Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
CFPB Classifies Buy Now Pay Later Accounts as Credit Cards Under US Consumer Finance Law
The CFPB's interpretive rule brings BNPL lenders under Regulation Z credit card rules, requiring billing statements, dispute resolution, and refund crediting from 30 July 2024.
RBI fines Yes Bank ₹91 lakh over minimum-balance charges and misuse of internal accounts
The Reserve Bank of India penalised Yes Bank for levying charges on savings accounts with insufficient or zero balance and for operating internal accounts in customers' names for unauthorised purposes.
RBI Imposes ₹1 Crore Penalty on ICICI Bank for Loans and Advances Compliance Failures
India's Reserve Bank imposed a ₹1 crore monetary penalty on ICICI Bank for non-compliance with regulatory directions on loans and advances, citing findings from a 2022 inspection.
FCA Fines HSBC and M&S Financial Services £6.28 Million for Failing Customers in Financial Difficulty
The FCA has fined HSBC UK, HSBC Bank, and M&S Financial Services a combined £6.28 million for failing to treat customers in financial difficulty fairly across retail banking, credit, and mortgages.
CFPB Classifies Buy Now Pay Later Products as Credit Cards Under Truth in Lending Act
The CFPB issued an interpretive rule on 22 May 2024 treating BNPL accounts as credit cards, requiring providers to issue billing statements and handle disputes.
FCA Fines Citigroup Global Markets £27.77 Million for Algorithmic Trading Controls Failures
The FCA has fined Citigroup Global Markets £27.77 million for equity trading controls failures, including a May 2022 incident in which a trader error led to US$1.4 billion of erroneous sell orders being executed across European exchanges.
Germany's BaFin fines N26 Bank €9.2 million over late suspicious activity reports
Germany's financial regulator fined the Berlin-based digital bank over shortcomings in suspicious activity reporting in 2022, a penalty N26 had provisioned for in its 2022 accounts.
Taiwan FSC Fines Yuanta Commercial Bank NT$4 Million Over Internal Control Failures
Taiwan's FSC has fined Yuanta Commercial Bank NT$4 million after a former debt-collection employee misappropriated repayments from bad-debt customers, exposing internal control gaps.
CFPB Orders Chime Financial to Pay $4.55 Million Over Delayed Account Balance Refunds
The CFPB has ordered Chime Financial to pay a $3.25 million civil money penalty and at least $1.3 million in redress after finding it failed to promptly refund remaining balances when consumer checking and savings accounts were closed.
FINTRAC Imposes Record C$9.19 Million Penalty on TD Bank for AML Compliance Failures
Canada's FINTRAC levied a C$9,185,000 administrative penalty on TD Bank on 9 April 2024, the largest such sanction against a major Canadian bank, for AML reporting and due diligence failures.
BaFin Orders Commerzbank to Pay €1.45 Million Fine for Anti-Money Laundering Breaches
Germany's BaFin has ordered Commerzbank to pay a €1.45 million fine for failure to comply with anti-money laundering obligations.
Hong Kong: HKMA Imposes HK$9 Million Penalty on Hua Nan Commercial Bank for AML Breaches
The HKMA imposed a HK$9 million penalty on Hua Nan Commercial Bank, Ltd., Hong Kong Branch on 19 April 2024 for contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.