Proposals at annual shareholder meetings for Citigroup, Bank of America, and Wells Fargo would have pushed management to curb lending for projects in oil and gas. The proposals received between 11% and 12.8% votes in favor.
Read MoreThe Consumer Financial Protection Bureau said it would carry out supervisory exams of nonbank fintech companies that pose a risk to consumers. The CFPB has had the authority to look into nonbanks since 2013, but it’s only decided to invoke that authority now.
Read MoreIn a speech to the country’s legislators, Bank of Russia Governor Elvira Nabiullina announced that members of Russia’s alternative to SWIFT, the international payments network, would be kept anonymous. She said 52 institutions from 12 countries currently participate in the network.
Read MoreIn its ESG report for 2021, JPMorgan announced that it had financed and facilitated $285B toward various ESG goals, including development finance, green projects, and community development. It’s part of its larger goal to commit $2.5T toward ESG initiatives over the next decade.
Read MoreThis morning, Fyle, an India-based expense-management platform serving US businesses, announced that it launched a real-time spend-management integration for all Visa cards. Fyle said it would roll out similar integrations with other card issuers at an unspecified date.
Read MoreIn a letter to Wells Fargo, the New York City government said it won’t open new Wells Fargo depository accounts. It follows accusations that the bank discriminates against Black homeowners.
Read MoreThe financial giant said it would temporarily halt public offerings through special purpose acquisition companies (SPACs). It’s concerned about increased oversight into SPACs from the SEC, which has yet to solidify specific guidelines.
Read MoreIn his annual letter to shareholders, JPMorgan CEO Jamie Dimon shared his concerns about global volatility caused by the war in Ukraine, inflation, as well as consumer confidence. He also called for a “Marshall Plan” for decarbonization.
Read MoreItaly’s central bank has banned N26, the Germany-based neobank giant, from onboarding new customers or offering new products. Italian regulators have flagged N26 for its weak AML procedures.
Read MoreShareholders are set to vote on proposals to reduce financing for projects in oil and gas. The banks include JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley.
Read MoreThe Bilt Mastercard lets renters earn rewards on rent payments, and use rewards points for down payments. For the first time, tenants can also pay rent through credit cards without transaction fees.
Read MoreOn Wednesday, the Consumer Finance Protection Bureau (CFPB) announced that discrimination associated with any financial product is illegal. The Bureau has primarily concerned itself with discrimination in credit.
Read MoreIn late February, the Consumer Finance Protection Bureau (CFPB) released updated “Rules of Practice for Adjudication Proceedings.” The amended process lets the CFPB avoid backlogged federal courts in favor of administrative courts.
Read MoreSilent Eight, a Singapore-based financial crime prevention firm, announced yesterday that it had raised $40M in Series B funding. HSBC and Standard Charter’s venture wings were listed as investors.
Read MoreIn a joint statement on Saturday, the U.S., U.K., E.U., and others announced that they would move to exclude “selected Russian banks” from SWIFT, the international payments system. The group of countries has also frozen assets belonging to Russia’s central bank in response to the country’s invasion of Ukraine.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
