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FDIC Chairman Testimony on Rightsizing Regulation

FDIC Chairman Travis Hill testified before the Senate Banking Committee on the agency's efforts to reform its regulatory and supervisory approach. Key initiatives include defining "unsafe or unsound practices" through a proposed interagency rule and establishing an Office of Supervisory Appeals.

FDIC Chairman Discusses Reforms to Regulatory Toolkit

FDIC Chairman Travis Hill announced updates on reforms to the agency's regulatory and supervisory toolkit. Key initiatives include proposals on defining "unsafe or unsound practices," refocusing examinations on material risks, and overhauling the CAMELS rating system. Changes to consumer compliance supervision aim to focus on actual harm and violations rather than process.

FDIC Proposed Rule for Payment Stablecoin Issuance by Subsidiaries

The FDIC has proposed a rule to establish procedures for FDIC-supervised insured depository institutions (IDIs) seeking to issue payment stablecoins through subsidiaries, as mandated by the GENIUS Act. This proposed rule outlines a tailored application process to evaluate safety and soundness while minimizing regulatory burden.

CFTC Secures $2.4M Judgment Against Forex Companies for Fraud

The CFTC announced a default judgment against Safety Capital Management Inc. and GNS Capital Inc. for retail forex fraud. The companies were ordered to pay over $2.4 million in restitution and civil monetary penalties.

NY Governor Announces Auto Insurance Reform Saves MTA $50 Million Annually

New York Governor Kathy Hochul announced that auto insurance reforms have resulted in nearly $50 million in annual savings for the Metropolitan Transportation Authority (MTA). This reform is part of a broader effort to lower costs for New Yorkers.

DFPI Orders Apoyo Financiero, Inc. to Pay $1M Penalty for Overcharging Customers

The California Department of Financial Protection and Innovation (DFPI) has ordered Apoyo Financiero, Inc. to pay a $1 million penalty and reimburse over $218,000 to customers for charging excessive interest and fees. The lender marketed services to the unbanked community.

DFPI Orders Coinme to Refund $175,000 to California Consumers

The California Department of Financial Protection and Innovation (DFPI) has ordered crypto kiosk company Coinme to refund $175,000 to consumers for violating the state's Digital Financial Assets Law. This action follows a previous order where Coinme was fined $300,000 and ordered to pay $51,700 in restitution.

DFPI Fines Apoyo Financiero $1 Million for Overcharging

The California Department of Financial Protection and Innovation (DFPI) has ordered Apoyo Financiero, Inc. to pay a $1 million penalty and over $218,000 in restitution for charging excessive interest and fees to customers. The enforcement action stems from a routine examination that uncovered violations of California financing laws.

DFPI Shares Steps to Protect Family from Scams

The California Department of Financial Protection and Innovation (DFPI) issued a notice sharing practical steps for consumers to protect themselves and their families from scams and fraud. This follows a year where the DFPI and Attorney General's office shut down 48 scam websites.

DFPI Fines Nexo Capital Inc. $500,000 for Unlicensed Crypto Loans

The California Department of Financial Protection and Innovation (DFPI) has fined Nexo Capital Inc. $500,000 for operating as an unlicensed lender and making risky crypto-backed loans to California residents. The company failed to assess borrowers' ability to repay loans, violating California financial laws.