Latest Banking and credit regulation News

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...

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...

Watchdog head: Fines may not stop bad behavior by companies

Jul. 28, 2022 09:16 AM EDT

NEW YORK (AP) — The head of the nation's financial watchdog is having second thoughts about how useful fines are in deterring illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little difference. In an interview with The...

Lebanon's Parliament votes to spend World Bank loan on wheat

Jul. 26, 2022 10:21 AM EDT

BEIRUT (AP) — Lebanese lawmakers on Tuesday voted to use a $150 million World Bank loan to pay for wheat imports into the cash-strapped country. Already in the throes of a crippling economic crisis, Lebanon is also struggling to cope with a food security crisis that has left half...

Poland's top banker filmed debating policy during vacation

Jul. 18, 2022 13:54 PM EDT

WARSAW, Poland (AP) — Poland’s central bank chief drew criticism Monday after he was caught on a hidden camera discussing inflation and fiscal policy with an activist who approached him during a walk. Some critics said the head of the National Bank of Poland, Adam Glapinski,...

State returns lost medals, memorabilia to veterans' families

Jul. 14, 2022 13:57 PM EDT

CHARLESTON, W.Va. (AP) — Medals and memorabilia that were once lost or abandoned were returned to the families of West Virginia veterans who served in World War II, Vietnam and Korea on Thursday. The items belonging to 13 veterans had been turned over to the State Treasury...

Senate approves Michael Barr to Federal Reserve post

Jul. 13, 2022 18:52 PM EDT

WASHINGTON (AP) — The Senate easily approved Michael Barr to be the Federal Reserve's top banking regulator in a bipartisan vote Wednesday. Barr, a former top Treasury official under President Barack Obama, is the last of President Joe Biden's three nominees to the Fed's board of...

China bank customers to get deposits back after protests

Jul. 12, 2022 05:46 AM EDT

TAIPEI, Taiwan (AP) — Financial regulators in central China’s Henan and Anhui provinces have promised to give some bank customers some of their deposits back after a protest over their frozen accounts Sunday turned violent. In statements issued late Monday, officials said...

Chinese bank depositors face police in angry protest

Jul. 10, 2022 13:50 PM EDT

BEIJING (AP) — A large crowd of angry Chinese bank depositors faced off with police Sunday, some roughed up as they were taken away, in a case that has drawn attention because of earlier attempts to use a COVID-19 tracking app to prevent them from mobilizing. Hundreds of people...

Bank of England: Crypto crashes show need for tougher rules

Jul. 05, 2022 10:55 AM EDT

LONDON (AP) — The Bank of England warned Tuesday that recent cryptocurrency meltdowns that wiped out more then $2 trillion in value highlight the need for tougher financial regulations The U.K.'s central bank said that the crashes exposed vulnerabilities in the crypto markets...