US Federal Reserve fines digital bank Green Dot $44 million over “unfair and deceptive practices”
Green Dot has been anticipating the arrival of the consent order since February.
Federal Reserve
JP Morgan Chase hit with $348m in fines related to its trade surveillance programme
The fines were issued by the the Office of the Comptroller of the Currency and the US Federal Reserve.
FinTech Futures: Top five news stories of the week – 15 March 2024
Our pick of the top fintech news stories this week includes the US Federal Reserve, Starling Bank and more.
US Federal Reserve “nowhere near recommending, let alone adopting” a CBDC, chairman tells Congress
Fed chairman Jerome Powell tells Congress that “people don’t need to worry”.
Green Dot receives proposed consent order from US Federal Reserve
Green Dot says the consent order relates “principally to various aspects of compliance risk management”.
2023: Top five payments stories of the year
FinTech Futures takes a look back at some of the year’s top developments and stories in payments.
The US Federal Reserve proposes new single cap on interchange fees
Reserve board member and governor Michelle Bowman has opposed the revised cap.
UBS to pay $388m in fines relating to Credit Suisse’s doomed dealings with Archegos
The US Federal Reserve has fined Credit Suisse $269 million, with the UK’s PRA issuing a further $119 million fine.
The future is FedNow: how the new RTP service is aiming to future-proof US payments
FedNow has the potential to drive innovation, broaden financial inclusion and improve cash flow.
US regulators shutter New York’s Signature Bank following SVB collapse
Signature Bank is a large lender in the cryptosphere.
US Federal Reserve sets up new specialist team to supervise crypto sector
The team will monitor the cryptosphere as regulators look to manage risk and promote innovation.
White paper: FedNow is almost here!
Everything you need to know before the launch of FedNow – a new real-time payment and settlement service in the US.
SoFi realises ambition to become national bank with US regulatory approval
The firm filed an application with the Office of the Comptroller of the Currency in July 2020.
Elizabeth Warren calls on Fed to break up Wells Fargo
Senator cites the bank’s “longstanding ungovernable behaviour”.
Federal Reserve chair says cyber risk a greater threat than another financial crash
Cyber-attacks are a “big part of the threat picture in today’s world”.
US Federal Reserve’s payment system down for more than three hours
Both Fedwire and FedDACH went down this week, and remained so for a few hours.
Federal Reserve demands clarity on US banks’ diversity efforts
The Fed is working with other financial regulators to boost responsiveness.
US regulators relax Volcker Rule restrictions
Major US banks allowed to unlock wider range of investment options.
US Federal Reserve pours $2.3 trillion into financing economy
“This funding will assist households and employers of all sizes,” says the Fed.
US Fed Reserve & ECB ramp up bond buying to steady markets
Fed pledged to buy unlimited amount whilst ECB eyes up €750bn additional bonds.
Draft coronavirus stimulus bill considers ‘digital dollar’ to help unbanked
House Democrats have drafted a bill which, if enacted, would create a ‘digital dollar’.
Financial regulators address the economic & operational effects of COVID-19
Regulators across the globe issue statements addressing coronavirus precautionary measures.
Federal Reserve shelves tougher liquidity rules for foreign banks
Minimum level of liquid assets not required by US branches.
Federal Reserve signs off on Volcker Rule simplification
“Volcker 2.0” to go live in January 2020.
US regulators targeted with bipartisan Financial Transparency Act
House wants US regulators to improve their data collection and transparency.
Fed Payments Study: Noncash Payments Soar amid Check Decline
Consumers wrote nearly two-thirds fewer checks per household in 2015 than in 2000, while total noncash payments per household, which includes checks, card payments and electronic transfers via ACH, expanded almost 95 percent, according to additional results released June 30 from the “2016 Federal Reserve Payments Study.” While the numbers are encouraging to those facilitating electronic payments, prepaid providers have some work to do to gain market share.
Crédit Agricole CIB automates US reg reporting with AxiomSL
Crédit Agricole Corporate and Investment Bank (CIB) is implementing AxiomSL’s regulatory reporting system at its New York branch.
Torstone’s Inferno backs BNP Paribas in Fed Reserve deal
BNP Paribas Securities Services has become a direct securities participant to the US Federal Reserve through FedLine, its online financial services information and payment service. The company, a subsidiary of the BNP Paribas group, says this completes its direct connectivity to the US market on all securities instruments. BNP uses Torstone Technology’s post-trade securities and […]
Dwolla offers FiSync platform to US Fed’s faster payments plan
US payments start-up Dwolla has submitted its FiSync platform as part of its faster payments proposal to the Federal Reserve-chartered Faster Payment Task Force. The Fed-chartered initiative, comprised of over 500 Faster and Secure Payments Task Force members, has been tasked with representing, addressing, and assessing “improved” payments systems. Dwolla is offering FiSync, a communication […]
Old left cold by US mobile banking
Only 18% of consumers aged 60 or over in the US use mobile banking, according to a study from the US Federal Reserve. In its 86-page report “Consumers and Mobile Financial Services 2016”, the Federal Reserve reported its findings from a survey which focused on consumers’ use of mobile technology to “access financial services and […]
Real-time payments: coming to America?
When the US Federal Reserve Banks asked for comments on improving the US payments system, the tech industry and merchants said “let’s go” while the incumbents said “whoa, not so fast” …
