Europe’s banking regulators have released updates to their capital rules for lenders. But as the Financial Times (FT) reported Tuesday (June 16), these changes represent a rejection of calls by the banking industry for major changes to the European Union’s capital requirements. The report by...
Recent moves by the Federal Reserve and other banking regulators to weaken regulation and supervision of banks threaten to undermine the safety and soundness of the financial institutions and increase financial stability risks, Federal Reserve Gov. Michael S. Barr said in a recent speech. Speaking Saturday (June 6)...
Banking regulators have begun asking banks about their use of artificial intelligence during routine bank examinations, Reuters reported Friday (June 12), citing unnamed sources. Supervisors from the Office of the Comptroller of the Currency and the Federal Reserve are asking detailed questions about banks’ controls,...
South Korean authorities levied Wednesday (June 10) a historic 624.7 billion won (about $412 million) fine against the eCommerce giant Coupang following a massive data breach that affected approximately two-thirds of the nation’s population. This penalty, handed down by the Personal Information Protection Commission (PIPC),...
The Consumer Financial Protection Bureau (CFPB) may be getting a new leader. President Donald Trump nominated former CFPB deputy director and current Capital One executive Brian Johnson to a five-year term as director of the agency. The nomination was announced by the White House Wednesday (June 10). Johnson held four positions...
Federal regulators have introduced a proposal to crack down on war/terror-related prediction market bets. The Commodity Futures Trading Commission (CFTC) on Wednesday (June 10) proposed new rules that would permit essentially all sports-related betting on prediction platforms, while arguing against bets on war, terrorism or assassinations. This follows calls...
European regulators reportedly placed restrictions on Revolut last year over the speed of its product approvals. The European Central Bank (ECB) last cut back on permission for Revolut’s European business to unveil new products in the European Economic Area (EEA) until it addressed “deficiencies” in...
The title of Tuesday’s House Financial Services Oversight and Investigations Subcommittee hearing pointed toward Chinese money laundering networks and cartel financing. But witness testimony and lawmaker exchanges centered on a broader challenge: whether banks, FinTechs and law enforcement can still effectively follow the movement of...
Watch more: TechReg With Rishi Satia and Minna Naranjo of Morgan Lewis A new generation of artificial intelligence partnerships is forcing regulators to ask bigger questions. Chief among them: when does “collaboration” become industry consolidation? Technology companies are racing to lock in compute infrastructure, private...