Roundtable Discussion about the Future of Retail Banking
The UK’s Advertising Standards Authority (ASA) has ruled that two UK retail banking advertisements, which made claims about the financial institution’s green credentials, were “misleading” and “omitted material information.”...more
Welcome to Banking Bites! This is our short summary flagging key developments in the UK that we hope will inform your activities in your market....more
On 22 April 2022, the FCA published the findings of its review of financial crime controls at six relatively new and primarily digital challenger banks that all offer similar products to traditional retail banks. These six...more
A report from the Taskforce on Innovation, Growth and Regulatory Reform provides recommendations for how the UK can “re-imagine” its approach to regulation post-Brexit. On 16 June 2021, the Taskforce on Innovation,...more
On 14 May 2021, the FCA published Consultation Paper CP21/13 outlining much-anticipated proposals relating to the standards expected of regulated firms to ensure the protection of retail consumers. The Consultation Paper...more
The FCA is proposing to set higher expectations for firms operating in retail markets. On 14 May 2021, the FCA published a Consultation Paper (CP21/13) on introducing a new Consumer Duty....more
Join Ulmer partners Alan M. Wolper and Michael A. Gross as they address hot topics, including recent rule changes, exam priorities, and other FINRA developments....more
Join Frances Floriano Goins and Laura J. Shaw, Associate General Counsel from KeyBank, NA, as they review the myriad regulatory schemes that govern data protection for financial services providers, keying in on both newly...more
Join Heidi E. VonderHeide as she discusses how Regulation Best Interest is being implemented, examines post-effective date guidance and activity by the regulators, and shares what to expect during 2021 exams. Heidi will also...more
Join Christopher D. Seps as he discusses the rule changes that recently took effect related to FINRA’s expungement process, as well as proposed changes that will likely be approved and take effect in 2021. These changes...more
Measures under the Targeted Economic Support Scheme include allowing UAE banks to temporarily defer loan repayments and extend existing facilities for corporate and retail clients. ...more
The UK Financial Conduct Authority (FCA) has published Sector Views, its annual report examining how each financial sector is performing....more
AML Scandals Seem to Inevitably Spawn Investor Lawsuits - As we recently blogged, Westpac, Australia’s second-largest retail bank, has been embroiled in a scandal arising from approximately 23 million alleged breaches of...more
Hackers who targeted airport currency exchange mainstay Travelex in a ransomware attack on New Year’s Eve have alerted British media that they possess 5 GB of sensitive customer data from the company “since gaining access to...more
Following its consultation earlier this year, the U.K. Competition and Markets Authority has published its final decision to vary the Retail Banking Market Investigation Order 2017 by removing Part 6 of the Order, which...more
Bank Accused of Being Asleep at the AML-CTF Switch - On November 20, 2019, AUSTRAC, Australia’s anti money-laundering (“AML”) and counter-terrorism financing (“CTF”) regulator, initiated an action in the Federal Court of...more
Disruption continues to be the norm for those in the payments and retail banking sectors. 2018 was dominated by preparations, or talk about preparations, for Brexit and 2019 started out in the same vein, with many firms...more
On 18 July, 2018, the Hong Kong Monetary Authority (the “HKMA”) published its Open Application Programming Interface (“API”) Framework for the Hong Kong retail banking sector (the “Open API Framework”). The much-anticipated...more
The U.K. Financial Conduct Authority has published a Progress Report on its Strategic Review of Retail Banking Business Models. The FCA launched the Review in April 2017 and published a purpose and scope document in October...more
On May 7, 2018, in Arlington, Virginia, the FDIC will host a forum, “Use of Technology in the Business of Banking.” Registration is required to attend. The forum will also be webcast live and recorded for on-demand access...more
Jim McAlpin, leader of the Financial Services group at Bryan Cave, and Dan Wheeler, leader of the Fintech team, join hosts Jonathan Hightower and Rob Klingler on today's episode to discuss the impact of financial technology...more
In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more
The federal bank regulatory agencies adopted revisions to the interagency guidance on the Community Reinvestment Act, focusing on alternative systems for delivering retail banking services, innovative or flexible lending...more