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...
Despite demand from an increasing number of their clients for cryptocurrency products and services, many banks are reportedly holding back on offering them because accounting guidance from the U.S. Securities and Exchange Commission (SEC) makes it unprofitable to do so. The March 31 accounting guidance...
The Biden administration is ordering the Committee on Foreign Investment (CFIUS) to add more scrutiny on deals that might give China access to critical tech or that could put personal data at risk, The Wall Street Journal (WSJ) wrote. The executive order, signed Thursday (Sept....
