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Tag: Financial Regulation

NY Attorney General Sues Zelle Over Alleged $1 Billion Fraud, Citing ‘Shoddy Security’

NY Attorney General Sues Zelle Over Alleged $1 Billion Fraud, Citing ‘Shoddy Security’

NY Attorney General Sues Zelle Over Alleged $1 Billion Fraud, Citing ‘Shoddy Security’ New York Attorney General Letitia James has launched a lawsuit against the consortium of banks operating Zelle, alleging that the digital payment platform’s lax security measures facilitated over $1 billion in customer fraud between 2017 and 2023. The lawsuit claims that Zelle, managed by Early Warning Services (EWS) and owned by major financial institutions like Bank of America, JPMorgan Chase, and Wells Fargo, was hastily launched with…

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Treasury Secretary Bessent Renews Calls for Congressional Stock Trading Limits

Treasury Secretary Bessent Renews Calls for Congressional Stock Trading Limits

Treasury Secretary Bessent Renews Calls for Congressional Stock Trading Limits US Treasury Secretary Scott Bessent recently reiterated strong concerns over congressional stock trading, advocating for stricter limits on lawmakers’ investment activities. During a press conference in Stockholm following US-China trade talks on July 29, 2025, Bessent emphasized the critical importance of public trust in the legislative process. “It is the credibility of the House and the Senate,” Bessent stated. “It brings down trust in the system because, I can tell…

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JPMorgan’s Fintech Fee Push: A Year-Old Battle Reshaping Financial Data Access

JPMorgan’s Fintech Fee Push: A Year-Old Battle Reshaping Financial Data Access

JPMorgan’s Fintech Fee Push: A Year-Old Battle Reshaping Financial Data Access JPMorgan Chase, the largest U.S. bank, initiated a significant shift last year by pushing to charge fintech companies for data access, citing the massive strain these ‘middlemen’ place on its systems. Internal memos from late 2024 revealed that a staggering 87% of the 1.89 billion monthly data requests from aggregators like Plaid were not customer-initiated transactions, but rather for purposes ranging from product improvement to data harvesting. This move,…

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UniCredit Condemns Italian Government’s ‘Illegitimate’ Interference in BPM Bid

UniCredit Condemns Italian Government’s ‘Illegitimate’ Interference in BPM Bid

UniCredit Condemns Italian Government’s ‘Illegitimate’ Interference in BPM Bid UniCredit, a leading Italian banking group, has reportedly launched a strong rebuke against the Italian government, condemning what it terms an “illegitimate” use of power in relation to a bid involving BPM (Banca Popolare di Milano). The sharp criticism from one of Italy’s most prominent financial institutions highlights escalating tensions between the country’s banking sector and political authorities. While specific details of the alleged governmental overreach in the BPM bid were…

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