A top House Republican wants to overturn a recent federal regulation governing non-bank financial companies. Rep. French Hill (R-Ark.) introduced a resolution Wednesday (April 17) that would yank the approval of the Financial Stability Oversight Council (FSOC)’s guidance on non-bank financial company determinations, adopted last fall. “This guidance transforms...
House Financial Services Committee (HFSC) Chairman Patrick McHenry (R-N.C.) said Thursday (March 21) that the Basel III Endgame proposal and other projects threaten to give global governance bodies authority over American financial regulation. This threatens to weaken the country’s standing on the global stage, McHenry said in opening...
Federal prosecutors want Wells Fargo’s former retail banking head to spend time behind bars. Carrie Tolstedt agreed earlier this year to plead guilty to obstructing an investigation into her bank’s practice of opening accounts for millions of customers without their consent. And a Bloomberg News report Saturday (Sept. 2) — citing...
Officials from The People’s Bank of China are reportedly calling for stricter financial regulations. Writing in China Finance, a publication of the central bank, a trio of officials said China should speed up passage of its Financial Stability Law and improve other regulations to prevent...
July 06, 2021
More businesses and consumers are conducting their daily tasks and transactions online, meaning offering seamless digital experiences is becoming increasingly important for today’s financial institutions (FIs). This also means banks must work to ensure their online services are kept secure against the bad actors as they follow customers’ lead, however. Seventy-four percent of banks claimed […]
September 04, 2018
U.K. payday lending startup Wonga has come to the end of the road, having filed for administration (similar in concept to bankruptcy in the U.S.) in the closing days of...
May 28, 2018
It’s not exactly dogs and cats living together in harmony, but FinTechs and banks — the upstarts and the traditionalists — are certainly cozying up, a trend that looks certain...
April 20, 2018
A perfect storm of regulatory changes and card brand rule changes has left many merchants wondering to whom, exactly, they are beholden and what, exactly, they must do to comply....
April 18, 2024
House Republicans think America’s financial oversight bodies need some oversight of their own. U.S. Rep. Patrick McHenry (R-NC), chair of the House Financial Services Committee, re-introduced legislation Wednesday (April 17) that would set up Financial Services Innovation Offices (FSIO) within each financial regulator. “Each FSIO will assess burdensome agency regulations that hinder innovation, as well as evaluate and approve alternative […]
April 18, 2024
A top House Republican wants to overturn a recent federal regulation governing non-bank financial companies. Rep. French Hill (R-Ark.) introduced a resolution Wednesday (April 17) that would yank the approval of the Financial Stability...
March 21, 2024
House Financial Services Committee (HFSC) Chairman Patrick McHenry (R-N.C.) said Thursday (March 21) that the Basel III Endgame proposal and other projects threaten to give global governance bodies authority over American financial...
September 03, 2023
Federal prosecutors want Wells Fargo’s former retail banking head to spend time behind bars. Carrie Tolstedt agreed earlier this year to plead guilty to obstructing an investigation into her bank’s practice of opening...
