12/22/2020
Transamerica to Pay $8.8 Million for Supervision Lapses
Firm Ordered to Pay $4.4 Million in Restitution to Approximately 2,400 Affected Customers
Legal, Regulation & Compliance
12/22/2020
Wells Fargo set to be freed from AML consent order
Referring to the bank’s regulatory woes, Scharf said earlier this month at an investor conference, “I think it took a while for people to really digest what it all meant for the company, quite frankly.”
12/22/2020
Cayman: a jurisdiction of choice for Canadian HNWIs
The COVID-19 pandemic has also led many to have a fundamental rethink as to how and where they want to live, with a better work/life balance and a healthier lifestyle topping people's list of priorities.
12/22/2020
All U.S. Bank Regulators Should Require Banks To Incorporate Climate Change Risks Into Their Risk Management Frameworks And Disclosures
Banks should also start conducting scenario analysis of what impact new Biden-Harris climate change initiatives could have on their loan and trading portfolios.
12/22/2020
ABA Hits Out at New Credit Union Debt Rule
The association objects to further capital raising flexibilities for large credit unions that already receive tax exemptions
12/21/2020
CDC Recommends Bank Workers Be in Third Phase of Vaccinations
In addition to financial workers, Phase 1c will include persons over 65 and those aged 16 to 64 with high-risk conditions, as well as workers in the transportation, food service, construction, IT and telecommunications, energy, media, legal, safety engine
12/21/2020
US Collateral Account Best Practices
This Legal Update explores potential areas of concern for lenders associated with Collateral Account documentation and follows with considerations for drafting and best practices used to mitigate, and ideally avoid, potential issues associated with Collat
12/21/2020
All U.S. Bank Regulators Should Require Banks To Incorporate Climate Change Risks Into Their Risk Management Frameworks And Disclosures
Those communities need our support, they need institutions to act, and they need representation when it comes to making these decisions that deeply affect them.
12/21/2020
Federal Reserve Frees Up US Banks After Stress Test Results
On Friday the Fed updated the restrictions for the March quarter saying, “In light of the ongoing economic uncertainty and to preserve the strength of the banking sector, the Board is extending the current restrictions on distributions, with modific
12/21/2020
Regulation alone will not strengthen Europe’s digital sector
The EU needs more risk-taking capital and reformed product markets
12/18/2020
Brand New Litigation Boutique Is Already Beating Cravath On Bonuses
Wow, the firm isn't even a year old yet. Great work!
12/18/2020
The U.S. Should Stop Helping Criminals Hide Money
Requiring companies to reveal their true owners would be a step in the right direction.
12/17/2020
JPMorgan was losing bidder in $7bn battle for asset manager Eaton Vance
Revelation underscores competition among banks to bolster investment management divisions
12/16/2020
In Final 2020 Meeting, Fed Looks to Bridge the Gap
Hints about new criteria, or even the pre-conditions for deviation from existing policy, will have implications for investors.
12/16/2020
US Federal Reserve Joins the Network of Central Banks and Supervisors for the Greening of the Financial System
This action appears to anticipate the incoming Biden administration’s stated intention to rejoin the Paris Agreement, since the purpose of the Network is to:
12/15/2020
SEC slaps former Argo boss Watson with fine for misrepresenting pay
The SEC said the money from the fine will be transferred to the general fund of the US Treasury.
12/11/2020
Northern Trust Renews Partnership with Wharton Global Family Alliance
Three-year extension to include collaborative research on multi-generational families and their businesses December 10, 2020 10:00 AM Eastern Standard Time CHICAGO--(BUSINESS WIRE)--Northern Trust, a leading provider of wealth management services, a
12/10/2020
Facebook faces multiple US lawsuits that could force sale of Instagram, WhatsApp
The lawsuits highlight the growing bipartisan consensus to hold Big Tech accountable for its business practices and mark a rare moment of agreement between the Trump administration and Democrats, some of whom have advocated breaking up both Google and Fac
12/10/2020
US Cryptocurrency Creator Faces Criminal Tax Evasion Charges
Elmaani is charged with two counts of tax evasion, each of which carries a maximum sentence of five years in prison.
12/10/2020
SEC shakes up market data rules
The adopted rules also update the method by which NMS market data is consolidated and disseminated, by fostering a competitive environment and providing for a new decentralized model that promises reduced latency and other new efficiencies.