Comerica Bank & Trust reaches formal agreement with US OCC over enforcement action
The OCC has ordered the bank to create a compliance committee as part of the action.
Regulation
Protecting against deepfakes in the era of LLMs
FinTech Futures speaks with FinVolution about how the financial sector can tackle the threat of deepfakes.
CFPB says BNPL firms must comply with credit card consumer protection rules for billing disputes and refunds
BNPL firms will now be required to investigate disputes, refund returned products and provide billing statements.
Mercado Pago enters talks with regulators for banking licence in Mexico
Mercado Pago GM Pedro Rivas says the firm’s ambition is to become “the largest 100% digital bank in Mexico”.
Citi fined £61.6m by UK regulators for “failures in its trading systems and controls”
The total penalty consists of a £33,880,000 fine from the PRA and a £27,766,200 fine from the FCA.
FinovateSpring 2024: GenAI and future fraud strategies in focus on day one
Industry leaders convened in San Francisco on Tuesday to kick off FinovateSpring 2024.
US CFPB sues SoLo Funds for allegedly “deceiving borrowers about the total cost of loans”
The regulator says it is suing the firm for “deceiving borrowers and illegally extracting fees”.
FinTech Futures: Top five news stories of the week – 17 May 2024
Our pick of the top fintech news stories this week includes BBVA, Deutsche Bank, Lemonway and more.
AI-powered regtech Cube acquires global regulatory intelligence enterprises from Thomson Reuters
Through this acquisition, Cube aims to “set a new bar for the industry in regulatory automation”.
What the FinTech? | S.5 Episode 8 | The evolution of the UK’s crypto landscape
In this episode of the podcast, we’re joined by Bivu Das, UK Managing Director at Kraken.
CFPB fines Chime $3.25m for customer refund delays
Chime is to also pay “at least $1.3 million in redress to harmed consumers”.
Dubai Fintech Summit 2024: How the UAE is fostering fintech innovation
There is a huge sense of urgency, commitment and purpose behind fintech in the UAE.
FINRA fines SoFi $1.1m after consumer identification flaws led to multi-million dollar heist
SoFi Money – the unit targeted by fraudsters – was ultimately closed by the fintech in June 2022.
The digital transformation divide in Europe’s banking industry
Europe must harness the full potential of the digital revolution for the continent’s unbanked.
JP Morgan Chase to pay additional $100m penalty to US regulator over trade surveillance data gaps
The bank was previously hit with a $348 million fine from the OCC and FRB in March.
Former Thomson Reuters exec David Larson named Feedzai’s new CFO
Larson previously spent over eight years at Canadian multinational information corporation Thomson Reuters.
Republic First Bank closed and sold to Fulton Bank by US regulators
Fulton Bank will “assume substantially all of the deposits and purchase substantially all of the assets” of the bank.
UK regtech ComplyAdvantage snaps up Golden to strengthen financial crime intelligence offering
The deal will also see VC firm Andreessen Horowitz become a shareholder in ComplyAdvantage.
FinTech Futures: Top five news stories of the week – 19 April 2024
Our pick of the top fintech news stories this week includes Klarna, Ramp, Zopa and more.
ICYMI fintech funding round-up: Mimo, TransferGo, Smartpay, Adro and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
UK fintech Gresham Technologies to be acquired by STG Partners for £147m
The acquisition is expected to close by the third quarter of 2024.
Revolut to launch operations in Mexico with new banking licence
The UK-based challenger will make its Mexican debut with money transfer services.
CFPB publishes new report highlighting risks related to financial transactions in video games
Americans spent nearly $57bn on gaming hardware, software, and in-game transactions in 2023.
Banking Technology Magazine April 2024 issue out now
Core story: GOLD GETTERS – The Olympics and fintech make the perfect team.
Two US fintechs to pay a total of $59m to settle FTC charges related to PPP
Biz2Credit will pay $33 million and Womply will pay $26 million to settle the two separate cases.
What the FinTech? | S.5 Episode 4 | The future of digital identity
In this episode of the podcast, we’re joined by Pinar Alpay, Chief Product and Marketing Officer at Signicat.
Optimising compliance in a busy year of reporting rewrites using Rosetta
Exploring the safe, fast and cost-effective regulatory compliance solution the industry has been looking for.
Video: BBVA at FinovateEurope 2024 – Open banking in the EU
Jose Luis Navarro of BBVA discusses the evolution of the open banking landscape in the EU.
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.
Video: Taktikal at FinovateEurope 2024 – Onboarding amid ever-changing compliance requirements
We sat down with Tinna Hallbergsdóttir of Taktikal to discuss the firm’s innovative approach to onboarding.
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”.
Video: Intrepid Fox at FinovateEurope 2024 – When KYB meets GenAI
We sat down with Roman Zilber of Intrepid Fox to discuss the intersection between KYB and GenAI.
CFPB to cap credit card late fees at $8 and increase accountability among issuers
The new limit is poised to save US consumers more than $14 billion a year.
Banking Technology Magazine March 2024 issue out now
Cover story: CREATIVE THINKING – How a borefest could lead to the best ideas.
ICYMI fintech funding round-up: Embat, Slice, NayaOne, MoneyHash and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
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”.
UK regtech Napier AI secures £45m funding from Crestline Investors
Napier AI claims that since 2021, its top-line revenue has grown at more than 30% year on year.
AI wars: a new hope or the phantom menace?
A deep dive into the practical uses of AI through the lens of the FCA’s Consumer Duty.
Mexican neobank Hey Banco’s split from Banregio due for 2025
The move, announced in 2020, was expedited by Hey Banco’s banking licence authorisation last July.
