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Dado Ruvic - 1 Block's - 1 CashApp - 1 Rohit Chopra - 1 Chopra - 1 CFPB - 1 Lindsey Johnson - 1 Douglas Gillison - 1
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Search resuls for: "Douglas Gillison Hannah Lang"


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☆ US consumer watchdog proposes rules for Big Tech payments, digital wallets
  + stars: | 2023-11-07 | by ( Douglas Gillison Hannah Lang | Douglas Gillison | Hannah Lang | ) www.reuters.com   time to read: +4 min
REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - The top U.S. consumer financial watchdog on Tuesday proposed to regulate tech giants' digital payments and smartphone wallet services, saying they rival traditional payment methods in scale and scope but lack consumer safeguards. In a statement on Tuesday, Chopra said the tech sector had expanded into financial services traditionally provided by the closely regulated banking sector. "Today's rule would crack down on one avenue for regulatory arbitrage by ensuring large technology firms and other nonbank payments companies are subjected to appropriate oversight," he said. Representatives of Big Tech companies have previously highlighted their efforts to protect consumer data. The agency said the rule would also foster competition by ensuring that both traditional financial players and the tech sector were equally subject to the same oversight.
Persons: Dado Ruvic, Block's, CashApp, Rohit Chopra, Chopra, CFPB, Lindsey Johnson, Douglas Gillison, Hannah Lang, Chris Prentice, Matthew Lewis, Mark Potter, David Gregorio Our Organizations: PayPal, REUTERS, Rights, Consumer, Apple, Big Tech, Consumer Bankers Association, Electronic Transactions Association, Thomson Locations: Washington, New York
☆ Explainer: The FDIC's 'special' fee to make banks pay for SVB cleanup
  + stars: | 2023-04-12 | by ( Douglas Gillison Hannah Lang | Douglas Gillison | Hannah Lang | ) www.reuters.com   time to read: +3 min
[1/2] The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters in Washington, February 23, 2011. Here is what is known about the assessment and the insurance fund:What is the Deposit Insurance Fund? The law does not define the "assessment base" for the special assessment or which banks will pay it. Who will pay the special assessment? Top officials in Washington have signaled that regulators likely won't make the smaller banks pay for last month's failures this time round either.
☆ Analysis: US bank regulators may take wait-and-see approach before intervening again
  + stars: | 2023-03-14 | by ( Pete Schroeder Douglas Gillison Hannah Lang | Pete Schroeder | Douglas Gillison | ) www.reuters.com   time to read: +3 min
Fears remained on Wall Street on Monday despite the measures announced over the weekend following the collapse of California-based Silicon Valley Bank (SIVB.O) and New York-based Signature Bank (SBNY.O). Some investors have called for further action by banking regulators to reassure markets. But banking experts said regulators would likely want to see the extent of any further contagion before deciding on fresh measures. In addition, the Fed announced Monday it was doing an internal review of its oversight of Silicon Valley Bank, where it was the primary regulator. Prior to Silicon Valley Bank's collapse, banks had been lobbying lawmakers to push back against the Fed's review, arguing it could slow the economy.
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