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Regulatory roundup: Bank interchange fees, NCUA’s 1 board member, NO FAKES
This US reg roundup envisions a right of action for deepfake deception and an enforcement peek at regulators’ analysis of interchange fees.
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GRIP Extra: Healthcare data breach compromises millions, Trump threatens to fire Powell
Other news includes Truth Social asking SEC to investigate Qube over short position, US Supreme Court approves relaxed pleading standard for ERISA claim, China mulls letting Western firms operate as ETF market makers.
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House Financial Services asks agencies to rescind and modify rules
Flurry of letters seeks to remove ‘measures that stifle innovation.’
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Bank Biz: ‘Problem bank’ tracking gone, NGFS membership over, and a notable case settlement
Roundup of developments on the banking agencies space.
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Federal Reserve stress tests face legal challenge as buffer criticism mounts
Intended to protect banks from catastrophe, stress testing and stringent capital buffer requirements face stiff resistance.
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OPINION: It’s not the system, it’s the people – TD Bank scandal through a different lens
Stop blaming inferior AML software and arrest the individual responsible for the crime, says former federal agent Robert Mazur.
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Fintech oversight: Where should responsibility lie?
Should banks be solely responsible for fintech compliance, or can the regulators also shoulder some of the burden? We discuss some of the arguments around this key question.
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TD Bank pleads guilty to AML failures, receives record-smashing $3bn+ in penalties, growth cap
“By making its services convenient for criminals, TD Bank became one,” said Attorney General Merrick B Garland.