08/16/2023
Morgan Lewis Advises Bank of America
Partner Sandra Vrejan, along with partners
Legal, Regulation & Compliance
08/16/2023
US and Bermuda regulators to discuss long term re/insurance
The panel will discuss topics such as the global protection gap that exists in the availability of pension benefits, the influx of capital into the sector, and cross border reinsurance.
08/15/2023
UBS resolves RMBS matter with US Department of Justice
UBS has reached an agreement with the United States Department of Justice (DOJ)
08/15/2023
Vesttoo begins Chapter 11 proceedings
Newly appointed chief executive officer Ami Barlev said: "We believe the steps we are taking are best for Vesttoo’s long-term growth and success.
08/14/2023
New York judge freezes Vesttoo’s assets
White Rock is planning to launch arbitration proceedings against Vesttoo in Bermuda
08/14/2023
‘Huge scam’ in rural Kansas town fells fourth U.S. bank this year
“They are well-capitalized, have strong reserves, are profitable and maintain record levels of loan reserves.”
08/08/2023
Lawyers in Wells Fargo case ask for $180 million in attorney fees
Lawyers for the plaintiffs were able to seek up to 19% of the settlement for legal fees under the terms of the agreement.
08/07/2023
Palomar had one transaction with Vesttoo, says CEO
The scandal has raised doubts about the amount of capacity available for collateralised insurance transactions.
08/07/2023
Fitch’s US downgrade reignites global currency order debate
The decision by Fitch Ratings to downgrade its long-term foreign currency issuer rating on the United States to AA+ from AAA on 1 August brought the country’s fiscal and political vulnerabilities back into focus
08/04/2023
Royal Bank of Canada’s base case following BoE rate rise
The Bank of England (BoE) raised interest rates by 25 basis points (bps) to 5.25% on Thursday—a 15-year high.
07/31/2023
Eight US banks slapped with higher capital buffers
US units of Deutsche and UBS hit with highest SCBs yet imposed by the Fed
07/28/2023
Regulators unveil sweeping changes to capital rules for banks with $100 billion or more in assets
U.S. regulators on Thursday unveiled a sweeping set of proposed changes to banks’ capital requirements to address evolving international standards and the recent regional banking crisis.
07/27/2023
Fed leaves open the possibility of further tightening
These factors should help to keep inflation down in the near term, giving the Fed little reason to hike rates in consecutive meetings.
07/26/2023
US banks warned over uninsured depositing errors
Silicon Valley and Signature Bank, two regional banks in the US, collapsed in March for similar reasons, which has led to some of the biggest lenders being scrutinised.
07/20/2023
Bankjoy Integrates with Plaid to Enable Seamless Account Management for Businesses
Bankjoy’s Business Banking platform is designed to deliver a superior digital banking experience for business and commercial account holders.
07/19/2023
US anti-ESG discourse implications
The flow of state-level initiatives is likely to continue into next year as failed or pending bills are likely to be introduced again in the next legislative session across the country.
07/14/2023
Fidelity forms Bermuda long term reinsurer
The BMA also special purpose insurers Stabilitas Re and Mayflower Re, both of which are catastrophe bond vehicles.
07/14/2023
Herbert Smith Freehills Secures Rare Pre-Discovery Dismissal
Judge Robert Mega found that New and Modern's alleged conduct consisted of legitimate commercial activity
07/14/2023
SEC fines Cantor Fitzgerald over repeated failure to identify large traders
It also said Cantor repeatedly failed for more than a decade to file forms identifying itself or affiliates as large traders.
07/13/2023
SEC adopts amendments to money market funds regulation
A six-month transition period will apply for certain other amendments, including the minimum portfolio liquidity requirements and discretionary liquidity fee provision.