Senate Banking Committee Chair Sherrod Brown urged Cameron Fowler, the CEO of Zelle, the instant payment platform co-owned by seven "Big Banks," to clarify the firm's policies protecting consumers from scams.
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Senate Banking Committee Chair Sherrod Brown warned that "scammers and fraudsters have ramped up their efforts to take people’s money" through peer-to-peer payment apps, and criticized banks and financial service companies for standing "on the sidelines."
The Office of the Comptroller of the Currency imposed a civil monetary penalty against a bank for failing to establish safe and sound practices with respect to its anti-money laundering operational framework and its "heightened standards" obligations.
House Financial Services Chair Patrick McHenry challenged a CFPB proposed rule to expand its regulatory authority into the market for digital consumer payments.
A non-U.S. bank and its New York State branch settled separate charges with the Federal Reserve Board and the New York Department of Financial Services for unauthorized disclosure of confidential supervisory information and anti-money laundering and related violations.