Recent steps taken by the Federal Deposit Insurance Corporation (FDIC) will help ensure that fund managers are not “improperly influencing” decisions made by FDIC-supervised banks, Rohit Chopra, member of the FDIC board of directors and director of the Consumer Financial Protection Bureau (CFPB) said in...
Five banks entered into stipulated orders and written agreements with the Federal Deposit Insurance Corporation (FDIC) in November. These cases were among 13 FDIC enforcement decisions and orders delivered in November and made public Friday (Dec. 27) by the FDIC, according to a Friday press release. Among them...
New York is reportedly tightening its financial scrutiny as Donald Trump returns to office. With the incoming President Trump planning to roll back financial regulations, the Department of Financial Services will place more scrutiny on banks, insurers and cryptocurrency companies doing business in New York,...
Five groups representing banks and businesses sued the Federal Reserve on Tuesday (Dec. 24), saying its current stress testing framework is “opaque” and violates the law. The complaint was filed by the American Bankers Association (ABA), the Bank Policy Institute, the U.S. Chamber of Commerce,...
The Merchants Payments Coalition is urging the Federal Reserve to quickly finalize the Fed’s proposal to reduce the fees banks are allowed to charge merchants to process debit card transactions. The group said this in a letter to Federal Reserve Board of Governors Chairman Jerome...
Deutsche Bank Securities agreed to pay a $4 million civil penalty to settle Securities and Exchange Commission (SEC) charges that it failed to file certain Suspicious Activity Reports (SARs) in a timely manner. Without admitting or denying the regulatory agency’s findings, the registered broker-dealer and Deutsche Bank...
The Federal Reserve Board has announced an enforcement action against Franklin, Tennessee-based Lineage Financial Network, the bank holding company of Lineage Bank. The Fed said in a Thursday (Dec. 19) press release that the Federal Deposit Insurance Corporation (FDIC) separately issued an enforcement action with Lineage Bank in January...
The American Bankers Association (ABA) said the proposed amendments to Regulation II that would cap debit card interchange fees are “fundamentally flawed and should not be finalized.” In a Thursday (Dec. 12) letter addressed to Federal Reserve Board Chair Jerome H. Powell, ABA Senior Vice...
Banking giant HSBC is facing a lawsuit in Australia over alleged fraud-prevention failures. The Australian Securities and Investments Commission (ASIC) announced Monday (Dec. 16) that it was suing HSBC Australia, accusing the bank of failing to have proper controls to identify and stop unauthorized payments. ...
