EBF MORNING BRIEF Monday 24 October 2022 Good morning. Here are the top news stories and events in European banking, financial regulation and EU policy, brought to you by the European Banking Federation.
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FROM THE MEDIA
Bloomberg: ECB pushes back to report it’s mulling overnight repo rate
The European Central Bank (ECB) pushed back against a media report that it’s considering the creation of an overnight repo facility with an associated interest rate similar to that operated by the Federal Reserve. “The article misrepresents the role of the ECB’s Money Market Contact Group, which is not a working or advisory group of the ECB,” the ECB said according to Bloomberg. Read more
PYMNTS.com: EU banks’ foray into BNPL gathers steam
Matt Norton, Santander Bank North America’s head of point of sale lending, told PYMNTS that banks were increasingly eyeing opportunities in the buy now, pay later (BNPL) market.“Banks have an opportunity to be a major solutions provider in this space,” said Norton, adding that “they’re also no stranger to credit products.” Read more
FinTech Magazine: Fintechs and banks must collaborate to undo disintermediation
Fintechs and banks must collaborate to reverse the disintermediation trend, says a report by BNY Mellon. As pointed out by FinTech magazine, the findings of the report are based on feedback from a survey of 790 employees of midsized and large organizations in seven North American and European countries. Read more |
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MAIN EVENTS For a full-year overview of key financial regulation events: click here |
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FROM EBF MEMBERS Finance Finland: Arno Ahosniemi appointed new Managing Director Arno Ahosniemi has been appointed Managing Director of Finance Finland. 'Banks, insurers, pension providers, finance houses, securities dealers, and fund management companies are the lifeblood of our economy. High-quality legislative work requires information on how regulation affects the financial sector and society,' Ahosniemi says. Read more (FI)
NVB: Some amendments to the law can help prevent money laundering
Dutch ministers Kaag and Yeşilgöz-Zegerius sent a proposal to the House of Representatives to amend the Money Laundering and Terrorist Financing Prevention Act. It creates a clear basis for the joint provision for Transaction Monitoring Netherlands (TMNL) and its further expansion. As reported by the Dutch Banking Association (NVB), the sector considers the changes necessary because they contribute to greater effectiveness. Read more (NL)
BdB: Online and mobile banking
Online and mobile banking is now the most used access channels, while customers visit the bank branch less often. The Association of German Banks (BdB0 presents all results and trends up-to-date in a representative survey. Read more (DE) |
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FROM THE INSTITUTIONS EBA: Call for interest for two expert groups and a call for input to advise on its work under the recast Funds Transfers Regulation The European Banking Authority (EBA) issued a call for expression of interest to join two Technical Expert Groups on crypto assets service providers and anti-money laundering and countering the financing of terrorism, and restrictive measures regimes. Besides, it launched a call for input on the Joint Guidelines to prevent the abuse of fund transfers for ML/TF purposes issued in 2017 by the European Supervisory Authorities (ESAs). Read more
EP: Making finance sound for young people
Young people need to be financially literate to access a wide range of financial services and manage their personal finances well. The EU is working on this topic while national and local initiatives are multiplying, often in collaboration with the financial sector, the European Parliament (EP) writes. Read more
BIS: A two-tier retail CBDC system
The Bank for International Settlements (BIS) Innovation Hub and the Hong Kong Monetary Authority have completed a retail CBDC technology prototype. It was dubbed "Aurum", the Latin word for gold, to reflect the starting point that digital currency issued under the auspices of a central bank must be as robust and trustworthy as gold. Read more |
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FROM THE EBF
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ABOUT THE EUROPEAN BANKING FEDERATION
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The federation is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu |
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