PYMNTS

SEPTEMBER 12, 2019

Facebook’s Libra project has renewed focus on how cryptocurrencies are regulated, with current rules on the sector patchy and varying from country to country. Between 2008 and 2018, approximately $26 billion worth of fines were levied against banks for AML, KYC and sanctions noncompliance. financial services firms is $26.4

cryptocurrency 116

cryptocurrency Regulation Compliance blockchain 116

PYMNTS

MAY 29, 2019

Reports in Reuters on Tuesday (May 28) said UBS expects its regulatory costs to remain high in the years ahead after a decade of more stringent regulations leading to heavier, more costly burdens on banks. “That has tied up enormous resources.” “Why is this so significant?

Regulation 108

Regulation Compliance Capital Resources 108

PYMNTS

JULY 17, 2019

Historically, banks are taking a reactive approach to risk: reactionary measures were largely behind financial institutions’ pullback from the small business lending market following the 2008 global financial crisis, for example. On top of that balancing act is the rising pressure of regulatory compliance, too.

Data 130

Data Management Analytics Compliance 130

PYMNTS

DECEMBER 18, 2020

Credit Suisse has been indicted by Swiss prosecutors for allegedly failing to prevent money laundering, Bloomberg reports, adding that a former bank manager was also indicted alongside Credit Suisse. The case in question goes back to 2008 when a Bulgarian wrestler was investigated for reportedly turning to drug trafficking.

Compliance 203

Compliance Regulation Report Innovation 203

Abrigo

FEBRUARY 2, 2015

The banking industry has seen a steady stream of media attention since 2008, much of it in the form of stories about data breaches linked to major retailers or mega banks’ profits. Two recent surveys addressing the community banking landscape have pointed to increasing regulations as the primary cause of stress for these institutions.

Community Bank 150

Community Bank Community Regulation Survey 150

PYMNTS

JANUARY 21, 2020

Global Economics Group (GlobalEcon) has branched out in China with the opening of an office in Shanghai, its second location in the country, the economic management consulting firm announced on Tuesday (Jan. Vanessa Yanhua Zhang, and is also comprised of economic experts, senior economists, professional associates and managers.

Analysis 130

Analysis Boston Chicago New York 130

PYMNTS

SEPTEMBER 4, 2020

Since January, the European Central Bank (ECB), which oversees the biggest European Union lenders, has eased regulations to encourage mergers and reduced the capital requirements for such transactions, the news service reported. Regulators say consolidation in the banking sector would lower costs, improving efficiency and boost profits.

New York 188

New York Regulation Customer Experience Report 188

PYMNTS

MAY 23, 2016

Against a backdrop where regulations have grown by leaps and bounds in the wake of the financial crisis, The Wall Street Journal reported that banks have taken on tens of thousands of new staffers tied exclusively to compliance. Will artificial intelligence help banks navigate the complexities of compliance more effectively? Which are not?

Compliance 103

Compliance Management Survey Course 103

PYMNTS

SEPTEMBER 13, 2016

13) the results of its research on how small businesses are managing the changes made to how they access financing. And in an interview with PYMNTS, Bizfi Founder Stephen Sheinbaum offers his own take on how alternative finance players are managing those changes, too. According to Sheinbaum, it all comes down to regulation.

Regulation 100

Regulation Survey Lending Capital 100

Independent Banker

JUNE 30, 2022

It’s like throwing a rock into a pond when you’re dealing with credit quality issues: The ripple effects are real, leading to issues in all areas of CAMELS (capital adequacy, asset quality, management, earnings, liquidity and sensitivity). Manage loan portfolio relationships proactively after the loan is funded.

Community Bank 171

Community Bank Community Lending Training 171

PYMNTS

DECEMBER 9, 2020

Lukies said that prior to the 2008 financial crisis, regulators and the like normally left banks to their own devices, as long as they didn’t mess it up so that people couldn’t pay their bills or go shopping. Before 2008, banks were making a lot of money from a lot of things,” noted Lukies.

Innovation 306

Innovation Fintech Payments Regulation 306

Bank Innovation

NOVEMBER 21, 2016

The Financial CHOICE Act, proposed by Texas Congressman Jeb Hensarling earlier this year, is a measure aimed at overturning or heavily modifying many of the regulations put in place after the 2008 financial crisis. The act has recently fallen under scrutiny from Wall Street as the president-elect championed a lessening of Read More.

