For Indian regulators, Paytm Payments Bank was apparently too close with its parent company. The Reserve Bank of India (RBI) this week announced it was suspending business at the bank — an arm of FinTech giant Paytm — after an audit uncovered “persistent noncompliances and continued material supervisory concerns.” But a...
India’s banking regulator ordered Paytm Payments Bank to stop conducting business. The Reserve Bank of India made the order Wednesday (Jan. 31), saying an audit uncovered compliance issues connected to the bank, which processes transactions for the Indian FinTech Paytm. The RBI had in 2022...
For Apple, the opening of the ecosystem proceeds apace in Europe. With it, however, comes the potential to realize some additional revenue streams. And what happens in Europe, with Apple at the epicenter, may be a harbinger for Big Tech in general, operating on the...
Intuit, the maker of TurboTax tax filing software, has been found to have engaged in deceptive advertising practices, according to an Opinion and Final Order issued by the Federal Trade Commission (FTC). The commission ruled that Intuit violated the FTC Act by running ads for “free” tax products and services that were not...
Frameworks come, frameworks go — and frameworks are fluid. To that end, in a hearing scheduled for Wednesday afternoon (Jan. 10) before the Subcommittee on Digital Assets, Financial Technology and Inclusion, panelists will weigh in on the ways emerging technologies and digital startups — nonbanks...
A tech lobbying group is pushing back against proposed regulations for digital wallet providers. The Computer & Communications Industry Association (CCIA) — whose members include Amazon and Meta — issued a response Monday (Jan. 8) to proposed Consumer Financial Protection Bureau (CFPB) rules for larger nonbank companies that offer...
Prosecutors in France reportedly launched a money laundering investigation that involves BNP Paribas. The Paris prosecutor’s office is looking into allegations of “aggravated money laundering” connected to transfers made by a Cyprus-based brokerage that worked with BNP Paribas’ custodian unit, Reuters reported Tuesday (Dec. 26),...
December’s on the way out. Congress is quiet, on recess until the beginning of next year. The Supreme Court’s not hearing arguments at the moment. The regulators are wrapping up as vacations loom. And so, 2023 draws to a close as key themes of competition,...
The Federal Trade Commission (FTC) has proposed changes meant to enhance children’s privacy and restrict companies’ ability to exploit children’s data for monetization purposes. The proposed changes to the Children’s Online Privacy Protection Act Rule (COPPA Rule) aim to shift the responsibility of ensuring the safety and...
