The Federal Reserve Bank and the Office of the Comptroller of the Currency fined a bank for failing to monitor firm and client trading activities.
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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.
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."
House Financial Services Chair Patrick McHenry challenged a CFPB proposed rule to expand its regulatory authority into the market for digital consumer payments.
In a new Bulletin, which replaced and rescinded previous guidance, the Office of the Comptroller of the Currency advised regulated banks to prepare for the reduction in the settlement cycle for regular way trades.