Texas 150

Texas Fintech Regulation Management 150

FICO

JUNE 23, 2020

When assessing the success of a strategy, whether it is related to limit management, collections or another decision, issuers will use a variety of data both internal and external. This data proved invaluable during the 2008 financial crisis and recovery to understand the market impact. Persistent debt is an example.

Management 52

Management Cards Data Strategy 52

PYMNTS

FEBRUARY 4, 2019

Banks, credit unions and other financial institutions have a significant responsibility, one that goes far beyond managing customers’ financial assets: They’re tasked with safeguarding the financial services ecosystem against bad actors, money launderers and other criminals. A DIY Approach To AML/KYC.

How To 161

How To Regulation Compliance Meeting 161

PYMNTS

OCTOBER 1, 2019

While the company will continue to operate in the asset management and general insurance spaces, Reliance shrunk its footprint by lowering its ownership in Reliance Nippon Life Asset Management from about one quarter to just over 4 percent. Last month Bloomberg reported that NBFCs in India have issued $1.5

Capital 109

Capital Lending Regulation Operations 109

PYMNTS

AUGUST 21, 2020

The company says is solution allows client banks to “engage their customers with more timely, relevant and personalized experiences when it comes to managing money.”. financial regulator Clive Adamson, the report said. The new digital bank is expected to be chaired by former U.K.

Report 173

Report Digital Banking Lending Technology 173

PYMNTS

DECEMBER 22, 2020

According to an order, the bank will have to put forth a plan to change the policies in 90 days, to show it's appropriately looking for illegal activity and reporting it regularly to the regulator, according to Reuters.

New York 151

New York Policies Report Operations 151

TheGuardian

MARCH 14, 2023

Fears that SVB is not the only poorly regulated bank to be feeling the effects of steadily rising US interest rates have led to a rethink of what will now happen to official borrowing costs. Continue reading.

Policies 52

Policies US Capital Regulation 52

PYMNTS

JANUARY 23, 2020

A Wells Fargo regulator is planning to slap former company executives with civil charges associated with their position in its retail banking scandals, people familiar with the matter told Bloomberg on Thursday (Jan. The OCC’s investigation shows regulators that individuals will be accountable along with the company itself.

Regulation 131

Regulation Community Bank Community Security 131

FICO

SEPTEMBER 29, 2020

The impact of this crisis is expected to be even bigger than the 2008 crisis, with NPLs rising 6 to 8 times higher than normal in some areas. Here’s what participants said about managing debt collection in the pandemic this year — and what they see for the future. This is critical to managing the debt tsunami.

Management 87

Management Analytics Data System 87

PYMNTS

NOVEMBER 5, 2018

Roughly a decade on, is it time to remove some of the rules governing the financial sector that took shape in the aftermath of the Financial Crisis of 2008? To that end, the Federal Reserve proposed last week that some rules be relaxed for 16 financial institutions — though the largest banks in the country are not among them.

Regulation 128

Regulation Guidelines New York Groups 128

Insights on Business

MARCH 19, 2018

Up to 200 regulatory changes occur every day, varying from large scale regulation like Dodd Frank, to minute changes to the font and size of footnotes in regulation text. The cost of not being compliant is astronomical – since 2008, more than $50 billion in fines have been paid. Benefits of AI in the compliance chain.

Compliance 135

Compliance Meeting Regulation Comparison 135

PYMNTS

JULY 31, 2020

Department of the Treasury that charters and regulates financial institutions. government, joining just a few recipients since the 2008 financial crisis, Bloomberg News reported. As a national charter, the bank can offer credit and cash-flow management, the company said. OCC is an independent bureau of the U.S. Varo Bank N.A.

National 172

National Fintech San Francisco Connecticut 172

Abrigo

NOVEMBER 8, 2019

Stress Testing | 7 minute read Key Takeaways Stress testing is an important component of sound risk management. Some financial institutions may view stress testing as a “check the box” practice to satisfy regulators, but others are making the most out of the process. Stress testing and risk management. Now that's big.

Lending 150

Lending Risk Management Analysis Capital 150

PYMNTS

APRIL 30, 2019

Cross River and RS2 understand that technology innovators demand regulated, secure payment solutions that address dynamic, ongoing changes in the marketplace,” said Cross River Senior Vice President, Public Affairs Phil Goldfeder. “In RS2 builds payment solutions for upwards of 14 million merchants.

