06/15/2017
Wells Fargo may be in hot water again
The changes lowered home owners' monthly mortgage payments, but it also meant they'd owe Wells Fargo a lot more money over a much longer period of time.
Legal, Regulation & Compliance
06/15/2017
Former Julius Baer banker pleads guilty in U.S. FIFA corruption probe
Arzuaga did not name him, but the president of the Argentine Football Association at the time was Julio Grondona, who died in 2014.
06/15/2017
IRS Rolls Out Offshore Voluntary Disclosure Compliance Campaign
A more targeted approach to noncompliance.
06/15/2017
US Seeks Record Recovery of $540M in Case of Looted Sovereign Wealth Fund
The inner circle of Malaysian Prime Minister Najib Razak was involved in the conspiracy, which began in 2009 and continued through 2015, the complaint alleged.
06/14/2017
With Watson Financial Services, IBM Launches Cognitive Era of RegTech
First-Generation Cognitive Solutions Trained by Promontory Experts
06/13/2017
White House calls for rollback of banking regulations
A sensible rebalancing of regulatory principles is warranted in light of the significant improvement in the strength of the financial system and the economy.
06/13/2017
Bank of America Pays Nearly $2M to Settle Lawsuit
The Bank of America will pay $1.9 million to settle a government lawsuit alleging that it took too long to inform customers that their phone calls were being recorded.
06/12/2017
Big banks to get away with risky bets after Dodd Frank repeal
Some regulators have acknowledged the complexity of the rules, though critics say banks are exaggerating
06/12/2017
Canada To Amend Voluntary Disclosure Program
The Government's proposed changes narrow the eligibility for VDP and impose additional conditions on applicants.
06/12/2017
Deutsche Bank reaches $170 million Euribor-rigging settlement
Investors accused banks of conspiring to rig Euribor and fix prices of Euribor-based derivatives from June 2005 to March 2011 to profit at their expense, in violation of U.S. antitrust law.
06/12/2017
RBS in advanced talks over £3.5bn-plus mortgage mis-selling fine
RBS and the FHFA are in detailed talks about a multibillion-pound fine that could be announced within weeks, Sky News learns.
06/11/2017
Supreme Court imposes five-year limitation on SEC disgorgement
The Supreme Court chronicled the evolution of disgorgement in SEC enforcement proceedings, finding that, at the inception of the agency, the only stated remedy available was an injunction.
06/11/2017
Fiduciary rule is creating concern for some, opportunity for others
Smaller adviser firms and solo practitioners that rely largely on a commission-heavy brokerage business may struggle to adapt to the new changes in comparison to their larger counterparts with expansive networks, more resources and large compliance teams
06/09/2017
US Fed fines Deutsche Bank $41m for AML problems
The bank also must enlist a third party to conduct a comprehensive review of BSA/AML compliance, customer due diligence and foreign correspondent banking activity.
06/08/2017
Ex-HSBC Banker Scott Arrested in U.K. in American Currency Case
U.S. has accused Scott, Johnson of using inside tip on trade
06/08/2017
DOL Takes First Step to Fiduciary Rule Review
The move marks the very beginning of a formal review and rule-making process, but it doesn’t automatically lead to a revamp of the original rule, the newswire writes.
06/07/2017
When Robos Go Bad
Tom Baker, professor at the University of Pennsylvania Law School, says robo advisors are not immune from conflicts of interest.
06/07/2017
Ameriprise Drops Hundreds of Funds Offered to Brokerage Clients
Advisors will no longer be able to offer clients hundreds of investments, but few assets managed by the brokerage will be affected.
06/07/2017
Fed gives extension on complying with part of Volcker rule to three banks
The rule, part of the 2010 Dodd-Frank Wall Street reform law, limits the types of trading banks can conduct with their own money, as a way to curb speculation in financial institutions.
06/07/2017
Mexico: Regulations for Capital Repatriation 2017
Please note that the repatriation is about previously undeclared assets, since taxpayers are only forced to pay the mentioned flat rate of amounts that have not paid the corresponding Mexican tax income.