The rise of open banking and FinTechs is changing the fabric of financial services. Data sharing and pacts between traditional financial institutions and digital-only innovators promise to bring innovation to the masses, especially when consumer-permissioned data, held by community banks and larger enterprises, is shared with third parties. The...
The opening week of first-quarter earnings season was billed as a referendum on the state of the U.S. economy, specifically consumer spending. While Wells Fargo didn’t post stellar earnings Friday (April 12) it did vote “yes” on the economic prospects for the balance of 2024. “We continue to see...
Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks. The Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC) and the Federal...
Anti-money laundering (AML) defenses might begin at the point of onboarding. The needs are for all manner of firms — and especially banks and investment management companies — to embrace technology in the service of beefing up their onboarding processes and automating them too. ...
September 26, 2021
New blood, as they say, shakes things up a bit. But what happens when the shaking up of things rattles the very foundations of financial services and the way banking operates? President Joe Biden late last week nominated Cornell University Law School professor Saule Omarova to lead the Office of the Comptroller of the Currency […]
April 11, 2024
Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks. The Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC) and the Federal Reserve are probing the bank, The Wall Street Journal (WSJ) reported Thursday […]
February 21, 2024
Michael Hsu, the acting comptroller of the currency, emphasized the importance of banks actively managing risks associated with their relationships with FinTech companies. During a Wednesday (Feb. 21) speech at Vanderbilt...
February 15, 2024
The Office of the Comptroller of the Currency terminated a 2016 consent order against Wells Fargo. The consent order concerned deficiencies and unsafe or unsound practices in the bank’s risk...
February 11, 2024
American lenders have loaned so-called “shadow banks” more than $1 trillion, and regulators are worried. That’s according to a report Saturday (Feb. 10) by the Financial Times (FT), which cites...
