In one of the first tests of the implications of the Jarkesy decision for other federal regulatory agencies, an individual accused by the FDIC of participating in fraudulent loan activity is asking a federal judge to dismiss the administrative proceeding the FDIC brought against him, contending, among other things, that he is being denied his right to a jury trial.
When you deposit your money into a banking app, it’s important to know who is holding your money and whether it’s safe. These days, many financial technology companies (also known as fintechs) create apps and partner with banks to provide banking services. That means there could be several layers of red tape between you and your money if something goes wrong. Some popular fintech banking apps are Chime, Cash App, Albert, and MoneyLion.
Acting Comptroller of the Currency Michael J. Hsu today discussed the evolution of bank supervision during a presentation at the Joint European Banking Authority and European Central Bank International Conference in Frankfurt, Germany.
This episode features a discussion with Nick St. John, Director of Federal Compliance at America’s Credit Unions. We discuss the Notice of Proposed Rulemaking (NPRM) issued by FinCEN and federal banking regulators regarding the enhancement and modernization of anti-money laundering/countering the financing of terrorism (AML/CFT) compliance programs under the Bank Secrecy Act (BSA).
In May, the Consumer Financial Protection Bureau (CFPB) introduced a new “interpretive rule” that subjects certain short-term lenders to the same rules credit card companies follow, allowing consumers to dispute charges and receive refunds. Leo Patching, CEO of Kompliant, a banking and payments compliance provider, explores the new rule and how it will impact the Buy Now, Pay Later industry.
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