Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
OCC Orders Three Industry Bancshares Subsidiary Banks in Texas to Halt Excessive Interest Rate Risk Practices
The OCC has issued Cease and Desist Orders against three Texas community banks owned by Industry Bancshares for unsafe long-term securities concentrations and governance failures.
CFPB Finalises Rule to Supervise Large Nonbank Digital Payment Companies in the United States
The CFPB's Larger Participant Rule, finalised 21 November 2024, extends federal supervisory authority to nonbank digital payment firms handling over 50 million transactions annually.
OCC Issues Cease-and-Desist Order Against Clear Fork Bank N.A. Over Persistent BSA/AML Failures
The OCC ordered Clear Fork Bank N.A. of Albany, Texas to cease unsafe practices after the bank failed to correct BSA/AML deficiencies first flagged in a 2021 formal agreement.
ECB fines Luxembourg's BCEE €1.685 million for understating risk-weighted assets
ECB Banking Supervision imposed two penalties on Banque et Caisse d'Epargne de l'Etat over misreported foreign-exchange risk and an overlooked indirect equity position that inflated its capital ratios.
Reserve Bank of India Retains SBI, HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks for 2024
The RBI kept SBI, HDFC Bank, and ICICI Bank on its D-SIB list for 2024, confirming higher capital surcharges for SBI and HDFC Bank from April 2025.
FCA Fines Metro Bank £16.7 Million for Systemic AML Monitoring Failures
The FCA has fined Metro Bank £16,675,200 after over 60 million transactions worth more than £51 billion went unmonitored for money laundering risks between 2016 and 2020.
HKMA Fines Fubon Bank Hong Kong HK$4 Million for AML Transaction Monitoring Failures
Hong Kong's HKMA imposed a HK$4 million penalty on Fubon Bank after the bank self-reported transaction monitoring failures spanning more than three years.
CFPB Orders VyStar Credit Union to Pay $1.5 Million Penalty Over Failed 2022 Online Banking Migration
The CFPB issued a consent order against VyStar Credit Union for a 2022 platform rollout that left many of its approximately 850,000 members unable to access basic banking services.
Federal Reserve Issues Written Agreement with U&I Financial Corp. and UniBank Over Supervisory Deficiencies
The Federal Reserve Board required U&I Financial Corp. and its subsidiary UniBank of Lynnwood, Washington to take corrective action to address deficiencies identified in examinations.
CFPB Orders Goldman Sachs to Pay $65 Million Over Apple Card Customer Service Failures
The CFPB issued a consent order against Goldman Sachs Bank USA requiring $45m in penalties and $19.8m in consumer redress for Apple Card mismanagement.
FCA Fines Volkswagen Financial Services UK £5.4 Million for Mistreating Customers in Financial Difficulty
The FCA has fined Volkswagen Financial Services (UK) £5,397,600 for failing to treat customers in financial difficulty fairly, including repossessing cars without properly assessing their circumstances.
OCC Issues Formal Agreement with Axiom Bank, N.A. Over BSA/AML Compliance Failures
The OCC required Axiom Bank, N.A. of Maitland, Florida, under a Formal Agreement, to remediate deficiencies in its anti-money-laundering controls and BSA officer requirements.