Financial regulation could be the linchpin of Congressional budget negotiations
In its opening bid in budget negotiations with the White House, Republican leadership in the House zeroed in on the Treasury, Securities and Exchange Commission and Consumer Financial Protection Bureau as targets for concessions. But how hard will the administration push back?
‘This is a good one’: Fed’s Waller not fretting yield curve inversion
Often a harbinger of recessions, the fact that short-term yields are higher than long-term is not inherently bad, Federal Reserve Gov. Chris Waller said Tuesday, noting that in this case it could prove that market expectations are anchored.
New York now requires banks to report ransom payments
The new rules also expand the use of “proven protections,” such as multifactor authentication, according to Adrienne Harris, superintendent of New York State Department of Financial Services.
Acting Comptroller of the Currency worried about banks’ growing relationships with nonbanks and fintechs
Michael Hsu voiced concerns Tuesday about the increasing disintermediation of accountability for banking services as more banks collaborate with non-bank entities and said banks are showing a growing interest in tokenizing real-world assets over riskier public blockchain-based cryptocurrencies
CFPB proposes to treat digital wallets more like banks
Meta, Apple, Alphabet and other companies that offer digital wallets and payment apps would fall under U.S. Consumer Financial Protection Bureau supervision under a newly proposed rule aimed at treating nonbanks more like traditional counterparts.
As funding showdown looms, GOP targets international bank regulation
Rep. Andy Barr, R-Ky., said that international cooperation in the Basel III endgame proposal is latest iteration of an opaque standard-setting process.
Arizona deal is 11th credit union takeover of bank this year
A.E.A. Federal Credit Union in Yuma said it would acquire West Valley National Bank in a bid to expand into Phoenix and Las Vegas.
Given regulatory uncertainty, banks will take tentative steps to embrace AI
As banks increasingly explore the applications of generative artificial intelligence, regulators are deliberating about the systemic risks that the technology may pose because of their unpredictability, the potential for herd behavior, replication of human biases, and AI’s inability to predict extreme scenarios.
FTX investors shift focus to celebrity endorsers after SBF conviction
A sweeping class-action suit in Miami federal court by investors who claim they lost billions in the collapse of FTX and seek to pin blame not just on Bankman-Fried and his inner circle, but also on celebrities who were paid to endorse it to the masses, as well as bankers, accountants and lawyers who propped […]
Ex-NatWest CEO receives apology from U.K.’s top data watchdog
The agency said its investigation did not find that Rose had breached data protection law when she discussed the closing of a politician’s bank account with a reporter, and said it regretted giving the impression that she had.