The rapid evolution of financial technology (fintech) has had a profound impact on financial services worldwide. This transformation necessitates a robust regulatory framework to manage risks, protect consumers, and maintain market integrity. A diverse array of regulatory bodies across the globe
The explosive growth of the fintech industry has introduced fresh challenges and opportunities for financial services worldwide. As innovative technologies unravel new possibilities, regulatory bodies have stepped in to ensure stability, secure data practices, and protect consumers. The efforts of
The Digital Operational Resilience Act (DORA), which took effect on January 16, 2023, is a crucial piece of legislation designed to bolster the digital resilience of the financial sector. It aims to ensure that financial entities can continue to operate through severe operational disruptions by
In an ambitious bid to understand the rapidly evolving relationship between traditional banks and the burgeoning fintech sector, U.S. banking regulators have issued a comprehensive request for information (RFI). Released by the Office of the Comptroller of the Currency (OCC), the Federal Reserve
The recent enforcement action against Citigroup by U.S. regulators has drawn significant attention due to the bank's ongoing struggles with regulatory compliance, particularly in the realm of data quality management. The complexities surrounding this issue not only impact Citigroup but also serve
Evolve Bancorp, along with its subsidiary Evolve Bank & Trust, has recently found itself in the regulatory spotlight. The US Federal Reserve Board issued a directive that mandates significant corrective measures to address deficiencies in the bank’s risk management, anti-money laundering (AML), and
