European digital bank N26 reports that Germany’s Federal Financial Supervisory Authority (BaFin) has lifted its growth restrictions on the company, effective June 1. This move follows N26’s investment in teams and infrastructure to combat financial crime and money laundering, the company said in a Monday...
BNP Paribas CEO Jean-Laurent Bonnafé reportedly expressed skepticism about the potential for a revival of mergers and acquisitions (M&A) activity in European banking. Speaking Tuesday (May 14) at a shareholder meeting, Bonnafé highlighted the economic challenges of cross-border and domestic deals in the industry, dampening...
Beyond the Consumer Financial Protection Bureau (CFPB)’s new rule that would cap credit card late fees, banks are girding for the impact of the Federal Reserve’s updated Reg II proposal, which would cap debit interchange fees. This past October, the Fed unveiled its proposal to...
Canada’s federal budget, released this week, includes a proposal to limit the fees that banks charge customers for overdrawing their accounts. This move is expected to provide relief for low-income clients but could potentially impact the revenue of Canadian banks, Bloomberg reported Thursday (April 18). The proposed...
January 23, 2024
Michael Berman, CEO of Ncontracts, told PYMNTS that financial institutions (FIs) are grappling with the increasing burdens of vendor lifecycle management. There can be what Berman termed “dire consequences” for FIs as they navigate contract management with their vendors. With the explosion of technology and digital channels, FIs are interacting with consumers and other clients […]
January 17, 2024
Labels are popular on Capitol Hill. And this week the labels are flying fast and furiously, aimed at big banks and credit unions. The Consumer Financial Protection Bureau (CFPB) put...
October 04, 2023
Scott Steinberg, chief operating officer of Enigma Technologies, said there has been an evolution of know your business (KYB) practices — and there’s increased urgency to use technology to tackle...
March 19, 2019
One cannot run a mainframe in the cloud. No one will ever beat the speed of light. Oh, yeah — and no one wants to lose their data to sloppiness, inefficiency...
June 05, 2024
Toronto-Dominion Bank (TD Bank) reportedly could be facing fines of up to $4 billion in relation to money-laundering probes in the United States. This estimate by analysts at Jefferies Financial Group is double the previous estimates, highlighting the severity of the potential impact on Canada’s second-largest lender, Bloomberg reported Wednesday (June 5). The allegations involve instances in which […]
May 28, 2024
European digital bank N26 reports that Germany’s Federal Financial Supervisory Authority (BaFin) has lifted its growth restrictions on the company, effective June 1. This move follows N26’s investment in teams...
May 14, 2024
BNP Paribas CEO Jean-Laurent Bonnafé reportedly expressed skepticism about the potential for a revival of mergers and acquisitions (M&A) activity in European banking. Speaking Tuesday (May 14) at a shareholder...
January 29, 2024
A top U.S. financial regulator wants more transparency into bank mergers. The Office of the Comptroller of the Currency (OCC) on Monday (Jan. 29) introduced a proposal to update its rules for business...
