The Federal Reserve Board and the Office of the Comptroller of the Currency said Wednesday that Citi hasn't moved fast enough to correct certain deficiencies in its risk management programs or to meet certain milestones in a years-old remediation plan. The consequence? A total of $136 million in civil money penalties, which comes about four years after the OCC assessed a $400 million penalty against the bank.
American Banker
Online Audio and Video Media
New York, New York 185,135 followers
In-depth analysis, perspective and commentary on key issues affecting the banking industry.
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American Banker, an Arizent brand, is the banking industry's most powerful information resource providing analysis, insight and perspective on the business of banking. American Banker covers the people, trends, regulations and technologies driving the industry, helping readers keep pace with changes and opportunities in the marketplace. Executives and industry influencers also engage via American Banker's online and live conferences and seminars.
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American Banker reposted this
Jerome Powell, chair of the Federal Reserve Board, was back on Capitol Hill today. He didn't make quite as big a splash as he did yesterday, when he said that he and his colleagues at the Fed favor a re-proposal of the much maligned Basel III endgame capital proposal. But, during the three-hour hearing, he did divulge some key insights about the process and where it stands today. Check out my latest for American Banker for the full scoop. #Fed #Congress #CapitolHill #Capital #regulation #bankreg https://lnkd.in/ea-VmPqJ
Powell says Fed can't muscle FDIC, OCC on new capital proposal
americanbanker.com
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American Banker reposted this
Will social media firms have to pay fraud victims in the U.K.? That and updates on Alipay, PayPal, Mastercard, Visa and more in the American Banker global payments roundup.
Visa, Mastercard won't raise European fees; Alipay adds AI copilots
americanbanker.com
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Fed's Powell wants to rewrite the Basel III endgame rules; Fifth Third settles with CFPB over fake accounts; Colorado's pioneering AI legislation; and more in today's newsletter.
Fed's Powell wants capital reform rule rewrite; Fifth Third settles with CFPB over fake accounts
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Washington policymakers are not adopting policies necessary to keep the U.S. on the cutting edge in payments. Fortunately, the dual banking system offers an alternative path forward, writes Livia Benisty, of Banking Circle, in American Banker’s BankThink. https://bit.ly/3S37YcC
It's up to state regulators to lead the way in payments innovation
americanbanker.com
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American Banker reposted this
FDIC Board Members Jonathan McKernan and Consumer Financial Protection Bureau Chair Rohit Chopra today both called for the banking agencies to provide further simplicity and specificity in guidance around bank-fintech partnerships. #fdic #cfpb #banking #finance #regulation https://lnkd.in/gfHmm6Kd
McKernan and Chopra want clearer bank-fintech guidance
americanbanker.com
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U.K. payment firms want the government to pressure Big Tech; Hong Kong joins a European CBDC project and more in our global payments roundup.
Visa, Mastercard won't raise European fees; Alipay adds AI copilots
americanbanker.com
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Join this webinar to learn strategies for offering diverse product solutions and features, like debt consolidation, to meet consumer demands. https://bit.ly/4cL1Ptg
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“This bill is among the first in the country to attempt to regulate the burgeoning artificial intelligence industry on such a scale. … I appreciate the sponsors’ interest in preventing discrimination and prioritizing consumer protection as Colorado leads this space,” said Colorado Governor Jared Polis, D-Colo.
A look into Colorado's pioneering AI legislation
americanbanker.com
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American Banker reposted this
It's been four months since Federal Reserve Board Chair Jerome Powell said "broad and material" changes would be coming to the joint capital reform proposal from the Fed, Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency. For those in and around the banking sector wondering whether such changes would be brought to bear in a finalized rule, or a totally new proposal. Today, Powell said he would rather it be the latter. During his testimony in front of the Senate Banking Committee this morning, Powell said there is a strong consensus on the Fed's Board of Governors for re-proposing the rule and opening it up for a new round of public commentary. But the same cannot be said for the other two agencies involved in the joint rulemaking. At least not yet. Get the full details in my piece for American Banker. #banks #bankreg #capital #baseliii #endgame #baseliiendgame https://lnkd.in/exibAaGi
Fed's Powell says new proposal for Basel III endgame is "essential"
americanbanker.com