Governance
UK regulators set out next steps to help UK open banking grow
Source: FCA
The Joint Regulatory Oversight Committee (JROC) has today set out an ambitious programme of work to take forward recommendations for the next phase of open banking in the UK.
UK Parliamentary Group Urges Urgent Cryptocurrency Regulation and Appointment of 'Crypto Tsar
After conducting a thorough 10-month inquiry, a bipartisan group of Members of Parliament (MPs) and Lords in the UK Parliament has called for immediate regulation of the cryptocurrency sector and the appointment of a 'Crypto Tsar' to coordinate the government's approach.
ABA Pushes for Stablecoin Regulation, UK Committee Labels Crypto Trading as Gambling
The American Bankers Association (ABA) has called on legislators to regulate stablecoin issuers in a manner similar to banks, arguing that two bills currently under discussion fail to meet the mark.
New York AG proposes crypto law to take on 'rampant fraud'
New York Attorney General Letitia James has proposed a new state law designed to increase oversight of the cryptocurrency industry and boost consumer protections.
Japanese Privacy Watchdog Warns OpenAI over Sensitive Data Collection
The Personal Information Protection Commission, a privacy watchdog in Japan, has issued a cautionary notice to OpenAI regarding the collection of sensitive data without obtaining individuals' consent.
GFMA Report Highlights Transformative Potential of Distributed Ledger Technology (DLT) in Capital Markets
A newly released report by the Global Financial Markets Association (GFMA) emphasizes the "transformative benefits" that distributed ledger technology (DLT) can bring to capital markets. However, the report also calls for regulators to adopt a more innovative approach to fully leverage these benefits.
Regulators seize First Republic, sell it to JPMorgan Chase
Regulators have seized First Republic Bank and sold all its deposits and most of its assets to JPMorgan Chase.
G7 Officials to Convene in Japan to Address Challenges of Generative AI: Focus on Governance and Regulation
On May 30th, national officials from the G7 countries will convene in Japan to address the challenges presented by generative AI tools, such as ChatGPT.
European Parliament Approves Comprehensive AI Regulations to Ensure Transparency and Security
Lawmakers in the European Parliament have reached a consensus on a stringent set of regulations governing the use of artificial intelligence (AI) within the European Union. The aim is to oversee AI systems, promote transparency, and enhance security.
CFPB fires employee who sent consumer data to personal email
The Consumer Financial Protection Bureau (CFPB) says it has suffered a data breach which saw an employee forward the personal information of more than quarter of a million Americans to a personal email account.
NYDFS fines OneMain for cybersecurity violations
Source: NYDFS
Superintendent of Financial Services Adrienne A. Harris announced today that OneMain Financial Group LLC (“OneMain”) will pay a $4.25 million penalty to New York State for violations of DFS’s Cybersecurity Regulation (23 NYCRR Part 500).
Binance Executive Raises Concerns Over Regulatory Challenges for Crypto Businesses in the US
Binance Executive Voices Concerns Over US Regulatory Environment for Crypto Businesses
Generative AI governance targeted in proposed EU rules
The EU’s AI Act has been pushed through to the trilogue stage after nearly two years of drafting. The draft includes requirements for generative AI tools, like ChatGPT, to disclose the copyrighted material used in developing their programmes.