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E.U.'s Barnier Says U.S. Should Respect Basel III
The United States should
implement Basel III bank capital rules in the same way as Europe
does, at the beginning of 2014, the European Union official in
charge of regulation said.
Treasury Needs Exit Plan for Ally Financial, Says Watchdog
The U.S. Treasury needs to develop a
concrete plan for exiting its 74 percent stake in auto
financing company Ally Financial Inc, the second-largest
remaining recipient of federal bailout dollars, an internal
watchdog said in a report released Wednesday.
Two U.S. Senators Press Justice Department on Bank Prosecutions
Two U.S. senators on Tuesday
questioned whether the Justice Department has been aggressive
enough in prosecuting misconduct at the largest banks and asked
the department to turn over information on how it determines
punishments.
U.K. Watchdog Closes Lehman Case Against Auditor E&Y
Britain's accounting watchdog
declined to take any action against Ernst & Young (E&Y) over its
auditing of Lehman Brothers before the U.S. investment bank
failed in 2008 and triggered a near meltdown in global markets.
New Study Finds Bankers Expect Big Challenges And Few Benefits From Dodd-Frank 1073
Bankers believe Dodd-Frank 1073, which will regulate cross-border-payments and will be implemented this year, will have a negative impact on their payments business, according to a new survey.
The Compliance Risk of Social Media
The guidelines recently issued by the FFIEC on risk management and the use of social media for financial institutions only scratches the surface of this burgeoning issue.
Bank of America Begins Moving $50 Billion of Derivatives to U.K.
Bank of America has begun
moving $50 billion of derivatives out of its Irish-based
operations into its British subsidiary, The Financial Times
reported on its website on Sunday, citing people close to the
operation.
The Treasury Department’s Most-Wanted Crime Organizations
These criminal organizations are being targeted by the U.S. Department of the Treasury for financial and other crimes.
Delaying EMV Migration Risks Significant Losses for U.S. Issuers
U.S. card issuers who delay migration to EMV face a rapidly increasing risk of loss, largely due to the impact of fraud migrating from countries where EMV deployment is more advanced. U.S. issuers should begin to make preparations now.
Investors Blinded by Banks' Calculation of Risky Assets, Says Basel Chairman
Material differences in the way
banks define their risky assets is blinding investors' ability
to make informed choices about where to put their money, a top
regulator said on Thursday.
Obama to Tap Former Federal Prosecutor to Head SEC
President Barack Obama will
nominate former federal prosecutor Mary Jo White to head the
Securities and Exchange Commission (SEC), a White House source
said, restoring the agency's power to work on its overhaul of
Wall Street.
Top E.U. Banks Told to Write "Living Will"
Top banks in the European Union
must present so-called "living wills" by the year-end spelling
out how they would survive a crisis without taxpayer aid.
U.S. Fed Missed Warning Signs in 2007 As Crisis Gathered Steam
Recently released transcripts from Fed meetings in 2007 show Geithner, Bernanke and other Fed officials did not expect the coming crisis even as trouble signs mounted.
Rewriting the KYC Playbook
Banks must address the "V3challenge" -- questions around variety, velocity and vagueness -- in order to achieve better bank counterparty due diligence, as part of Know Your Customer compliance.
Mortgage Cases to Test U.S. Use of Once-Obscure Fraud Statute
Banks are testing U.S. authorities' use
of a once-obscure statute to bring more cases tied to the
financial crisis, arguing the government is twisting the law
beyond what it can do.
New CFPB Regulations Target Mortgage Servicers
The CFPB announced new rules today regulating the mortgage servicing industry in the hopes of helping struggling borrowers.
Reorganize Banks That are 'Too Big to Fail,' Says Fed's Fisher
U.S. authorities should
reorganize the country's largest banks to protect against the
risk of institutions that are "too big to fail" and that would
saddle ordinary Americans with the cost of a bailout the next
time they get in trouble, a senior Federal Reserve official said
on Wednesday.
Tycoons Shunning Financial Services as They Get Richer
Tycoons are shunning banks and
wealth managers, preferring to put a flood of money from selling
stakes in companies into property and new ventures rather than
trust industries whose reputations have been battered by the
global financial crisis.
JPMorgan Chase Faces U.S. Order to Improve Compliance
A U.S. regulatory probe of JP
Morgan Chase & Co is expected to result in an order that
the bank correct lapses in how it polices suspect money flows,
in an action expected as soon as Friday, people familiar with
the situation said.
CFPB Announces New Mortgage Rule to Ensure Borrowers Can Repay Loans
The CFPB's introduced its new Ability-to-Repay rule that charges lenders to make sure borrowers have the means to repay their loans.
Senator Pushes to Ban Bankers From Fed Boardrooms
An outspoken Senate critic of
the Federal Reserve said on Wednesday that he would reintroduce
legislation to ban bankers from the boardroom of the 12 regional
Fed branches, citing potential conflicts of interest.
Top Banks Told to Centralize Risk Data by 2016
The world's top banks have three
years to build up a single picture of all their risks to help
make the wider financial system safer, global regulators said on
Wednesday.
Looser Bank Buffer Rules No Panacea For Europe, U.S.
A decision by global
regulators to give banks more time and flexibility to build cash
reserves will not boost lending or speed recovery in
debt-strapped Europe, where firms and households have scant
appetite to borrow.
BofA to Settle with Fannie Mae, Sell Mortgage Assets
Bank of America on Monday announced roughly $11.6 billion of settlements with mortgage finance company Fannie Mae and a $1.8 billion sale of collection rights on home loans, in a series of deals meant to help the bank move past its disastrous 200 8 purchase of Countrywide
Financial Corp.
Qualitative Risk Factors Banks Must Consider
Banks face intensified regulation and scrutiny pertaining to their ALLL calculations.
U.S. Regulators Give Banks Time to Spin Off Swap Trading
Banks could have up to three
extra years to comply with a new U.S. rule requiring firms that
receive federal deposit insurance to spin off some of their
swaps trading into separate arms, U.S. regulators said on
Thursday.
Passage of Bill to Avoid 'Cliff' Should Bolster Wall Street
U.S. stocks are poised for gains
to begin the year after the late passage of a bill to avoid
harsh tax hikes that would have hit most Americans and crimped
economic growth.
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