Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
OCC Issues New Cease and Desist Order Against Massachusetts's 42 North Private Bank Over Persistent Safety Concerns
The OCC issued a Cease and Desist Order against 42 North Private Bank on 20 March 2025, replacing a 2017 order and citing unresolved interest rate risk and capital concerns.
US Federal Reserve, OCC, and FDIC Unveil Revised Basel III Endgame Capital Proposal with 1.4% CET1 Rise for G-SIBs
US banking regulators proposed a revised Basel III endgame rule requiring G-SIBs to hold only 1.4% more CET1 capital, open for a 90-day public consultation.
OCC Terminates Wells Fargo's 2021 Loss Mitigation Consent Order, the Bank's 11th Resolved Enforcement Action Since 2019
The OCC closed Wells Fargo's 2021 Home Lending consent order — the bank's 11th terminated enforcement action since 2019 and fifth since early 2025.
South Korea FSC and FSS Fine 13 Global Investment Banks KRW 83.65 Billion for Illegal Short-Selling
South Korea's FSC and FSS announced penalties totalling KRW 83.65 billion against 13 global investment banks on 12 March 2025, concluding a multi-year investigation into illegal naked short-selling.
Taiwan FSC Fines Bank of Taiwan NT$22 Million for AML Failures and Employee Misconduct
Taiwan's FSC fined Bank of Taiwan NT$22m for AML failures, including employee misconduct and inadequate monitoring of a high-risk corporate account.
SEPBLAC Fines ING Spain EUR 3.91 Million for Failing to Report Internally Flagged Suspicious Transactions
Spain's AML authority SEPBLAC has fined ING Bank's Spanish branch EUR 3.91m after finding it failed to submit suspicious transaction reports despite internal systems flagging the activity.
CFPB Drops Zelle Fraud Lawsuit Against JPMorgan, Bank of America and Wells Fargo With Prejudice
The CFPB dismissed its Zelle fraud lawsuit against three major US banks with prejudice in the US District Court of Arizona, ending the action permanently.
FSCA Fines African Bank R700,000 Over Misleading #KeFestive Social Media Campaign
South Africa's FSCA imposed a R700,000 penalty on African Bank in March 2025 for a #KeFestive campaign that misrepresented a loan as an investment, breaching the Conduct Standard for Banks.
OCC Issues Formal Agreement with Dearborn Federal Savings Bank Over Compliance and Fair Lending Failures
The OCC formally agreed with Dearborn Federal Savings Bank, Michigan on 20 Feb 2025, citing failures in compliance management, fair lending, insider activities, and compensation practices.
OCC Enters Formal Agreement with Patriot Bank of Connecticut Over BSA/AML and Payment Activities Failures
The OCC entered a formal agreement with Patriot Bank, N.A. of Stamford, Connecticut on 20 Feb 2025, requiring corrective action on BSA/AML risk management, payment activities, and strategic planning.
WAEMU Enacts Law 2025-04 Establishing Dedicated Regulatory Framework for Microfinance Institutions
The West African Economic and Monetary Union has enacted Law No. 2025-04, creating a standalone legal framework for microfinance institutions to boost financial inclusion and security.
OCC Terminates 2018 Consent Order Against Wells Fargo, Marking Tenth Closure Since 2019
The OCC closed its 2018 compliance risk management consent order against Wells Fargo — the bank's tenth consent order terminated since 2019, with four orders from three regulators still in force.