Ian McKendry

The digital currency world is readying itself for more regulatory penalties over the failure to meet Bank Secrecy Act and anti-money-laundering requirements following federal agencies' action against Ripple Labs last month.

The digital currency world is readying itself for more regulatory penalties over the failure to meet Bank Secrecy Act and anti-money-laundering requirements following federal agencies' action against Ripple Labs last month.

Comptroller of the Currency Thomas Curry described cyber-readiness as a "system-wide" exercise, and said a new tool for assessing readiness can help banks of all sizes.

With New York's framework for regulating digital currency now final, a looming question is whether other states such as California will follow suit.

New York’s financial services regulator revealed its final version of a new digital currency regulatory framework Wednesday, but a big question already is whether the effort will get replicated in other states.

Federal regulators are working to streamline call reports for community banks in response to industry complaints that some of the requirements are unnecessary and increasingly burdensome.

Community banks had a banner first quarter, federal regulators said Wednesday — but it may come at a problematic time, politically speaking. The Quarterly Banking Profile may only deepen some lawmakers concern that small banks do not need regulatory relief if they are performing so well.

U.S. banks rebounded in the first quarter as earnings rose 6.9% from a year earlier, to $39.8 billion, and nearly two-thirds of institutions reported higher profits from a year earlier, the Federal Deposit Insurance Corp. said Wednesday.

WASHINGTON — The Federal Deposit Insurance Corp. is scheduled to release the Quarterly Banking Profile for the first quarter of 2015 on May 27.

Crucial operational steps remain before the government could clean up the collapse of a massive firm without threats to the broader financial system.

The owner of an Ohio-based loan administrator, accused by the Consumer Financial Protection Bureau of deceptive marketing, says he is the victim of a misguided lawsuit by the agency.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg, discussing progress in establishing big-bank resolution regimes, said the Federal Reserve is developing a rule "to codify" the swaps protocol involving termination rights.

The Consumer Financial Protection Bureau filed a lawsuit on Monday against an Ohio-based loan administrator and its owner for allegedly deceptively marketing services that claimed to save consumers money on their mortgage while any actual savings were offset by high fees.

WASHINGTON — Jeremiah Norton, a board member on the Federal Deposit Insurance Corp., will be stepping down on June 5, the agency said late Friday.

A statement by a foreign regulator that it might penalize banks that drop businesses due to heightened supervisory risk has spooked U.S. institutions who worry domestic agencies could follow suit.

Internal Revenue Service examiners are conducting bank-like exams of virtual currency firms for possible anti-money laundering violations, Financial Crime Enforcement Network Director Jennifer Shasky Calvery said May 6.

While the penalty is a blow to Ripple Labs, it could have significant implications for the industry at large and its efforts to legitimize itself in the eyes of regulators and banks. Here's how:

WASHINGTON — Financial Crime Enforcement Network Director Jennifer Shasky Calvery said Wednesday that Internal Revenue Service examiners are conducting bank-like exams of virtual currency firms for possible anti-money laundering violations.

Regulators' latest guide for examining AML lacks wholesale changes, but some minor changes still could pack a major punch.

Regulators' latest guide for examining anti-laundering procedures lacks wholesale changes, but institutions still must decipher minute changes with potentially big impacts.