07/13/2020
US banks told not to use Covid-19 as cover for branch closures
New OCC chief: ‘I’m not prepared to revisit the fundamentals of bank regulation’
Legal, Regulation & Compliance
07/13/2020
Election in sight, but focus stays on secure retirement.
Pandemic magnifying woes that lawmakers are seeking to repair.
07/10/2020
Beware a $12 Trillion Pension Revolt Against Low Rates
Their thesis stems from a correlation analysis of moves in 10-year yields and the change in Treasury holdings reported in the Fed’s quarterly flow of funds data.
07/09/2020
Merrill Fires Multi-Million-Dollar UHNW Pair for Cheating
His partner, Christopher R. Berry, was let go for the same training violations, according to the summary of his discharge.
07/09/2020
Broadridge Announces CFO Transition
Broadridge has initiated a search process for a permanent successor that will include both internal and external candidates and has engaged a leading executive recruitment firm to lead this process.
07/09/2020
DLA Piper advises Stillfront Group in US$128.4 million Rule 144A offering
Along with Marks, the DLA Piper team representing Stillfront Group included of counsel Sanjay Shirodkar (both of Washington, DC).
07/08/2020
Canoe Intelligence and SS&C team up
Canoe leverages a combination of industry expertise and advanced AI and machine learning techniques to eliminate the operational inefficiencies associated with alternative investment workflows.
07/08/2020
Deutsche Bank Fined $150 Million For Relationship With Jeffrey Epstein, Other Lapses
First Enforcement Action by a Regulator Against a Financial Institution for Dealings with Jeffrey Epstein
07/08/2020
Sequoia Financial Group Partners With Kudu Investment Management To Buttress Continued Growth
The firm is majority-owned by employees and continues to be led by Tom Haught, founder, president and CEO.
07/07/2020
FNZ and State Street Collaborate On New Wealth Management Servicing Venture
State Street will serve as sub custodian to the custody assets belonging to Wealth Manager Services clients.
07/07/2020
Sequoia Financial Group Partners With Kudu Investment Management
Founded in 2015, Kudu now has 13 partner firms that collectively invest $57 billion on behalf of individual and institutional investors worldwide in traditional and alternative strategies, as of March 31, 2020.
07/07/2020
OCC Expands FFIEC Statement, Provides Guidance to Banks on Managing LIBOR Transition
Interestingly, the OCC Bulletin states that “[t]he OCC does not endorse a specific Libor replacement rate” and adds a “Risk Management” section that includes important new guidance for regulated banks.
07/06/2020
Banks are ditching London offices and not just because of Covid-19
The pandemic has given banks further impetus to downsize and preserve cash after already spending a decade quietly offloading space as jobs vanished in the wake of the financial crisis.
07/06/2020
Nigerian fraudster ‘Hushpuppi’ given St. Kitts-Nevis passport in February 2020 nabbed by FBI
Relying on data carefully analysed from several iPhones belonging to Hushpuppi, the FBI was able to discover loads of communications between the suspect and his collaborators
07/06/2020
BankThink Repealing brokered deposit law would be a costly mistake
Legislation was recently introduced in Congress to implement such a repeal.
07/03/2020
US FFIEC Issues Joint Statement on Managing the LIBOR Transition
The FFIEC Statement highlights the financial, legal, operational and consumer protection risks that will result from the transition from LIBOR
07/03/2020
IFC and Citi partner on Covid-19 risk-sharing support deal
The signing marks the extension of an existing facility, the IFC’s global trade liquidity programme (GTLP), initially set up in 2009, bringing the size of the facility to US$2bn.
07/03/2020
Legal Job Gains Double in June, Sector Looks to Regain Footing
Legal sector adds 7,500 jobs despite worsening pandemic
07/02/2020
New U.S. visa restrictions curb foreign hiring
It’s possible that the tightening of visa restrictions could lead to more offshore outsourcing in India and other countries, particularly since U.S. companies have grown more comfortable with remote work during the pandemic.
07/02/2020
World Economic Outlook Update, June 2020
A Crisis Like No Other, An Uncertain Recovery