Natwest wins approval to beef up US presence Banking Natwest has landed approval from the US Federal Reserve to beef up its presence on the other side of the Atlantic. The British banking giant has been granted permission to set up a “representative office” in Connecticut that will “act as a liaison with current and prospective US customers of the bank”. The approval document [...]
Federal Reserve orders Oaknorth to set up UK holding firm Regulation Digital bank Oaknorth has been ordered by the US financial watchdog to switch its domicile to the UK to get the green light on its takeover of a Michigan-based bank. The small business lender is exploring plans to establish a new UK holding company as a way to seal the deal on its acquisition of [...]
US sets AI standard, leaving Britain on the back foot When Donald Trump sat down in the Oval Office this week to sign off on a national AI framework, he delivered a global message. The US has committed to one standardised, federally regulated set of rules for AI. The executive order sweeps away the threat of 50 different state-level approaches to regulating AI – a scenario [...]