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....
A United Kingdom regulator has cautioned payments firms that it expects their controls to be “sufficiently robust.” The Financial Conduct Authority (FCA) sent a letter to such firms on Thursday (March 16), saying they should ensure their customers’ money is safe, that their firm does...
There are no guarantees in life, except for insuring bank deposits up to $250,000. Or maybe more. In just about a week, three banks have failed, prompting a wide range of discussion about what could have been done, what should be done and what shouldn’t...
The Federal Trade Commission’s (FTC) multi-million case against Epic Games is winding down. The gaming company, maker of the massively-popular Fortnite, agreed to a settlement with the commission (FTC) last year after being accused of using “dark patterns” to dupe players into making unwanted purchases....
The New York State Department of Financial Services (DFS) secured $157.4 million in 2022. That total includes $124.5 million recovered for consumers and healthcare providers who filed complaints against insurance and non-mortgage-related banking providers, as well as $32.9 million in restitution and penalties collected from...
Struggling crypto-friendly bank Silvergate Capital is reportedly working with U.S. regulators to stay in business. Officials from the Federal Deposit Insurance Corporation (FDIC) have been in discussions with the California-based bank’s management, Bloomberg News reported Tuesday (March 7), citing unnamed sources. PYMNTS reached out to...
