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Can Your Bank Make the FATCA Deadline without Jeopardizing Your Business?
Over the next month Bank Systems & Technology will run a series of articles from experts at Capgemini concerning the upcoming FATCA regulations. This article, the first in the series, explores five strategies to meet the FATCA deadlines without harming a bank’s business operations.
Commission Considers Good and Bad of British Banking
The Archbishop of Canterbury
has spent the run up to Easter contemplating the ethics of the
trading floor and ways to curb greed in the City of London.
Patient Cypriots Wait as Banks Reopen
Cypriots queued at banks as
they reopened on Thursday under tight controls imposed on
transactions, but there was no sign of a run on deposits that
had been feared after the government was forced to accept a
stringent EU rescue package.
Banks Seek to Expand Presence in Canada, Says Canadian Finance Minister
Banks are lining up to expand
their presence in Canada, and the government welcomes this as a
way of fostering competition, Canadian Finance Minister Jim
Flaherty said on Wednesday.
CFPB Makes Complaint Data Public
The database contains some 90,000 searchable complaints on mortgages, student loans, bank accounts and services, other consumer loans, and credit cards.
Popularity Helps Buffer Apple From Chinese State-Media Attacks
Chinese Internet users are
crying foul over the perceived unfair treatment doled out to
Apple Inc by state-run media which has actively
criticised the smartphone maker for the past two weeks over its
warranty policy.
Canada's Top Six Banks to Get Capital Surcharge as of 2016
Canada's banking watchdog said
on Tuesday it sees the country's six largest banks as being of
systemic importance to the domestic economy and that it will
make them keep 1 percent more capital on hand starting January
2016 to protect them from financial disruption.
Basel Committee Proposes Cap to Halve Bank Exposures
A bank should limit its
exposure to any other single bank at no more than 5 percent of
its capital base to ensure it can stay in business if the other
lender defaults, global regulators proposed on Tuesday.
Banks Beef Up Foreign Exchange Options Teams as Big Moves Boost Risk, Rewards
Banks are strengthening their
foreign exchange options desks, investing in people and
technology, as companies and hedge funds seek protection or
profit from big moves in major currencies.
USAA and American Express Best In Credit Card Customer Experience, Survey Finds
The 2013 Temkin Experience Ratings announced today evaluated 10 major credit card issuers for customer experience, with American Express and USAA tied for the top spot.
Basel Committee Cracks Down on Capital-Protection Ploy at Banks
Global regulators have proposed
hefty charges to cancel out capital relief banks enjoy when
buying pricey insurance to cover risky loans without
acknowledging the cost in a timely way.
European Central Bank Sets Deadline for Cyprus Bailout Deal
The European Central Bank
set Cyprus a Monday deadline to agree a bailout plan,
threatening to cut off funding to the islands' cash-strapped
banks if a programme is not agreed by then with the EU and the
IMF.
Cyprus Denies Deal to Sell Cyprus Popular Bank
The Cypriot government denied
on Wednesday that it had struck a deal to sell Cyprus Popular
Bank to Russian investors as it tries to shore up its
crippled banking sector.
Senate Banking Panel Approves Obama's Choices for SEC, CFPB
A U.S. Senate panel on
Tuesday voted 21 to 1 in favor of Mary Jo White to lead the U.S.
Securities and Exchange Commission, moving her nomination to the
full Senate for consideration.
Big Banks on Track to Meet Basel Capital Rules Ahead of Time
The world's top banks have made
big strides towards meeting tougher capital rules several years
before full compliance is required, global regulators said on
Tuesday.
Cyprus Tries to Rework Divisive Bank Tax
Cypriot ministers rushed on
Monday to revise a plan to seize money from bank deposits as
part of an EU bailout, in an effort to ensure lawmakers
supported it in a vote later in the day.
JPMorgan Ignored Risks, Fought Regulators: Senate Report
JPMorgan Chase & Co
ignored risks, misled investors, fought with regulators and
tried to work around rules as it dealt with mushrooming losses
in a derivatives portfolio, a Senate report alleged in a damning
review of the largest U.S. bank's management.
Fed tells JPMorgan, Goldman to Improve Capital Plans
In a blow to two major Wall Street
banks, the Federal Reserve told Goldman Sachs and
JPMorgan Chase that they must fix flaws in how they
determine capital payouts to shareholders, but still approved
their plans for share buybacks and dividends.
The Fed said JPMorgan and Goldman would have to submit new
plans by the end of the third quarter. A senior central bank
official declined to identify specific problems.
In the second phase of the Fed's annual stress tests of the
18 largest U.S.
UBS Chief Executive Paid $9 Million After Revamp
UBS drew fire
on Thursday as it announced it paid CEO Sergio Ermotti almost $9
million in 2012 and welcomed a new investment bank chief with a
$26 million package, just as the Swiss bank is in the process of
firing 10,000 staff.
State-Free Bank Safety Net Still Work in Progress: Regulators
Reforms to the world's financial system still fall short of ensuring that big and systemically important banks will not need to be bailed out by governments if they fail, regulators say.
Banking Supervisors May Seek to Simplify Capital Rules
Global banking regulators will examine whether their new rules forcing lenders to hold more capital to absorb any future losses should be simplified after criticism that they are too complex to be effective.
Britain Urged to Split Banks if New Rules Fail
Britain should adopt
legislation that could force all banks to split routine retail
operations from riskier investment activities if new rules
designed to protect taxpayers fail, an influential panel of
lawmakers said.
Banks Saved, but Europe Risks "Losing a Generation"
Europe has spent hundreds of
billions of euros rescuing its banks but may have lost an entire
generation of young people in the process, the president of the
European Parliament said.
Top Quotes from SWIFT Operations Forum Americas 2013
Seven insights about regulatory compliance from the recent SWIFT Operations Forum Americas.
U.S. Auditor Watchdog Criticizes PwC on Quality Control
The U.S. regulator of corporate auditors
criticized PricewaterhouseCoopers on Thursday for not
doing enough to ensure its audits were properly carried out, in
a rare public reprimand of a major accounting firm.
U.S. Bank Regulators Mull Rules For Money-Laundering Cases Against Execs
Bank regulators are
considering improving their ability to bar bank employees and
executives that violate anti-money laundering laws, a top
regulator will tell lawmakers later on Thursday, according to
prepared remarks.
Microsoft Fined 561 Million Euros For Breaking E.U. Antitrust Promise
EU antitrust regulators fined
Microsoft 561 million euros ($731 million) on Wednesday
for breaking a promise to offer European consumers a choice of
web browser.
Banks Urge U.S. Judge to Throw Out Libor Lawsuits
Banks facing a barrage of
lawsuits from customers accusing them of interest-rate rigging
argued on Tuesday that the cases should be dismissed, saying
there is no evidence of antitrust or other violations.
Number of Undercapitalized Banks At Lowest Level Since 2009, Report Says
A report released today by SNL Financial shows that the number of undercapitalized banks has declined significantly in recent years, but much of that decline has been caused by bank failures.
Wells Fargo May Test Mortgage Servicing Rights Market
Wells Fargo & Co could look to
sell mortgage servicing rights from time to time but isn't under
any capital pressure to do so, Chief Financial Officer Tim Sloan
said on Tuesday.
HSBC, Standard Chartered to Cut Bonus Payouts on U.S. Fines
HSBC and Standard Chartered
will report a reduction in their bonus pools,
reflecting separate settlements with U.S. authorities over
probes into money laundering and sanctions violations, Sky News
reported on Sunday.
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