Compliance

Western central banks trying to develop sovereign cryptocurrency models face pushback from lawmakers and other obstacles, while the digital yuan has a much clearer path.

Treasury Secretary Janet Yellen will convene top U.S. financial-market and bank regulators on Monday to discuss rules for so-called stablecoins, a key part of the cryptocurrency market where government officials are increasingly fretting about a lack of oversight.

Congress had been close to passing legislation to help banks serve cannabis firms. Now Democratic leaders have all but abandoned the effort, prioritizing a riskier proposal to decriminalize the drug.

The Reserve Bank of India says the card brand failed to comply with a requirement to store transaction details locally. The handling of payment information has become a point of contention between the Asian nation and American firms.

The global company says that a quicker-than-expected economic recovery is creating some opportunities to invest in businesses that will generate returns over time.

Income share agreements, which allow college graduates to repay tuition financing as a percentage of their future income, have come under fire lately from consumer advocates for questionable marketing and other potential legal violations. Some hope a partnership between a Virginia bank and an ISA provider will give the product more legitimacy, while others worry it just masks risks for borrowers.

The economic forces driving dealmaking will overcome any regulatory risk posed by the president's call for stricter vetting of bank merger applications — especially among community banks, experts say. The White House push could even nudge some executives to cut deals sooner.

Credit unions have gotten stronger support from their regulators to do business with pot companies, but banking agencies are showing signs of softening just as more states legalize marijuana.

The National Credit Union Administration will distribute the funds to 1,800 credit unions to resolve the failure of three corporate credit unions in the wake of the financial crisis. It is the third such payment the regulator has made within the past year.

The approval broadens Excel’s membership to anyone in Gwinnett, Hall, Forsyth and Fulton counties.

The House has passed legislation that would make financial institutions report credit application data relating to LGBTQ-owned businesses to the Consumer Financial Protection Bureau for the purposes of enforcing fair lending laws.

U.S. regulators blocked the card network's attempt to buy Plaid last year for antitrust reasons. Its bid to acquire Tink, a similar company based in Sweden, may have a better shot given European officials' desire to promote open banking.

A European Union regulation that promotes data sharing among banks and third parties is making it easier for neobanks like Tide and Monese and other companies to help small merchants track their cash flow and access credit.

The company is making many employees sift through years of text messages on personal devices and set aside any related to work to ensure U.S. rules on keeping copies of business communications are met even after many months of remote work, according to people with knowledge of the situation.

According to the latest Federal Deposit Insurance Corporation (FDIC)’s “How America Banks” report, there is an estimated 7.1 million unbanked households in 2019. Given the record levels of unemployment, the pandemic has brought on the FDIC expects this number to rise. Join Joe Adler, American Banker’s Washington Bureau Chief and Leonard Chanin, Deputy to the Chairman of the FDIC as they discuss the FDIC’s stance on financial inclusion and how banks can get millions of unbanked Americans into the traditional banking system.

Financial institutions spent nearly $214 billion last year — an 18% jump from 2019 — to meet regulatory requirements for fighting financial crimes, a new study says. The spending included more staffing to manage risks posed by customer growth.

The retiring head of the National Association of State Credit Union Supervisors spent years working to rein in a contentious funding mechanism used by the National Credit Union Administration that drew money from the Share Insurance Fund.

The National Credit Union Administration issued no prohibition orders in May, making it the first month in nearly four years that the regulator has barred no one from working in the financial services sector.

The U.K.'s central bank says stablecoins should follow the same rules as traditional bank deposits.

The efforts to bolster risk controls and simplify global operations will ultimately lead to better shareholder returns, Jane Fraser said, while urging investors to show patience.