Goldman Sachs, Citigroup and other financial giants have agreed to pay regulators $1.1 billion in penalties for not monitoring employees using unauthorized messaging apps, according to a press release from the Securities and Exchange Commission (SEC) on Tuesday (Sept. 27). Bank of America and Morgan...
Federal Reserve Chair Jerome Powell thinks the crypto industry could cause broader financial turmoil in the future than it has so far, so there’s a need for better regulation, Bloomberg wrote. Global increases in interest rates have exposed structural flaws with DeFi, Powell said, speaking...
On Capitol Hill, by now the cast of characters — and the flash points — are familiar. The CEOs of the nation’s largest banks have, in a continuing series of appearances before House and Senate Committees, discussed their business models and in some cases have...
Digital bank Revolut is being investigated by a regulator in Lithuania following a data breach earlier this month that exposed sensitive information on 50,150 customers, including those in the European Economic Area (EEA). The State Data Protection Inspectorate (SDPI) opened an investigation after being alerted...
If the U.S. is to maintain its economic and political leadership in the 21st century, one thing it cannot do is lose control of the international arena. That was the overall message that emerged from a Sept. 20 House Financial Services Committee hearing on the...
The latest version of an on-again, off-again House bill regulating stablecoins would place a two-year ban on dollar-pegged digital assets like TerraUSD, which collapsed in a $48 billion bank run-style panic in May. Despite being widely considered a priority in both houses of Congress, repeated...
The hearing is titled: “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks.” And the appearance of and testimony by executives from the seven largest banks in the country on Wednesday (Sept. 21) before the U.S. House Committee on Financial Services will touch on...
Republican attorneys general in 24 states said America’s three largest card networks could be violating the law with a new system for processing firearms purchases. Last week, Visa, Mastercard and American Express said they would add new merchant category codes (MCCs) to provide more information...
Buried in the U.S. Department of Justice’s crypto crime report last week was a call for Congress to double the criminal penalties for any unlicensed money transmitting violations from five years in prison to 10 years. While the report, “The Role of Law Enforcement in...