Digital Banking 179

Digital Banking Payments Software Fintech 179

BankUnderground

JUNE 29, 2023

Each of these episodes also raised questions about the impact of the extensive post-2008 regulatory reforms. Had stricter regulations on banks shifted vulnerabilities to other financial institutions in ways that created new systemic risks? This evidence also helps set priorities for the next phase of financial regulations.

Policies 77

Policies Regulation US Analysis 77

Accenture

FEBRUARY 22, 2017

It’s a welcome development: financial regulation’s been increasing in complexity since 2008…and so has the compliance challenge. Increased bureaucracy damages customer retention and onboarding, while complex regulation can get in the way of innovation. There are hidden costs too.

Compliance 150

Compliance Regulation Innovation Fintech 150

Accenture

FEBRUARY 22, 2017

It’s a welcome development: financial regulation’s been increasing in complexity since 2008…and so has the compliance challenge. Increased bureaucracy damages customer retention and onboarding, while complex regulation can get in the way of innovation. There are hidden costs too.

Compliance 150

Compliance Regulation Innovation Fintech 150

PYMNTS

AUGUST 28, 2018

Zandi suggests that the debt burden mirrors the subprime lending spike, which eventually led to the 2008 economic crisis and breakdown of the nation’s financial services market. “It Zandi notes that the subprime mortgage market, at the root of the 2008 economic crisis, was worth $3 trillion at its height. trillion in debt.

Lending 101

Lending Analytics Policies Marketing 101

PYMNTS

MARCH 27, 2019

While regulators had transparency and financial security in mind when introducing more stringent requirements for banks following the global financial crisis, financial institutions faced a sudden surge in the burden compliance. There is a silver lining, however, if financial institutions are willing to recognize it.

Compliance 116

Compliance Data Regulation Analytics 116

PYMNTS

JULY 1, 2019

In fact, BIS said the boost in borrowing in recent years by businesses with low credit scores could cause a crisis like the one that led to the 2008 banking crash. While firms in the U.S. — and, to a lesser extent, the U.K. have accounted for the bulk of the issuance, holdings are spread out more widely.

Taxes 128

Taxes Policies Regulation System 128

Abrigo

MARCH 6, 2015

While federal regulators only require this small number of banks to be subject to these particular stress tests, as outlined in the Dodd-Frank Act following the economic crisis of 2008, stress testing is becoming a critical part of financial institutions’ risk management strategies, regardless of their asset sizes.

Risk Management 150

Risk Management Capital Community Bank Regulation 150

American Banker

AUGUST 25, 2023

The company is paying $75 million in penalties and restitution in connection with SEC allegations that its investment advisory arm overcharged customers it inherited in its Wachovia acquisition in 2008. The settlement is said to show the importance of conducting extensive compliance checks in a rapidly consolidating industry.

Compliance 69

Compliance Industry Company Management 69

PYMNTS

SEPTEMBER 11, 2019

Launched in 2008, Dwolla has helped move billions of dollars for millions of end-users annually for a variety of businesses. Launched in 2012, London-based Currencycloud is regulated in Europe, the U.S. This partnership allows our customers to get the best of both worlds.

Payments 129

Payments United States Fintech Customer Experience 129

PYMNTS

OCTOBER 17, 2016

AI is being applied to the world of regulation, or “RegTech,” and a new system can monitor the trading behavior of fund managers and even alert compliance bodies if questionable activity is detected. The UK’s Financial Conduct Authority issued a “call for input,” in 2015, and regulators are encouraging innovation.

Regulation 100

Regulation Compliance Meeting Analysis 100

PYMNTS

JUNE 26, 2018

The ONO focuses on small firms that have been unfairly treated by excessive regulation, like repeated audits and investigations, excessive fines or unfair activity on the part of a regulator. The SBA and AICPA have been working together since 2008, the entities noted.

Groups 101

Groups National Compliance Lending 101

PYMNTS

OCTOBER 15, 2020

It also includes some pretty intuitive and compelling case management and investigation functionality that streamlines the process of reviewing suspicious activity. The world saw this during the 2008-09 financial crisis, he pointed out, when fraud attempts doubled and, in some cases, tripled. The Pandemic Creates A Growing AML Need.

Company 243

Company Fraud Compliance Course 243