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☆ How tech's right-wing elite made 'debanking' claims into a political rallying point
▼ + stars: | 2024-12-10 | by ( David Ingram | David Ingram Is A Tech Reporter For Nbc News. | ) www.nbcnews.com time to read: +15 min

There is no guaranteed right to banking services, and Andreessen and Musk both have a history of making inflammatory political statements. Last week, in a victory for the crypto industry, Trump said he would appoint the venture capitalist David Sacks, an industry ally, as his “White House A.I. Tom Williams / CQ-Roll Call via Getty Images fileTrump during the campaign wooed crypto industry support in part by talking about debanking. Still, his comment prompted others to share personal stories about losing access to banking services with no explanation and despite having good credit. At least one bank industry trade group says debanking is a real issue — and one that’s caused by government regulators’ pressure.

Persons: Elon Musk, Marc Andreessen, Biden, debanked, ”, Joe Rogan, ” —, Musk, JPMorgan Chase, Donald Trump, Andreessen Horowitz, debanking, Rohit Chopra, Joe Biden, Trump, David Sacks, ” Sacks, Paul Atkins, Tom Williams, they’ve, Melania Trump, “, wouldn’t, Barron Trump, Donald Trump Jr, Ritchie Torres, cryptocurrency, they’d, ” Marisa Coppel, Rogan, Andreessen, Sid Kalla, Kalla, ” Kalla, Chase, Jamie Dimon, It’s, Sen, Kevin Cramer, ” Cramer, ” Donald Trump, Justin Sullivan, it’s, Obama, Sam Bankman, Paul Grewal, ’ ”, Banks Organizations: Netscape, Treasury Department, JPMorgan, Consumer Financial Protection Bureau, ”, debanking, The Free Press, PayPal, Securities and Exchange Commission, Republican National Convention, Getty, Trump, White House, Blockchain Association, Roll Labs, Turing Holdings, Chase, Labs, Bank Policy Institute, FBI, North Korean, Banking Act, NBC News, Justice Department, Federal Reserve, Federal Deposit Insurance Corp, FDIC, “ Locations: U.S, North Korea, Milwaukee, Nashville , Tennessee, America, New York, Brooklyn Heights, paychecks, North Dakota, Fargo, N.D

☆ Nauru agrees to give Australia veto rights over pacts with third nations including China
▼ + stars: | 2024-12-09 | by ( Story Associated Press | ) edition.cnn.com time to read: +2 min

Melbourne, Australia AP —Australia announced a multimillion-dollar agreement with Nauru on Monday that gives Canberra a veto right over a range of pacts the tiny Pacific atoll might want to enter with third countries, including China. Australia offered 140 million Australian dollars ($89 million) over five years to the remote nation’s population of 12,000 under the treaty to be implemented next year, including 40 million Australian dollars ($26 million) to enhance policing and security. “The treaty allows Australia to strengthen regional ties and cement its leading role as the development and security partner of choice,” she said. A key part of the deal is that Nauru will retain an Australian bank. The Commonwealth Bank of Australia will open a branch in Nauru next year after Australia’s Bendigo Bank withdraws from the country.

Persons: Anthony Albanese, David Adeang, Adeang, Meg Keen, ” Keen, ”, ” Adeang Organizations: Australia AP — Australia, Nauru, Canberra, Australia, Pacific, Lowy Institute, Commonwealth Bank of Australia, Australia’s Bendigo Bank Locations: Melbourne, Australia, China, Nauru, Australia’s, Tuvalu, Solomon Islands, South Pacific, Sydney

☆ UK watchdog finds potential NatWest 'regulatory breaches' in Farage fiasco
▼ + stars: | 2023-10-27 | by ( Iain Withers | ) www.reuters.com time to read: +1 min

[1/2] Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Oct 27 (Reuters) - British watchdog the Financial Conduct Authority said on Friday that it had identified potential "regulatory breaches" in NatWest's handling of a decision to close former Brexit party leader Nigel Farage's accounts. NatWest said it would disclose a decision on whether to dock its former CEO Alison Rose's pay over the matter "as soon as possible". "This report, and additional information we have considered, has highlighted potential regulatory breaches and a number of areas for improvement," the FCA said in a statement, adding it was reviewing the firm's governance, systems and controls. Reporting by Carolyn Cohn and Iain Withers, editing by Lawrence WhiteOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Nigel Farage's, Farage, Alison Rose's, Travers Smith, Alison Rose, Carolyn Cohn, Iain Withers, Lawrence White Organizations: FCA, Financial, Authority, REUTERS, British, NatWest, Thomson Locations: London, Britain

☆ UK's data watchdog to review handling of Farage's NatWest privacy complaint
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

A man walks past ATM machines at branch of the NatWest bank in Manchester, Britain September 21, 2017. Picture taken September 21, 2017. The ICO had found former NatWest CEO Alison Rose infringed Farage's data rights when she discussed his relationship with the bank with a BBC journalist, according to a copy of the ICO decision seen by Reuters and other media on Wednesday. In a statement on Friday, the ICO said Rose had since expressed concerns. An ICO spokesperson reiterated on Friday that the regulator had upheld two parts of Farage's complaint, but did not intend to take further regulatory action for now.

Persons: Phil Noble, Nigel Farage, Alison Rose, Rose, Ms Rose, Iain Withers Organizations: NatWest, REUTERS, ICO, BBC, Reuters, Thomson Locations: Manchester, Britain

A man walks past ATM machines at branch of the NatWest bank in Manchester, Britain September 21, 2017. The bank's shares fell as much as 18% in early trading before closing down 12% - their largest daily drop since the Brexit vote in June, 2016. Farage said in a statement on Friday that he viewed the report as a "whitewash" and its findings "laughable". She added that the review showed she did not leak detailed financial information and had been unaware of "deeply unpleasant and unfair" internal staff comments made about Farage. A NatWest document unearthed by Farage in July found that an internal committee had deemed his views did not align with the bank's own.

Persons: Phil Noble, Nigel Farage, Coutts, Farage, Alison Rose, Travers Smith, Howard Davies, Rose, Mr Farage, Davies, Paul Thwaite, Rick Haythornthwaite, Iain Withers, Lawrence White, Samuel Indyk, Jason Neely, Sharon Singleton, Kirsten Donovan Organizations: NatWest, REUTERS, Financial Conduct Authority, Barclays, Rival, Lloyds, Thomson Locations: Manchester, Britain

☆ UK tightens rules over bank account closures after 'debanking' criticism
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 20 (Reuters) - Banks in Britain will be forced to explain and delay any decision to close an account under new rules announced by the finance ministry on Thursday. "The government has stepped in to address fears that banks are terminating accounts because they disagree with someone’s political beliefs," the Treasury said in a statement. On Wednesday, the Financial Conduct Authority said it was talking to NatWest about the handling of Farage's accounts. Under the new rules, banks will need to explain any closure and customers will be given more time - 90 days - to challenge a decision through the Financial Ombudsman Service, or find a replacement bank, the Treasury said. Reporting by William James, Editing by Kylie MacLellanOur Standards: The Thomson Reuters Trust Principles.

Persons: Nigel Farage, Banks, Andrew Griffith, William James, Kylie MacLellan Organizations: Treasury, Financial, Authority, NatWest, Financial Ombudsman Service, Thomson Locations: Banks, Britain

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