Chime has been forced to ditch the use of the word “bank” in describing its services as it is not properly licensed, a court filing for a settlement agreement with the California Department of Financial Protection and Innovation stated. Get the Full Story Complete the...
Treasury Secretary Janet Yellen is expected to name Michael Hsu — currently, the associate director of the Federal Reserve’s bank supervision and regulation division — the acting comptroller of the currency, the Wall Street Journal (WSJ) reported Monday (May 3), citing sources. Get the Full...
Tencent Holdings will be hit with a big antitrust penalty in China, but it’s not likely to be as much as Alibaba’s record $2.75 billion fine last month, Reuters reported, citing sources. As part of Chinese President Xi Jinping’s antitrust crackdown, Tencent will likely get...
Here’s the latest news from the technology industry, which is coming under increasing global scrutiny. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yesSubscribe to our daily newsletter,...
A California appeals court ruled that Amazon is a retailer responsible for the products it sells, rejecting the eCommerce giant’s claim that it’s a middleman connecting buyers and sellers, the Los Angeles Times reported. Get the Full Story Complete the form to unlock this article...
Germany’s Federal Financial Supervisory Authority (BaFin), the country’s central financial regulator, has ordered Deutsche Bank to toughen its anti-money laundering (AML) controls, the agency said in an announcement. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to...
The European Union hit Apple with antitrust violations stemming from Spotify’s complaints about the iPhone maker’s App Store policies, the European Commission (EC) said in a statement. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all...
Sen. John Kennedy of Louisiana has introduced a new act to help promote transparency in special purpose acquisition companies (SPACs), according to a press release. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content...
Two retail trade groups at the state level have sued the Federal Reserve to seek a decrease in debit card swipe fees, Bloomberg reported Thursday (April 29). Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all...
