Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation who is leaving the government agency, expressed concern that regulators may be doing too much to roll back rules that were put in place after the Great Recession and financial crisis. According to a news...
The European Central Bank (ECB) steps up efforts to launch a tool that would enable financial regulators to stop customers from withdrawing cash when a bank is about to go under. According to news from Bloomberg, ECB Executive Board Member Sabine Lautenschläger said banking resolution cases...
China is increasing regulations on websites that offer cash loans, amid growing concerns about lax regulation in the fast-growing market. According to Reuters, citing a report from China’s Caixin, Ji Zhihong of the central bank’s financial markets department said that the bank – along with...
HSBC and Standard Chartered, the two U.K. banks, are facing a review by the country’s financial regulators and the Serious Fraud Office to determine whether they are linked to the corruption scandal in South Africa. According to a BBC news report, the moves come after...
The Financial Industry Regulatory Authority (FINRA) announced news on Monday (Oct. 16) that it has ordered Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network to pay more than $3.4 million in restitution for making bad recommendations of volatility-linked, exchange-traded products (ETPs). In a...
The president of the Federal Reserve Bank of St. Louis, James Bullard, warned Thursday (Oct. 12) that banking regulators in the U.S. need to pick up the pace in their efforts to confront the risks created by FinTech companies to the banking sector. According to...
Ohio announced that it is extending its ban on doing business with Wells Fargo because the bank “still has work to do” when it comes to assisting consumers and fixing its internal problems. “This bank has not yet regained the public’s confidence,” Governor John Kasich...
The Independent Community Bankers of America (ICBA), the trade group for community banks, is calling on the Federal Deposit Insurance Corporation (FDIC) to deny a federal deposit insurance application by payment terminal company Square. In a press release announcing the news, the trade group contends,...
As Australia’s financial services industry faces continued pressure from the Australian Small Business and Family Enterprise Ombudsman to improve small business lending practices, National Australia Bank (NAB) said it is overhauling its existing SME and SMB loan contracts. The bank announced on Friday (Oct. 6) that...
