The Senate Judiciary Committee voted 16-6 this week to advance a major tech competition bill, says CNBC.Heralded by some as legislators’ best chance to meaningfully reform laws around Big Tech, the American Innovation and Choice Online Act would have a considerable impact on firms such as Amazon, Apple, Google - as well as Meta and TikTok.
JPMorgan Chase will spend more than $12 billion on technology in 2022, contributing to an eight per cent rise in expenses that could hurt the bank's profitability targets.
Shield, a workplace intelligence platform for compliance teams at financial services firms, has raised $15 million in a Series A funding round led by Macquarie Capital and OurCrowd.
The UK's Prudential Regulation Authority (PRA) is looking at ways to access more data from Amazon Web Services, Microsoft Azure and Google Cloud amid concern about how important the three have become to the financial services sector, according to the Financial Times.
Source: Federal Reserve
The Federal Reserve on Wednesday issued an update to the Federal Reserve Payments Study (FRPS) to include findings from recent survey data.
Morgan Stanley has agreed a $60 million class action settlement relating to legacy technology mishandling that led to two seperate data breaches in 2016 and 2019.
Source: Bank of England
The Prudential Regulation Authority (PRA) has imposed a financial penalty on Metro Bank plc (Metro Bank) of £5,376,000 for failing to act with due skill, care and diligence in relation to the regulatory reporting of its capital position and for failings in its regulatory reporting governance, controls and investment with respect to its Common Reporting (COREP) returns sent to the PRA between 13 May 2016 to 23 January 2019.
