The Bank of England could establish a “concierge service” to help foreign companies do business in the United Kingdom. It’s a similar service to one already available in Singapore, the Financial Times reported Monday (Jan. 20), citing a letter from Sam Woods, head of the...
The new administration is here, ushering in a phase of uncertainty surrounding banking regulations and the state of the regulatory agencies themselves. Beyond the usual avenues of rule-making and enforcement actions, a flurry of movement in the courts also offers up an additional way to...
Two Wells Fargo advisory firms and Merrill Lynch have agreed to settle Securities and Exchange Commission (SEC) charges that they violated Advisers Act rules relating to their cash sweeps programs. The SEC alleged that the firms failed to consider the best interest of clients when selecting which cash...
Asset manager BlackRock is reportedly facing a new deadline over its investments in government-backed banks. The company had missed a Jan. 10 deadline issued by the Federal Deposit Insurance Corp. (FDIC) and now has until Feb. 10 to resolve an issue related to the firm’s...
The Consumer Financial Protection Bureau (CFPB) has recognized Financial Data Exchange (FDX) as a standard-setting body, allowing it to issue standards that companies can use to help them comply with the CFPB’s regulations. According to a Wednesday (Jan. 8) news release, the CFPB is making...
The Bank of England has reportedly announced plans to relax rules for banks and insurers. Sam Woods, chief executive of the central bank’s Prudential Regulation Authority, told a House of Lords committee Wednesday (Jan. 8) that financial resilience and economic competitiveness “go hand in hand”...
The newest update to the Payment Services Directive, PSD3, has been two years in the making, and final guidelines are expected to come this year. While the changes will be sweeping in Europe, shifting how the directive impacts banks and payment service providers (PSPs), we...
The Federal Deposit Insurance Corporation (FDIC) rated five banks “outstanding” and one bank “needs to improve” in its latest monthly list of banks examined for Community Reinvestment Act (CRA) compliance. The remainder of the 72 banks included in the monthly list released Friday (Jan. 3)...
Moving into the new year, headlines swirled around bank stress tests and rulemaking from the Federal Reserve. And while much attention has been paid to the role of the central bank in the coming years, and the Consumer Financial Protection Bureau’s (CFPB) own rulemaking touching on...
