Latest Banking and credit regulation News

Nicaragua approves "cybercrimes" law, alarming rights groups

Oct. 27, 2020 5:22 PM EDT

MANAGUA, Nicaragua (AP) — Nicaragua’s unicameral legislature approved legislation on Tuesday mandating prison sentences for those who use online platforms to spread false information or information that could raise alarm among people. The bill had been pushed by President Daniel Ortega’s...

A pedestrian wearing a face mask to curb the spread of COVID-19 walks in front of the Greek parliament in central Athens, Tuesday, Oct. 20, 2020. Greece has been experiencing a resurgence of the virus, with the number of new daily cases, most in the Greek capital, often topping 400, and both deaths and the number of those in intensive care units rising. (AP Photo/Thanassis Stavrakis)

Greece: Insolvency overhaul during pandemic triggers spat

Oct. 23, 2020 9:51 AM EDT

ATHENS, Greece (AP) — The Greek government's opposition is trying to block new insolvency legislation that it argues would leave vulnerable mortgage holders more exposed to repossession during the pandemic. The conservative government is overhauling its bankruptcy regulations, replacing a protection...

FILE - In this June 15, 2015, file photo, a Saudi man walks through the Tadawul stock exchange in Riyadh, Saudi Arabia. Saudi Arabia's National Commercial Bank said Sunday, Oct. 11, 2020, it will purchase rival lender Samba Financial Group in a deal valued at $14.8 billion, creating what would become the kingdom's largest bank. (AP Photo/Hasan Jamali, File)

Saudi's National Commercial Bank buys Samba in $14.8B deal

Oct. 11, 2020 11:25 AM EDT

DUBAI, United Arab Emirates (AP) — Saudi Arabia's National Commercial Bank said Sunday it will purchase rival lender Samba Financial Group in a deal valued at $14.8 billion, creating what would become the kingdom's largest bank. The bank will control some $223 billion in assets and a market capitalization...

Feds fine Citigroup $400 million over faulty risk management

Oct. 7, 2020 7:02 PM EDT

NEW YORK (AP) — Citigroup has agreed to pay a $400 million fine imposed by U.S. regulators for failing to shore up the bank's operations. The Office of the Comptroller of the Currency said Wednesday that the civil penalty is in response to shortcomings in the New York bank’s risk management,...

French President Emmanuel Macron delivers a speech to present his strategy to fight separatism, Friday Oct. 2, 2020 in Les Mureaux, outside Paris. President Emmanuel Macron, trying to rid France of what authorities say is a

France's Macron details plan targeting Islamist 'separatism'

Oct. 2, 2020 11:42 AM EDT

PARIS (AP) — President Emmanuel Macron, trying to rid France of what authorities call a “parallel society” of radical Muslims thriving outside the values of the nation, laid out a series of measures on Friday in a proposed law that would disrupt the education, finances and other means of...

FILE - In this Aug. 27, 2018, file photo, a patched sign stands at the construction site for the Consumer Financial Protection Bureau's new headquarters in Washington. California created what supporters called its own nation-leading, state-level version of the federal Consumer Financial Protection Bureau after critics said the Trump administration significantly weakened national protections, Friday, Sept. 25, 2020. The legislation that Gov. Gavin Newsom signed into law changes the existing Department of Business Oversight into the Department of Financial Protection and Innovation in what proponents said is the first such move by any state. (AP Photo/Andrew Harnik, File)

California expands financial protections after US rollback

Sep. 25, 2020 6:58 PM EDT

SACRAMENTO, Calif. (AP) — California on Friday created what supporters call its own nation-leading, state-level version of the federal Consumer Financial Protection Bureau after critics said the Trump administration significantly weakened national protections. The legislation that Gov. Gavin Newsom signed...

Two men walk past a Westpac bank branch in Sydney, Thursday, Sept. 24, 2020. Westpac, Australia's second-largest bank, agreed to pay a 1.3 billion Australian dollar ($919 million) fine for breaches of anti-money laundering and counterterrorism financing laws, the largest ever civil penalty in Australia, a financial crime regulator said. (AP Photo/Rick Rycroft)

Australian bank agrees to $919M fine for money laundering

Sep. 23, 2020 8:56 PM EDT

CANBERRA, Australia (AP) — Westpac, Australia’s second-largest bank, agreed to pay a 1.3 billion Australian dollar ($919 million) fine for breaches of anti-money laundering and counterterrorism financing laws, the largest ever civil penalty in Australia, a financial crime regulator said on Thursday....

FILE - In this Aug. 16, 2019, file photo, the logo for JPMorgan Chase & Co. appears above a trading post on the floor of the New York Stock Exchange in New York.  Shares of some major banks are tumbling before the market open Monday, Sept . 21, 2020, following a report alleging those including JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon continued to profit from illicit dealings with disreputable people and criminal networks despite being previously fined for similar actions.   (AP Photo/Richard Drew, File)

Bank shares slide on report of rampant money laundering

Sep. 21, 2020 5:29 PM EDT

The financial sector was hit hard Monday following a report alleging that a number of banks — JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon among them — have continued to profit from illicit dealings with disreputable people and criminal networks despite previous...

JPMorgan: some customers, employees misused COVID programs

Sep. 8, 2020 5:17 PM EDT

NEW YORK (AP) — JPMorgan Chase said Tuesday that a number of its employees and customers may have abused the Paycheck Protection Program and other coronavirus stimulus programs. The New York-based bank said it is working with law enforcement in some cases, although in a memo sent to employees it did not...

FILE - In this Wednesday, May 13, 2020 file photo, a man walks across the Millennium Bridge in London as the country continues in lockdown to curb the spread of coronavirus. The Bank of England said Wednesday, Sept. 2, 2020 there are perfectly understandable reasons why the majority of office workers have yet to return to their pre-lockdown workplaces despite new guidance from the British government. (AP Photo/Tony Hicks, File)

Bank of England: Return of UK office workers to take time

Sep. 2, 2020 2:25 PM EDT

LONDON (AP) — The Bank of England said Wednesday there are perfectly understandable reasons why the majority of office workers have yet to return to their pre-lockdown workplaces despite new coronavirus guidance from the British government. Alex Brazier, the bank's executive director for financial...