By Michelle Price WASHINGTON (Reuters) - A body of U.S. state banking regulators on Thursday sued the federal government to void its decision to award national bank charters to online lenders and payment companies, saying it was unconstitutional and puts consumers and taxpayers at risk. The Conference of State Bank Supervisors (CSBS) said it had filed a complaint in the U.S. District Court for the District of Columbia against the Office of the Comptroller of the Currency (OCC) over its plan, announced in July, to issue bank charters to financial technology firms. "Common sense and the law tell us that a nonbank is not a bank. Thus, CSBS is calling on the courts to stop the unlawful, unwarranted expansion of powers by the OCC,” John Ryan, CSBS President and CEO said in a statement. Fintech firms have long pushed for national bank charters to let them operate nationwide without needing licenses in every state, a process they say can impede growth and boost costs. OCC spokesman … [Read more...] about State banking regulators sue U.S. government to stop fintech charters
Government
Government ranks 18 US volcanoes as ‘very high threat’
Seth Borenstein Associated Press Published 11:24 AM EDT Oct 25, 2018 Washington – Government scientists are classifying 18 U.S. volcanoes as a “very high threat” because of what’s been happening inside them and how close they are to people. The U.S. Geological Survey is updating its volcano threat assessments for the first time since 2005. The danger list is topped by Hawaii’s Kilauea, which has been erupting this year. The others in the top five are Mount St. Helens and Mount Rainier in Washington, Alaska’s Redoubt Volcano and California’s Mount Shasta. The agency says a dozen volcanoes have jumped in threat level since 2005. Twenty others dropped in threat level. Among those where the threat score is higher are Alaska’s Redoubt, Mount Okmok, Akutan Island and Mount Spurr. Threat scores also rose for Oregon’s Newberry Volcano and Wyoming’s Yellowstone. There are 161 active U.S. volcanoes. … [Read more...] about Government ranks 18 US volcanoes as ‘very high threat’
Wary of crypto, UK government blocks Royal Mint’s digital gold
By Peter Hobson LONDON (Reuters) - Britain's Royal Mint has frozen plans to launch a digital gold token after a partnership with U.S. exchange group CME failed and the government vetoed a plan to have the tokens trade on a cryptocurrency exchange, three sources told Reuters. The demise of the potentially ground-breaking project, named Royal Mint Gold (RMG), highlights the wariness of governments to become involved in the largely unregulated world of cyptocurrencies, which exploded into the public eye last year with the stellar rise of bitcoin. As other mints and fintech startups race to set up similar products, it could squander the chances of Britain's Mint leading the field to build gold into a multi-billion dollar digital asset class. It also reflects a cooling of enthusiasm towards digital assets at the CME, three sources said. The project would have been the first time a government of a developed economy had become directly involved with a crypto currency exchange, analysts and … [Read more...] about Wary of crypto, UK government blocks Royal Mint’s digital gold
The Scottish Government says no deal Brexit is now the ‘most likely’ outcome
Exclusive: Scotland’s Brexit minister tells Business Insider that the UK appears likely to leave the EU without a deal. Michael Russell MSP said that Theresa May faces the choice of leaving without a deal or pushing a deal through parliament with votes from opposition parties, which would risk splitting the Conservative party in two. He said: “That’s the choice [May] has. She either doesn’t get a deal because she won’t move, or she cuts her party in half – or cuts a substantial part of her party off from her – and she tries to get a deal through with the support of the opposition parties.” LONDON – A no deal Brexit is now the most likely outcome of Theresa May’s negotiations with Brussels, Scotland’s minister responsible for Brexit has told Business Insider. “The issue now is how we avoid a no deal Brexit, but it does appear to be the most likely outcome,” Michael Russell, Scotland’s Cabinet … [Read more...] about The Scottish Government says no deal Brexit is now the ‘most likely’ outcome
Spanish importers win 2018 Primaduta award from Indonesian government
London (ANTARA News) - Two Spanish importing companies have won the 2018 Primaduta Award for their loyalty, commitment, and performance in increasing the volume of Indonesian export products to Spain, according to a statement received by Antara here, Thursday. The awards for Moycor Vic. SL and Joenfa. SL, the two importers of furniture products, were handed over by Indonesian President Joko Widodo during the opening ceremony of the 33rd Indonesian Trade Expo in Tangerang, Banten, on Wednesday (Oct 24). Indonesian Ambassador to Spain Hermono will present the Primaduta Award to the winners during a reception at the Indonesian Embassy in Madrid in November 2018. The Primaduta Award is one of the government`s programs to boost the growth of Indonesian exports to global markets. Ambassador Hermono remarked that the accolades for the two Spanish importers demonstrated the continuity in trade relations between Indonesia and Spain as well as proved that the quality and supply of Indonesian … [Read more...] about Spanish importers win 2018 Primaduta award from Indonesian government