Latest Financial industry regulation News

Security firm finds flaws in Indian online insurance broker

Aug. 10, 2022 17:08 PM EDT

NEW DELHI (AP) — Last month, a cybersecurity startup told a major Indian online insurance brokerage it had found critical vulnerabilities in the company’s internet-facing network that could expose sensitive personal and financial data from at least 11 million customers to malicious hackers. ...

Senate Democrats pass budget package, a victory for Biden

Aug. 07, 2022 18:48 PM EDT

WASHINGTON (AP) — Democrats pushed their election-year economic package to Senate passage Sunday, a hard-fought compromise less ambitious than President Joe Biden’s original domestic vision but one that still meets deep-rooted party goals of slowing global warming, moderating pharmaceutical...

Dems' climate, energy, tax bill clears initial Senate hurdle

Aug. 07, 2022 01:27 AM EDT

WASHINGTON (AP) — Democrats pushed their election-year economic bill toward Senate approval early Sunday, starting the sprawling collection of President Joe Biden’s priorities on climate, energy, health and taxes on a pathway that the party hopes will end in final congressional passage by the...

EXPLAINER: Why is insulin so expensive and difficult to cap?

Aug. 05, 2022 06:28 AM EDT

Washington (AP) — Reining in the soaring prices of insulin has thus far been elusive in Congress, although Democrats say they'll try again — as part of their economic package that focuses on health and climate. The price of the 100-year-old drug has more than tripled in the last...

New crypto oversight legislation arrives as industry shakes

Aug. 03, 2022 17:32 PM EDT

WASHINGTON (AP) — After 13 years, at least three crashes, dozens of scams and Ponzi schemes and hundreds of billions of dollars made and evaporated, cryptocurrencies finally have the full attention of Congress, whose lawmakers and lobbyists have papered Capitol Hill with proposals on how to...

Firm downgrades 3 insurers in Florida, adding to concerns

Aug. 03, 2022 12:46 PM EDT

TALLAHASSEE, Fla. (AP) — A ratings agency has withdrawn ratings for two insurance companies and downgraded a third firm in Florida, raising concerns for homeowners who could end up paying more for insurance and further muddying a troubled market. Demotech, which rates 40...

Asian stocks higher as US-China tensions rise

Aug. 03, 2022 00:09 AM EDT

BEIJING (AP) — Asian stock markets rose Wednesday as traders watched for signs trade might be disrupted by U.S.-Chinese tensions over an American lawmaker's visit to Taiwan. Shanghai, Hong Kong, Tokyo and Seoul advanced after Beijing announced a ban on imports of some Taiwanese...

NY fines Robinhood Crypto $30M for skirting banking rules

Aug. 02, 2022 12:24 PM EDT

NEW YORK (AP) — The crypto division of the online brokerage Robinhood will pay a $30 million penalty to New York state for failing to comply with regulations governing money laundering and cybersecurity, the state's Department of Financial Services announced Tuesday. The department...

Alibaba striving to maintain US listing amid delisting fears

Aug. 01, 2022 20:43 PM EDT

HONG KONG (AP) — Chinese e-commerce firm Alibaba said Monday that it wants to keep its shares listed in both New York and Hong Kong, days after U.S. regulators included it in a list of companies that may be delisted for not complying with auditing requirements. The U.S. Securities...

Banks far from hitting Paris climate targets, groups warn

Jul. 28, 2022 14:59 PM EDT

The world’s most influential banks need to substantially accelerate climate efforts if global temperature rise is to be kept within the targets of the Paris Agreement, an assessment released Thursday by an institutional investors group warned. The efforts of 27 giant banks in North...