A spate of recent enforcement decisions from the FDIC underscores risks that banks face — external as well as internal ones, where employees have allegedly leveraged vulnerabilities from the inside. The decisions, accessible here, construct a theme, as officers and workers, named in the actions...
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has withdrawn its finding that ABLV Bank, AS is a financial institution of primary money laundering concern, because the bank no longer operates as a depository institution. ABLV was a commercial bank located in Riga, Latvia, and FinCEN found...
The Federal Deposit Insurance Corp. (FDIC) has proposed a rule that would strengthen recordkeeping for bank deposits received from third party, non-bank companies that accept those deposits on behalf of consumers and businesses. The FDIC board of directors approved a notice of proposed rulemaking Tuesday (Sept. 17)...
Nordea Bank Abp has reached a settlement with the New York State Department of Financial Services (DFS) after the regulator determined that the bank had compliance failures and failed to conduct proper due diligence of its correspondent bank partners. The bank entered into a consent order with DFS...
October 02, 2024
The private credit market is booming — and has the potential to reshape lending, and risk, too, in financial services. Generally and conceptually speaking, the private lending market, estimated by the International Monetary Fund to top $2 trillion at present, offers a capital “lifeline” of sorts to a variety of borrowers, especially smaller firms that […]
August 13, 2024
The Consumer Financial Protection Bureau (CFPB) has staked out a clear position on using artificial intelligence (AI) in financial services: There are no exceptions to existing consumer protection laws for...
August 12, 2024
Despite the decentralized nature of cryptocurrencies and other digital assets, Web3 businesses need banking partners. But on Thursday (Aug. 8), news broke that Pennsylvania-based Customers Bank, one of the only...
July 12, 2024
Prudent regulation is needed in helping to define the risks and rewards in emerging partnerships between financial institutions and banks — but current regulatory efforts may be too vague, critics...
September 26, 2024
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has withdrawn its finding that ABLV Bank, AS is a financial institution of primary money laundering concern, because the bank no longer operates as a depository institution. ABLV was a commercial bank located in Riga, Latvia, and FinCEN found it to be of money laundering concern in 2018, the […]
September 17, 2024
The Federal Deposit Insurance Corp. (FDIC) has proposed a rule that would strengthen recordkeeping for bank deposits received from third party, non-bank companies that accept those deposits on behalf of consumers...
August 27, 2024
Nordea Bank Abp has reached a settlement with the New York State Department of Financial Services (DFS) after the regulator determined that the bank had compliance failures and failed to conduct...
August 02, 2024
Nine federal financial regulatory agencies have proposed or will propose joint data standards that would apply to data submitted to the agencies. As required by the Financial Data Transparency Act...
