Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
OCC Issues Formal Agreement with First FS & LA of Lorain Over BSA/AML Failures
The OCC has issued a Formal Agreement with First FS & LA of Lorain, Ohio, citing unsafe BSA/AML practices including inadequate internal controls and customer due diligence failures.
UK's PRA Confirms Basel 3.1 Start Date of July 2025 in 2024/25 Business Plan
The PRA's 2024/25 Business Plan confirms Basel 3.1 implementation begins 1 July 2025, with a 4.5-year transition to 1 January 2030, alongside a new Early Account Scheme.
Singapore MAS Expands Payment Services Act to Cover Broader Digital Payment Token Providers
Singapore's MAS has widened the Payment Services Act on 4 April 2024 to require licensing for a broader range of digital payment token providers, with transitional arrangements for firms already active.
Texas court blocks revised Community Reinvestment Act rule days before effective date
A preliminary injunction bars the Fed, FDIC and OCC from enforcing the revised CRA rule against the banking and business groups challenging it, and extends its implementation dates day for day.
FDIC Issues Consent Orders to Piermont Bank and Sutton Bank Over BaaS Programme Failures
The FDIC has issued consent orders to New York's Piermont Bank and Ohio's Sutton Bank, citing unsafe banking practices and BSA/AML deficiencies in their banking-as-a-service programmes.
Central Bank of Nigeria Mandates Banks to Raise Minimum Capital by Up to 900% Within 24 Months
The CBN has ordered Nigerian banks to recapitalise, demanding international commercial banks raise minimum paid-in capital from NGN 50bn to NGN 500bn by March 2026.
ECB Fines Confédération Nationale du Crédit Mutuel €3.54 Million for Capital Requirements Breaches
The ECB has imposed two separate penalties totalling €3.54 million on the French cooperative banking group for breaches of capital requirements.
US Federal Banking Agencies Extend CRA Facility-Based Assessment Area Deadline to January 2026
The OCC, Federal Reserve, and FDIC have extended the applicability date of CRA facility-based assessment area provisions from April 2024 to January 2026.
APRA Implements Financial Accountability Regime for Australian Banking Industry from March 2024
Australia's FAR replaced the Banking Executive Accountability Regime from 15 March 2024, strengthening personal accountability for senior bank executives under joint APRA-ASIC enforcement.
OCC Fines JPMorgan Chase $250 Million and Issues Cease and Desist Order Over Trade Surveillance Failures
The OCC issued a $250 million civil money penalty and cease and desist order against JPMorgan Chase on 14 March 2024, citing failures to surveil billions of trading instances across at least 30 venues.
CFPB Finalises Rule Capping Credit Card Late Fees at $8 for Large US Issuers
The Consumer Financial Protection Bureau has finalised a rule reducing the credit card late-fee safe harbour to $8 for issuers with more than one million accounts, down from a typical $32.
Nigeria's CBN revokes licences of 4,173 bureau de change operators
The Central Bank of Nigeria cited unpaid licence renewals, failure to render returns and breaches of anti-money laundering rules, a week after publishing draft revised BDC guidelines.