Greece reportedly aims to cap banks’ money transfer fees, while eliminating consumer bill pay fees. As Bloomberg News reported, Prime Minister Kyriakos Mitsotakis told lawmakers on Sunday (Dec. 15) that efforts by banks to lower administrative costs for customers “were not enough.” Mitsotakis announced a...
Treasury Secretary Janet Yellen says the next administration should leave “critically important” financial regulations untouched. In an interview with Reuters on Friday (Dec. 13), Yellen said these regulations govern things like banks’ capital levels, liquidity and risk-taking. She said the current system has its flaws...
The benefits of standardized data formats and exchanges in financial services are myriad. Banks are moving toward the ISO 20022 financial messaging standard, tied to Swift, which noted that the open standard can be used for all types of financial transactions, including cross-border fund flows....
For banks, the ever-expanding push into global markets also has included a broadening of lending activities — to the tune of trillions of dollars. In many cases, the party on the other side of the transaction tends to be a non-bank firm. New guidance from...
Members of President-elect Donald Trump’s transition team reportedly are considering making changes to some bank regulatory agencies by shrinking, consolidating or eliminating them. These proposals have come up during team members’ interviews with potential nominees to lead the agencies, The Wall Street Journal (WSJ) reported...
Wells Fargo’s CEO reportedly has more confidence in his bank’s efforts to remedy its compliance issues. Charlie Scharf’s comments, as reported Wednesday (Dec. 11) by Reuters, follow the banking giant’s years-long fake account scandal. “For every one of our consent orders that we have, for...
Klarna has been fined $50 million in Sweden over faults in its anti-money laundering protections. Sweden’s Financial Supervisory Authority, or FI, announced Wednesday (Dec. 11) that an investigation into the Swedish payments firm’s compliance with anti-money laundering (AML) regulations between April 2021 and the end...
TD Bank Group said Thursday (Dec. 5) that for the coming fiscal year, “it will be challenging for the Bank to generate earnings growth,” as it continues to work on its anti-money laundering (AML) remediation and invest in its business. The bank said this in...
The Federal Deposit Insurance Corporation (FDIC) reportedly has begun more closely tracking FinTechs that partner with banks, aiming to spot potential problems before they affect the banks. This tracking system complements the agency’s existing oversight of banks and gives FDIC examiners a way to oversee...
