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 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
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.
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
By Mark Rennie Davis, MasterCard | January 25, 2013
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.
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
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.
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
By Brett Wolf and Carrick Mollenkamp and Emily Flitter, Reuters | January 11, 2013
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.