifeline of...
A bipartisan bill aims to create an independent inspector general to oversee the Federal Reserve. Introduced Wednesday (March 22) by Sens. Rick Scott and Elizabeth Warren, the bill would require an inspector general appointed by the president and confirmed by the Senate, according to a...
Circle is furthering its embrace of regulation by applying for approvals in France. The digital financial technology firm has filed applications in France to become a licensed electronic money institution and a registered digital asset service provider (DASP), Circle said in a Tuesday (March 21) press...
Microsoft will launch a games store for iPhone and Android devices in a bid to take on Apple and Google. That’s according to Phil Spencer, chief executive of Microsoft Gaming, who told the Financial Times (FT) in an interview Monday (March 20) that the launch...
The investigations into recent bank failures are just beginning. President Joe Biden released a statement Friday (March 17) calling on Congress to impose tougher penalties on senior bank executives whose mismanagement contributed to their institutions failing, saying this would strengthen accountability and deter mismanagement in the future....