The Financial Services Innovation Act will again be considered by the U.S. House of Representatives. Rep. Patrick McHenry, R-N.C., chairman of the House Financial Services Committee (HFSC), reintroduced the legislation Tuesday (Feb. 27), according to an HFSC press release. The legislation aims to foster innovation in financial services by establishing...
The Financial Stability Board said regulations governing money market funds must be stronger. The group’s Thematic Review on Money Market Fund (MMF) Reforms, published Tuesday (Feb. 27), found that the largest vulnerability facing these funds is the difficulty of cashing out investments to meet investment...
India’s banking regulator has made some high-profile enforcement moves in recent weeks. Last month, the Reserve Bank of India (RBI) ordered Paytm Payments Bank to halt its businesses after an audit uncovered “persistent non-compliances and continued material supervisory concerns.” More recently, the RBI has directed...
Germany’s financial regulator, BaFin, is reportedly set to relax its crackdown on FinTechs. The move comes after several firms improved their controls, BaFin Executive Director Birgit Rodolphe told Bloomberg in a report posted Wednesday (Feb. 21). “We are seeing progress at individual firms, but not...
Apple is reportedly facing pushback from rivals like Meta and Microsoft over its plans to comply with the Digital Markets Act in the European Union (EU). The tech giant is under scrutiny from regulators who are preparing to fine it 500 euros million ($541 million)...
The European Commission has opened formal proceedings against TikTok under the Digital Services Act, saying the regulator aims to protect the well-being of online users. The action follows concerns related to the protection of minors, advertising transparency, data access for researchers, and the management of...
European regulators have reportedly increased their focus on anti-competitive behavior among consumer product companies. Last year, competition authorities carried out 26 surprise inspections on consumer companies in the U.K., Switzerland and the European Union, up from 17 in 2022, the Financial Times (FT) reported Sunday (Feb....
Amazon’s recent cancellation of its iRobot deal reportedly has European startups worried. In a recent Financial Times (FT) opinion piece, Javier Espinoza writes that entrepreneurs are concerned that if regulatory pressure keeps one of the world’s largest companies from buying the Roomba maker, it might mean other Big Tech...
The Reserve Bank of India (RBI) reportedly wants to take a “hands-off” approach to regulating FinTechs. At the same time, the central bank expects these firms to follow rules on customer verification and data protection, RBI Executive Director P. Vasudevan said Friday (Feb. 16), Bloomberg...
