Federal regulators are suing New York State over its enforcement of prediction markets. The Commodity Futures Trading Commission (CFTC) announced Friday (April 24) that it had filed suit against New York in response to what the regulator said was the state’s effort to apply its...
Paytm Payments Bank has lost its license following years of regulatory limits on its business. The Reserve Bank of India (RBI) announced Friday (April 24) that it was canceling the license issued to the bank, an off-shoot of Indian FinTech Paytm. “Consequently, Paytm Payments Bank...
Wisconsin sued five prediction market platforms and their affiliates Thursday (April 23), alleging that they operate illegal sports betting operations in the state. The complaints target Kalshi, Robinhood, Coinbase, Polymarket, Crypto.com and their affiliates, the Wisconsin Department of Justice said in a Thursday press release....
The growing reliance on automated customer interactions across banks and retailers is now being matched by a change in supervisory expectations, one that places continuous oversight at the center of financial operations. Compliance is no longer defined by periodic reviews, and will increasingly be treated...
A Wednesday (April 22) hearing on sanctions and illicit finance placed the machinery of anti-money laundering (AML) under scrutiny, as lawmakers and Treasury officials examined whether existing frameworks are keeping pace with the speed and structure of modern payments. Formally titled “Evaluating the Effectiveness of...
A new FDIC report monitors the sharp rise in lending from banks to nonbanks. That’s according to the Federal Deposit Insurance Corp.’s (FDIC) 2026 Risk Review, which noted that outstanding balances of bank loans to so-called nondepository financial institutions (NDFIs) have increased at a compound...
AI training feedback startup Mercor is reportedly facing legal action following a data breach. The $10 billion company, which has worked with the likes of Meta, has been served with at least seven class-action lawsuits in the wake of the breach, The Wall Street Journal (WSJ) reported Thursday (April 23)....
A global financial crime watchdog wants Italy to get tougher on money laundering. The Financial Action Task Force (FATF) released an assessment Thursday (April 23) of the Italian government’s anti-money laundering, counter-terrorist financing and proliferation financing (AML/CFT/CPF) measures. While the regulator largely found that the country’s protections and...
The Consumer Financial Protection Bureau (CFPB) published its final rule on the Equal Credit Opportunity Act (Regulation B) on Wednesday (April 22). The CFPB said in its summary of the final rule that it amends provisions related to disparate impact, discouragement of applicants or prospective...