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 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."
In a new Bulletin, which replaced and rescinded previous guidance, the Office of the Comptroller of the Currency advised regulated banks to prepare for the reduction in the settlement cycle for regular way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.
A Connecticut-based commodities firm settled CFTC charges for trading on misappropriated material non-public information.
Federal Reserve Board Vice Chair for Supervision Michael S. Barr reviewed developments in payment system innovation and emphasized the importance of "carefully weigh[ing]" the benefits and risks of the new technologies as to stablecoins and central bank digital currencies.