Regulation and compliance
The bank has joined with four other financial giants — including Barclays, BNP Paribas and HSBC — to launch Endoxa, which will enable the firms to use technology to standardize their approaches to compliance.
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The $75 million deal between the megabank and the U.S. Virgin Islands includes various commitments, such as terminating customers' accounts if there is credible information that the accounts are involved in human trafficking.
September 26 -
The Consumer Financial Protection Bureau issued guidance on the use of artificial intelligence in credit underwriting, saying that creditors are relying too heavily on a CFPB checklist and sample forms when they should provide specificity to explain why a consumer is denied credit.
September 19
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Treasury's Financial Crimes Enforcement Network said most small businesses will need to report information about their beneficial owners at the start of next year; certain financial and government entities are exempt because of their preexisting regulatory requirements.
September 18 -
PayPal's new stablecoin offering should be setting off alarms at traditional banks, because it could seriously challenge their dominance in the payments space.
September 18 -
The American Bankers Association found that 89% of the banks it surveyed feel that social media is important. But there is room for improvement in their practices.
September 15 -
Carrie Tolstedt, the company's former retail banking chief, was sentenced to three years of probation, including six months of home confinement. A federal judge detailed why she denied the stiffer sentence sought by federal prosecutors, who wanted to send a message about the consequences of white-collar crime.
September 15 -
Carrie Tolstedt, scheduled to be sentenced Friday for her role in the company's phony-accounts scandal, has already paid for her crime and should receive three years probation, her attorneys argue in a sentencing memo. Prosecutors have recommended a year in prison.
September 14 -
The secretive world of private credit is increasingly being funded by public money, and there will be no FDIC there to bail us out when things go bad.
September 14 -
A joint letter from the banking and financial trade groups is the latest effort by the industry and its representatives in Washington to push back against the Basel III capital proposals, which would raise capital significantly for the largest banks.
September 13
