German financial regulator BaFin said Friday (July 12) that Solaris SE faces financial penalties if it doesn’t improve its controls. Solaris, which has a banking license in Germany but focuses on providing white-label services to other banks, has not fixed issues as ordered by BaFin in 2022, Bloomberg reported...
A top global banking regulator wants financial institutions to take more responsibility in outsourcing services. “Ongoing digitalisation has led to rapid adoption of innovative approaches in the banking sector,” the Basel Committee on Banking Supervision said Tuesday (July 9) in a new report on outsourcing. “As a result, banks...
Australian Banking Association (ABA) CEO Anna Bligh said its “time to go back to the drawing board” when it comes to the country’s open banking rules. Bligh said this in a Wednesday (July 3) press release announcing research that found that four years after the implementation of...
As the banking and payments business cross into the second half of 2024, many executives say we’re at a pivotal juncture — one that will require a steady hand on the wheel. “Regulatory orders and regulatory scrutiny have taken a front seat in the industry,”...
2024 is fast becoming the summer of consent orders for smaller banks. That’s because, with the news Friday (June 28) that Tennessee-based Thread Bancorp is now the latest financial institution (FI) to come under the Federal Deposit Insurance Corporation’s (FDIC) scrutiny, managing for the operational,...
For the banking as a service (BaaS) firms, the Synapse bankruptcy, the cease-and-desist order against Evolve, and the wait for regulatory clarity are all proving to be headwinds for the burgeoning business model. This week, BaaS embedded finance company Unit, which serves tech companies, banks and...
Last year marked a seismic shift in financial services — as five bank failures tested the ways and means at the disposal of government and industry to prevent wider contagion. Silicon Valley Bank, of course, was the arguably the headliner, representing the second largest bank...
The Federal Reserve Board issued a “cease and desist” order against Evolve Bancorp and its subsidiary, Evolve Bank & Trust, that may have a chilling effect on bank-FinTech partnerships. In addition to a series of corrective measures — focused on shoring up what have been termed...
In the move to solidify the framework for open banking, the field for just who will help set the standards is wide open. News came Wednesday (June 5) that the Consumer Financial Protection Bureau (CFPB) has set in motion what it terms a “process” for...
