Wall Street to Pay $1.8 Billion in Fines Over Traders’ Use of Banned Messaging Apps

Eleven of the world’s largest banks and brokerages will collectively pay $1.8 billion in fines to resolve regulatory investigations over their employees’ use of messaging applications that broke record-keeping rules, regulators said Tuesday. The firms include brokerage units of Bank of America Corp., Barclays PLC,  Citigroup, Credit ...Read More

CFPB Plans to Increase Regulation over “Buy Now, Pay Later” Lenders

The Consumer Financial Protect Bureau (CFPB) issued a release on September 15, 2022, announcing its intent to issue additional interpretive guidance or rules to ensure “Buy Now, Pay Later” (BNPL) lenders comply with the same or similar regulations already established for credit cards following a study ...Read More

White House Calls for Stricter Regulations on Cryptocurrency in New Report

As a follow up to President Biden’s Executive Order on March 9 that asked various federal agencies to issue official reports that examine the risks and benefits of cryptocurrencies, the White House this week released a proposed framework for the development and regulation of digital assets. The framework ...Read More

SEC Sues 2 Crypto Advisory Firms and Their Owner for Misappropriating Investors’ Funds

The U.S. Securities and Exchange Commission (SEC) on Thursday sued two crypto advisory firms and their owner for allegedly misappropriating investors’ funds that they had pledged to invest in digital assets. The charges, filed in the federal district court in Manhattan, allege that Creative ...Read More