Regulators are passing stricter policies, as well as cracking down on anti-money laundering (AML), Know Your Customer (KYC) and sanctions noncompliance. Fines related to noncompliance increased 160% between September 2018 and December 2019, in fact. This year also kicked off the implementation of the Fifth...
Just a bit more than four months into his tenure at the helm of Wells Fargo, new CEO Charlie Scharf faced pointed questioning from lawmakers on Capitol Hill about past scandals, the roadmap forward and whether the bank is too big to fail – or...
The march toward state-by-state regulation of Big Tech continues. 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, PYMNTS Today. By completing this form,...
Wells Fargo Board of Directors Chair Elizabeth Duke has resigned days before she was scheduled to testify at a congressional hearing about the bank, according to reports on Monday (March 9). Get the Full Story Complete the form to unlock this article and enjoy unlimited...
Kathy Kraninger, the director of the U.S. Consumer Financial Protection Bureau (CFPB), has asked Congress for the ability to pay whistleblowers in an attempt to incentivize them to speak out, according to a report by Reuters. Get the Full Story Complete the form to unlock...
Walmart’s Flipkart is facing yet another antitrust probe in India following a request by an appellate tribunal to look into whether the company took advantage of its eCommerce market position in the country, according to a report by Reuters. Get the Full Story Complete the...
Fifth Third Bank said it’s facing enforcement action from the Consumer Financial Protection Bureau (CFPB) over alleged openings of unauthorized accounts. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins...
The Financial Crimes Enforcement Network (FinCEN) has fined Michael LaFontaine, former chief operational risk officer at U.S. Bank, a subsidiary of U.S. Bancorp, with a $450,000 civil penalty for his negligence in failing to intercept breaches of the Bank Secrecy Act (BSA), FinCEN announced on...
The Supreme Court heard arguments about whether a sitting U.S. president has the authority to fire the leader of the Consumer Financial Protection Bureau (CFPB), which was formed after the financial crisis, according to the Financial Times. Get the Full Story Complete the form to...
