The European Central Bank on Tuesday warned that the rise of stablecoins could pose significant risks for the financial system, including liquidity disruptions and market volatility, if the issuances aren’t carefully regulated.
Many local U.S. authorities lack access to a database of suspicious bank activities that could aid financial crime investigations, a government watchdog found, as lawmakers call for greater scrutiny of money laundering at big banks.
London-based Standard Chartered unveiled a new virtual bank built for tech-friendly users in Hong Kong called Mox on Tuesday, as legacy banks continue to capitalize on a digital shift during the pandemic.
U.S. Bank has partnered with TravelBank to offer the fintech’s technology to business clients, allowing customers to instantly create and send virtual credit cards to employees and contractors for travel expenses.
NatWest Group CEO Alison Rose said negative rates in the U.K. could exacerbate problems for banks, issuing her warning as the country’s monetary policy leaders consider further stimulus efforts.
The European Central Bank will accept bonds connected to sustainability performance targets as collateral beginning next year, in an initiative by the European Union’s monetary authority to further support the green finance sector.
Russia’s largest tech company, Yandex, has agreed to buy the nation’s largest digital bank, Tinkoff, for $5.5 billion, just months after Yandex ended a decade-long partnership with Sberbank.
Several major global banks and financial firms invested in U.K. startup CloudMargin, leading a funding round for its cloud-based collateral and margin management product.
The Australian Securities and Investments Commission told 13 fund managers that they had to make changes to their funds’ marketing, which the regulator said could leave already vulnerable investors at risk of unanticipated losses.
U.S. Bancorp and Wells Fargo performed the worst for struggling U.S. mortgage borrowers at the height of the COVID-19 pandemic, according to a new analysis published Tuesday by an advocacy group for front-line bank employees.
Barings, a division of MassMutual, said on Tuesday that it has partnered with Abu Dhabi’s sovereign-wealth portfolio manager, Mubadala Investment Company, to offer $3.5 billion worth of lending to middle-market European companies.
With new complaints filed Monday, shareholders’ claims against beleaguered Danske Bank stemming from a 2018 money laundering scandal have now passed the $1 billion mark, one of the firms involved in the suit said.
Ally Financial said on Tuesday that it will be adding fintech Sezzle’s installment payments platform to its retail market lending choices, giving customers a "buy now, pay later" option, which has been growing in popularity for online sales.
Deutsche Bank’s chief financial officer continued to express confidence Tuesday that the investment bank will reach restructuring targets by 2022, despite the challenges presented by the COVID-19 pandemic.
Credit Suisse CEO Thomas Gottstein said Tuesday that he expects the firm’s wealth management business to slow down in the third quarter and bank consolidation to continue in Europe as the economy seeks to recover from COVID-19.
Europe’s top banking regulators cautioned banks Tuesday that sustained low interest rates will contribute to growing valuation risks at banks in the European Union and challenge their profits and solvency in the near term.
One, a startup founded by PayPal’s first CEO and a former Capital One executive, said on Tuesday that it debuted what it bills as the first combined digital banking service that includes saving, borrowing, spending and sharing.
Credit unions score bipartisan support for their opposition to nominal leases for banks on military bases
A bipartisan group of 51 U.S. representatives is urging the House and Senate Armed Services committees to reject a proposal that would treat banks on military bases the same as credit unions when it comes to nominal leases, according to the National Association of Federally-Insured Credit Unions.
A group of global businesses led by Bank of America on Tuesday put forward a universal set of standards for measuring and disclosing environmental, social and governance factors in nonfinancial reporting for investors, laying the groundwork for alignment on an issue that has proved slippery despite widespread acknowledgement of its importance.
U.S. Sens. Elizabeth Warren and Bernie Sanders called for heightened federal oversight of banks in the wake of a recent report that flagged the potential laundering of trillions of dollars through the world’s largest financial institutions.