05/31/2023
U.S. regulators have tools to handle banking turmoil: ex-comptroller
Fed response to SVB collapse bogged down by legal restrictions, Eugene Ludwig says
Legal, Regulation & Compliance
05/24/2023
US regional banks swap $220bn in deposits to soothe insurance nerves
Use of ‘reciprocal’ accounts jumped as turmoil enveloped financial sector
05/23/2023
Wells Fargo Agrees to Pay $1 Billion to Settle Pension-Led Lawsuit
Mississippi’s public employees' fund, a Louisiana sheriffs’ fund and the state of Rhode Island were among the lead plaintiffs.
05/22/2023
AI-Generated Recommendations Can Still Fall Under Reg BI, FINRA Exec Warns
Firms using AI tech to generate ‘customized’ suggestions for clients may not realize those recommendations still fall under the best interest rule, warned a senior director at FINRA's annual conference.
05/22/2023
Allen & Overy and Shearman & Sterling to create the first fully integrated global elite law firm
Combination will accelerate growth strategy of both firms, each with distinct market leadership and strong cultural compatibility.
05/22/2023
Finra Sanctions Wells Broker Who Had Friend Named Beneficiary on Client Account
The rule also blocks brokers from instructing a customer to name another person, such as the broker’s family members, to be beneficiary.
05/19/2023
HilltopSecurities Selects Broadridge to Provide Regulatory and Customer Communications Processing
A better digital experience for regulatory and transactional communications
05/18/2023
Deutsche Bank to pay $75 mln to settle Jeffrey Epstein accusers’ suit
The suit was filed last year in New York by an anonymous woman on behalf of herself and other accusers, alleging Deutsche Bank did business with Epstein for five years knowing he was engaged in sex-trafficking activity, the report said.
05/18/2023
Ex-fund manager lands in jail
Investors were misled about fund’s trading and holdings, U.S. district court judge says
05/18/2023
What to buy after the Fed stops hiking rates, according to Bank of America
If this is the case and the Fed does end its rate-hiking campaign, investors may want to consider investing in some small-cap stocks that have done well historically.
05/17/2023
Executives From Failed Banks Face Senate Grilling Over CEO Pay, Bonuses and Risk Management
Executives at Silicon Valley Bank, Signature Bank and First Republic Bank were paid millions of dollars over their tenures up until their banks failed, the bulk of the compensation coming in the form company stock.
05/17/2023
Warren Buffett’s company recommits to Bank of America stock while dumping other banks
Berkshire also picked up nearly 10 million shares of Capital One stock.
05/15/2023
‘The Fed is problem No. 1 in American finance,’ right now, says prominent market pundit
The author of Grant’s Interest Rate Observer says that the suppression of interest rates over the past several years has introduced ‘all manner of distortions in the economy’
05/10/2023
U.S. bank closures show existing regulations need stronger enforcement, says financial expert
“First Republic shared some similar and distinguishing characteristics with the other banks that were closed by regulators recently,”
05/09/2023
Goldman Sachs to pay $215m in discrimination lawsuit settlement - reports
Bias against women
05/08/2023
US banking crisis in a new stage of contagion
In view of the Fed, American banking crisis is over. Yet, US and European banks face the most acute stress since 2008 and 2011, respectively.
05/05/2023
Do activist investors boost shareholder returns?
The results of these campaigns over the years have been mixed.
05/04/2023
Big Hedge Funds Face New 72-Hour Deadline to Report Losses
The new SEC rules significantly increase oversight of the biggest hedge funds and private equity firms.
05/04/2023
TD Bank and First Horizon Mutually Agree to Terminate Merger Agreement
TD Bank Is Unable to Obtain Timetable for Regulatory Approvals for Reasons Unrelated to First Horizon
05/03/2023
US Treasury and Monetary Authority of Singapore Conduct Joint Exercise to Strengthen Cross-Border Cyber Incident Coordination and Crisis Management
This exercise allowed both agencies to test and strengthen existing protocols for information exchange and incident response coordination for cyber incidents involving banks operating in both jurisdictions.