bank regulation

Starling Fined $38 Million for ‘Shockingly Lax’ Crime Controls
Starling Fined $38 Million for ‘Shockingly Lax’ Crime Controls
October 02, 2024  |  Bank Regulation

Starling Bank has been fined 29 million pounds ($38 million) for failing to implement proper financial crime controls. The U.K. Financial Conduct Authority (FCA) announced the penalty against...

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Barclays Pays $4 Million in Swap Reporting Violations Case
Barclays Pays $4 Million in Swap Reporting Violations Case
October 01, 2024  |  Bank Regulation

British banking giant Barclays will pay $4 million to settle a U.S. regulatory case. The Commodity Futures Trading Commission (CFTC) announced Tuesday (Oct. 1) that it had settled charges...

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Mercado Pago Applies for Banking License in Mexico
Mercado Pago Applies for Banking License in Mexico
September 25, 2024  |  Digital-First Banking

Mercado Pago, the FinTech arm of MercadoLibre, reportedly applied for a banking license in Mexico earlier this month. The firm sent the application to the Mexican...

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CFPB’s Chopra: Consumers Need More Disclosure on Nonbank Risks
CFPB’s Chopra: Consumers Need More Disclosure on Nonbank Risks
September 25, 2024  |  Regulation

The Federal Deposit Insurance Corp.’s (FDIC) recent proposal on recordkeeping for bank deposits received from third-party, nonbank companies is a step in the right direction....

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CFPB Publishes First Application From Potential Open Banking Standard-Setter
CFPB Publishes First Application From Potential Open Banking Standard-Setter
September 24, 2024  |  Bank Regulation

The Consumer Financial Protection Bureau (CFPB) is inviting public comments on the first application from an organization seeking recognition as an open banking standard-setter. The...

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Citi Hits Snag With China Plans as Regulators Flag Data Issue
Citi Hits Snag With China Plans as Regulators Flag Data Issue
September 23, 2024  |  Banking

Citi’s plan to expand in China has reportedly hit a regulatory bump in America. The trouble stems from a penalty levied by the Federal Reserve against the banking...

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CFPB Issues Guidance Targeting Banks’ ‘Phantom Opt-In Agreements’
CFPB Issues Guidance Targeting Banks’ ‘Phantom Opt-In Agreements’
September 17, 2024  |  Bank Regulation

The Consumer Financial Protection Bureau (CFPB) aims to stop banks from charging overdraft fees based on what it calls “phantom opt-in agreements” — cases in...

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Wells Fargo Pledges to Fix AML Program After OCC Agreement
Wells Fargo Pledges to Fix AML Program After OCC Agreement
September 12, 2024  |  Bank Regulation

Trouble with federal regulators continues for Wells Fargo. The Office of the Comptroller of the Currency (OCC) said Thursday (Sept. 12) that it has signed...

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CFPB Orders TD Bank to Pay $28 Million For Misleading Consumer Reporting Agencies
CFPB Orders TD Bank to Pay $28 Million For Misleading Consumer Reporting Agencies
September 11, 2024  |  CFPB

The Consumer Financial Protection Bureau (CFPB) ordered TD Bank to pay about $28 million in redress and penalties, saying the bank provided consumer reporting agencies...

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