Policymakers need to update banking regulations to minimize the risks posed by technology companies entering financial services, a well-known policy analyst says in a new paper.
The bureau’s updated no-action-letter policy and “product sandbox” proposal are important steps in helping the industry adapt during this period of rapid change.
Banks spend heavily on marketing to win deposits, push digital; Wells Fargo bends to critics in its latest response to scandals; FDIC review of brokered deposits has big implications for branches; and more from this week's most-read stories.
Federal Reserve Chairman Jerome Powell said a messy breakup between the United Kingdom and European Union could pose risks to the economy and financial system.
The bipartisan legislation would establish a task force to study how bad actors exploit new technologies and reward tips that lead to criminal convictions, among other things.
As suspense builds over which firm will be the first to seek the special-purpose charter, a side discussion has emerged over which financial services sector has the most to gain — or lose — from the new option.
There’s no reason for the central bank to prohibit nonbank financial firms from entering the payments system as long as appropriate rules are put in place to protect against risk.
Rep. Patrick McHenry, R-N.C., the ranking member of the House Financial Services Committee, urged Chairwoman Maxine Waters, D-Calif., to prioritize certain "critical areas" in the new Congress.
Large financial institutions need to adopt a new mindset to compete with tech startups, one that allows them to take risks and put aside legacy systems.
