Mastercard, PayPal launch fintech partnership focused on Latin America

September 18, 2020.
Mastercard and PayPal rolled out a new partnership with banks geared toward accelerating fintech development and digital and financial inclusion in the Latin America and Caribbean regions.

UK insurers must pay out BI claims ‘as quickly as possible’ after High Court ruling

September 18, 2020.
U.K. insurers were urged by a financial regulator on Friday to pay business interruption claims in full as soon as possible, following a High Court ruling in favor of policyholders facing steep losses from the pandemic.

NCUA looks to credit union deposits for relief as equity ratio drops

September 18, 2020.
The National Credit Union Administration reported a second-quarter equity ratio close to dangerous levels as a result of the pandemic, and temporarily amended lending regulations for U.S. real estate transactions.

Canadian investment firms acquire stake in Northleaf Capital Partners

September 17, 2020.
Mackenzie Financial and insurance holding firm Great-West Lifeco have acquired a strategic interest in Northleaf Capital Partners, advancing an expansion for Mackenzie into private equity investment.

NY Fed second-in-command Strine to step down in 2021

September 17, 2020.
The second-in-command at the Federal Reserve Bank of New York will step down from his post in February, leaving a vacancy in a powerful post at the U.S. central bank as it steers through the pandemic-related downturn.

SEC boosts OTC transparency to protect investors from stock fraud

Last modified September 17, 2020. Published September 17, 2020.
The U.S. Securities and Exchange Commission imposed new restrictions preventing brokers from publishing quotations for over-the-counter stocks unless issuer information is available to the public.

US health insurers may have misled customers about preexisting conditions: GAO

September 16, 2020.
The U.S. Government Accountability Office found that sales representatives for several health insurers engaged in potentially deceptive practices by misleading customers about whether preexisting conditions were covered in policies.

Fidelity expands digital store to integrate third-party fintechs

September 16, 2020.
Fidelity Investments updated its open architecture digital store on Wednesday to include integrations with more than 200 third-party fintech providers, streamlining new technology options for financial advisors.

Julius Baer in talks with DOJ to settle 2015 FIFA money laundering case

September 16, 2020.
Private Swiss bank Julius Baer said it is in “advanced discussions” with the U.S. Department of Justice to resolve a money laundering and corruption probe regarding the world soccer governing body FIFA.

EU will extend post-Brexit access to London clearing houses until 2022

September 15, 2020.
The European Commission will grant an extension for EU banks to access U.K.-based clearing houses for an additional 18 months to ensure a smooth post-Brexit transition, several news outlets reported on Tuesday.

MoneyLion launches themed portfolios catering to investor preference

September 15, 2020.
Fintech MoneyLion will begin tailoring its investment options to customer preference with the launch of its thematic investing portfolios, which include clean energy, artificial intelligence and social responsibility.

US states unveil uniform set of rules to license nonbank fintechs

September 15, 2020.
U.S. states have launched a program for payments firms to undergo a single exam that satisfies all state regulatory requirements in an attempt to streamline the supervision of nonbank financial technology companies.

Franklin Templeton, Singapore fintech partner on wealth management for millennials

September 14, 2020.
Investment management firm Franklin Templeton formed a partnership with Singapore startup Razer Fintech to collaborate on a digital wealth management platform that appeals to younger generations.

Citigroup braces for regulatory action over risk management problems: WSJ

September 14, 2020.
Citigroup may soon face regulatory sanctions over failures to improve risk-management technologies, and the concern may have helped drive its decision to appoint a new CEO, the Wall Street Journal reported.

Lloyd's of London grows US team with new market development role

September 14, 2020.
A former AIG unit executive will join Lloyd's of London in a new U.S.-focused role as the U.K.-based insurance marketplace builds out a team focusing on North American retail, wholesale and reinsurance brokers.

SEC streamlines investor disclosure requirements for US banks

September 11, 2020.
U.S. banks and other lenders will face revamped investor disclosure requirements from the Securities and Exchange Commission as part of the agency’s effort to overhaul a series of decades-old regulations.

Morgan Stanley pledges $15B toward low-income areas as part of E*TRADE deal

Last modified September 11, 2020. Published September 11, 2020.
Morgan Stanley said it will invest $15 billion in low-income areas in the U.S. in concert with its bid to acquire online trading platform E*TRADE, the financial services company said Thursday.

Ex-Wells Fargo advisors launch new wealth management unit with LPL Financial

September 11, 2020.
A team of former Wells Fargo financial advisors that managed about $500 million in assets has left to form a new practice affiliated with LPL Financial’s strategic wealth services division.

Citigroup finds $1B bond maturity date was misstated by 18 years

Last modified September 10, 2020. Published September 10, 2020.
Citigroup revealed to investors on Thursday that it incorrectly stated the maturity date of a $1 billion subordinated bond issued in 2013 as 2025, when the bond won’t actually mature for another 18 years, in 2043.

AmEx nabs former Wells Fargo exec for new US merchant services role

September 10, 2020.
American Express has hired Colleen Taylor as president of its merchant services division in the U.S., a newly created role that manages the relationships with millions of merchants that accept the payment network's card.