Regulation

Marijuana shops across the U.S. are rushing to find alternative ways for customers to pay after networks that supported a popular workaround to the banking system began to shut down last week.

In an appeals court filing, the Consumer Financial Protection Bureau wrote that a federal judge "ignored regulatory text, history and context" when she ruled against a PNC customer. The consumer argues that the bank shouldn't have pulled funds from his checking account after he was tardy in making payments on his home equity line of credit.

The Consumer Financial Protection Bureau is investigating whether the cryptocurrency lender Nexo Financial is abiding by consumer protection laws, according to documents released this week. The CFPB rejected the company's argument that the agency has no authority to conduct the probe.

Long before Sam Bankman-Fried's FTX cryptocurrency empire collapsed this month, it already was on the radar of federal prosecutors in Manhattan.

The National Credit Union Administration has asked Congress to restore its authority over credit union service organizations and other vendors, but some in the industry say the regulator already has enough on its plate.

Former Goldman Sachs Group banker Asante Berko was arrested on charges that he orchestrated bribes to Ghanaian officials while employed at the investment bank.

UBS Group's Frankfurt and Munich offices are being searched by prosecutors as part of a money laundering investigation linked to the sanctioned Russian oligarch Alisher Usmanov, people familiar with the probe said. 

Deutsche Bank was told by the German financial watchdog BaFin that it must fix its controls within given deadlines if it wants to avoid a financial punishment.

The $7.1 billion-asset bank has established a partnership with the nonprofit HoneyBee that harks to its early days serving underbanked Korean business owners in Los Angeles in the early 1980s.

The central bank terminated a cease-and-desist order issued against the Agricultural Bank of China and its New York branch in 2016 for breaking anti-money-laundering rules.