- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-09-18T16:43:00
The Federal Deposit Insurance Corporation (FDIC) proposed a new rule that would require banks to keep better deposit records on ownership of funds controlled by their financial technology (fintech) partners.
The proposed notice of new rulemaking, published Tuesday, “would strengthen recordkeeping for bank deposits received from third party, non-bank companies accepting those deposits on behalf of consumers and businesses,” the FDIC said in a press release.
The move comes after a high-profile meltdown by Synapse, a banking-as-a-service (BaaS) third party for many fintechs which, when Synapse filed for bankruptcy in May, froze out thousands of customers who held $265 million in deposits with several different apps, CNBC reported in June. At the time, $85 million in customer funds were missing, per the CNBC report.
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Federal banking regulators approved a new rule for bank mergers that will require additional scrutiny of mergers for antitrust issues for large and mid-sized banks.
The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology companies to correct deficiencies in its anti-money laundering, sanctions, risk management, and consumer compliance programs.
President Joe Biden selected a commissioner at the Commodity Futures Trading Commission as his preferred choice to lead the Federal Deposit Insurance Corporation in the aftermath of its toxic workplace culture scandal.
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
With the presidential election this week, one fear has remained on the minds of voters regardless of their political stripe–that artificial intelligence will be misused to change the outcome of the race.
