Banks get report cards, to-do demands for their ‘living wills’
The Federal Deposit Insurance Corporation and the Federal Reserve Board have released firm-specific report cards on the 2015 resolution plans of eight systemically important, domestic banks. The determinations were made public on Wednesday, one day after a report by the Government Accountability Office called for greater transparency in how their ...
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Banks face continuing parade of new regulations
Even as aftershocks of the Financial Crisis fade, banks continue to face a steady stream of new and evolving regulatory demands. Recent days have been no exception, says Joe Mont, with new demands regarding liquidity, swaps contracts, and a plan to undo the United States’ “see no evil” approach to ...
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News BriefFCA fines Monzo digital bank $28 million for AML, KYC failures
Britain’s Financial Conduct Authority has fined the online bank Monzo the equivalent of more than $28 million for failing to properly collect customer information and protect against financial crimes. The move is the latest in a series of efforts by British authorities to combat chronic money laundering and other crimes ...
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PremiumIn 17 years, Discover Financial never managed to clean up a billion dollar mess
Federal banking regulators have laid the blame for Discover Financial Services charging merchants $1 billion in excessive credit card fees over 17 years squarely at the feet of company executives.