Tag: Regulation
N26 fined €9.2m by BaFin over late submission of suspected money laundering reports in 2022
N26 Fined and Regulatory Updates:
Fine Imposed:
Amount: €9.2 million
Reason: Systematic late submission of suspected money laundering reports in 2022
Regulator: Federal Financial Supervisory...
CFPB says BNPL firms must comply with credit card consumer protection rules for billing disputes and refunds
Ruling Overview:
Agency: US Consumer Financial Protection Bureau (CFPB).
Decision: Designates buy now, pay later (BNPL) firms as credit card providers.
Reasoning: BNPL...
US CFPB sues SoLo Funds for allegedly “deceiving borrowers about the total cost of loans”
Overview:
Entity Involved: US Consumer Financial Protection Bureau (CFPB).
Target: SoLo Funds, a peer-to-peer (P2P) lending platform.
Allegation: Deceiving borrowers about the total cost...
AI-powered regtech Cube acquires global regulatory intelligence enterprises from Thomson Reuters
Acquisition Announcement:
Cube, a UK-based regtech firm, has acquired the Regulatory Intelligence and Oden products and businesses of Thomson Reuters.
Terms of the...
CFPB fines Chime $3.25m for customer refund delays
Chime Fined by CFPB:
US fintech Chime has been fined $3.25 million by the Consumer Financial Protection Bureau (CFPB) for delays in issuing...
FINRA fines SoFi $1.1m after consumer identification flaws led to multi-million dollar heist
Fine Imposed on SoFi by FINRA: SoFi, an online lending platform, has been fined $1.1 million by the Financial Industry Regulatory Authority (FINRA)...