Compliance

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.

From China to the Bahamas, central banks are rushing to create digital currencies that could be used for everything from attending the Olympics to helping the unbanked. Here are some notable initiatives.

The initiative would standardize and expand security, but marketing restrictions weigh against the business case for adoption.

The Federal Reserve has privately told Deutsche Bank that its compliance programs aren’t up to snuff, signaling that the scandal-plagued bank is failing to adhere to a number of past accords with U.S. regulators, according to people familiar with the matter.

American banks and their clients now see a business case for ISO 20022 as they expand cross-border and real-time transactions.

Advocates for depositor-owned banks want regulators to block the combination of a one-branch thrift and Minnesota’s largest credit union, for fear it will lead to similar deals.

Sarah Dahlgren, who joined the scandal-plagued company in 2018, is departing of her own accord, according to a spokesman.

The National Credit Union Administration placed the New Jersey credit union into conservatorship Monday, citing its "unsafe and unsound practices."

Small businesses are upset at Visa and Mastercard's proposal to raise rates on cross-border payments initiated online, now that the European Commission's caps on credit and debit fees no longer apply in the U.K.

A member of the ECB's board urged local companies to lower their prices, or risk being undercut by global rivals.

U.K. and EU regulations enable cards that provide digital-first features for funds kept in a different bank's account.

The gaming industry is recovering to pre-pandemic levels, leaning more heavily on online services that will require new banking, payment processing and mobile app development.

The Facebook-affiliated stablecoin's move from Switzerland brings it to a country where regulators are familiar with crypto and rival currencies have already debuted.

The bank tech firm needs licenses and partners in multiple nations — a monumental task that promises to take years.

The Facebook-affiliated currency, formerly Libra, aims to benefit from the bank's blockchain expertise and regulatory status.

The central bank wants to adopt new rules to state clearly that merchants must have a choice of debit networks for card-not-present transactions.