JPMorgan Chase CEO Jamie Dimon, in a meeting with Republican lawmakers and top bank CEOs, called for a review of financial regulations. He warned that strict rules, particularly anti-money laundering laws, are forcing banks to cut off customers to avoid penalties.
London-based Wise misled U.S. customers with inaccurate fee advertisements and failed to properly disclose exchange rates, according to the Consumer Financial Protection Bureau (CFPB).
President Donald Trump has issued an executive order establishing a working group on digital assets to craft a federal regulatory framework for cryptocurrencies and explore the creation of a national digital asset stockpile.
In a major enforcement action, 48 state financial regulators have fined Block $80 million for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. Block, the parent company of Cash App, agreed to pay the penalty, hire an independent consultant to evaluate its BSA/AML program, and address any deficiencies identified within 12 months. The investigation revealed compliance lapses that could enable illegal activities, including money laundering and terrorism financing.
Today marks the official enforcement of the Digital Operational Resilience Act (DORA), introducing a standardized framework to strengthen Information and Communication Technology (ICT) risk management across financial services.
Robinhood has agreed to pay $45 million to resolve multiple charges brought by the U.S. Securities and Exchange Commission (SEC) involving its brokerage operations.
The European Banking Authority (EBA) has released comprehensive guidelines to help financial institutions manage Environmental, Social, and Governance (ESG) risks.
The Consumer Financial Protection Bureau (CFPB) has approved Financial Data Exchange (FDX) as the first official standard-setting body under its new open banking framework.