Appointment Blogs | Compliance Week – Page 249
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Outgoing SEC Commissioner Gallagher Takes One Last Shot at Dodd-Frank
In what was likely his last formal speech as an SEC commissioner, Commissioner Dan Gallagher invoked into his inner Stuart Smalley to take aim one last time at his favorite target, the Dodd-Frank Act.
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Nordea Bank Tackles AML Compliance Amid Hefty Fine
Nordea Bank AB, a major financial institution for the Nordic region, is re-establishing its anti-money laundering program to correct flaws in its processes that resulted in the company paying up to $5.9 million in fines. This is not the first time Nordea has been put in the spotlight for poor ...
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Behind China’s Regulatory Disarray
Image: More informed people than me can, and have, painted crisp pictures of the regulatory chaos currently unfolding in China. The latest is an excellent article in the Wall Street Journal today, “China’s Response to Stock Rout Exposes Disarray,” that is well worth your time if you do business there.
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FDIC’s Hoenig Pitches Framework for Regulatory Relief
Thomas Hoenig, vice chairman of the Federal Deposit Insurance Corporation, wants to see the regulatory burden for “traditional” banks eased, regardless of their asset size. Speaking on this week about a Congressional demand to identify outdated and unduly burdensome regulations he recommended that a bank be eligible for regulatory relief ...
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ISS Posts Annual Policy Survey
Institutional Shareholder Services, a leading proxy advisory service, kicked off its annual global policy formulation process on Tuesday by releasing its 2016 proxy voting policy survey to institutional investors, corporate issuers, and corporate directors. The survey will be operational from Aug. 4 to 5 p.m. (ET) on Sept. 4.
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Scardino Named Global Controller, CAO at Walgreens Boots Alliance
Walgreens Boots Alliance has named Kimberly Scardino as its new senior vice president, global controller, and chief accounting officer. Scardino joins the company from American Express Company, where she was senior vice president, business advisory controller.
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Follett Joins Weaver’s Quality and Risk Management Group
Tim Follett has joined Weaver, the largest independent accounting firm in the Southwest, as an assurance partner in the firm’s quality and risk management group. He will focus on developing tools, resources, guidance, policies and processes associated with firm compliance, risk management, administration and operations.
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McGladrey Names Bill Gorman Chief Operating Officer
McGladrey—a provider of assurance, tax and consulting services—has announced that Bill Gorman will succeed Mike Kirley as the firm’s chief operating officer, effective Sept. 1, 2015. In the role, Gorman will be responsible for overseeing business planning and strategy execution, as well as the firm’s five regions, accounting industry services ...
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What ‘Improving Communication’ to Investors Really Means
The SEC is working now to draw up new rules for audit committee and executive compensation disclosure. Why? To make corporations more transparent with investors about what they already know. The thing is, Compliance Week columnists Stephen Davis and Jon Lukomnik write, companies can start that better communication themselves. This ...
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Brad Weber Joins B2R Finance as Chief Accounting Officer
B2R Finance, a lender for single-family rental property investors, announced that Brad Weber has joined the company as chief accounting officer. In his role, Weber will lead the accounting, reporting and control functions, as well as human resources and regulatory compliance.
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FASB Adopts Fixes to Employee Benefit Accounting
FASB has finalized its accounting standards update with a three-part fix to simplify accounting for employee benefit plans. The first part allows companies to measure the value of fully benefit-responsive investment contracts at the contract value rather than fair value; part two cuts disclosure requirements for certain individual investments; and ...
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Ryanaski Will Be Union Pacific's New Chief Accounting Officer
Union Pacific has named Todd Rynaski as chief accounting officer, vice president and controller effective Sept. 1. He succeeds Jeffrey Totusek, who plans to retire in 2016 and will assist with the transition until that time.
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Why Obsess Over CEO Pay? Well, Why Wouldn’t We?
Image: While we all await the SEC’s final CEO pay ratio disclosure rule this week, let’s remember the ethical subtext beneath all this: CEO pay is still too large for most people’s liking, and income inequality is too. Until companies learn how to solve those challenges internally as a governance ...
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NY Regulator Blocks Promontory from Bank Consulting
New York’s Department of Financial Services Department will deny Promontory Financial Group access to confidential supervisory bank information, a move that prevents it from engaging in regulatory work with financial institutions the state regulator oversees. The action follows a report critical of work the consultant did for British bank ...
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GE, AIG Unable to Shed SIFI Status at Annual Review
What will it take to be de-designated as a systemically important financial institution by the Financial Stability Oversight Council? We may need to waitlonger for the answer to that burning question as, despite a restructuring that will slice away most of its financing arm, General Electric was not yet able ...
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GAO: Dodd-Frank Plan for Ratings Agency Overseer is 'Premature'
A new government report says creation of an oversight body for credit rating agencies is “premature” right now, and that Washington should wait to see how rules the SEC adopted in June for agencies might change their behavior. Tighter oversight of credit rating agencies was one call from the Dodd-Frank ...
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Former Law Firm I.T. Employee Sentenced to Two Years for Brazen Insider Scheme
Last week, a former I.T. professional at law firm Wilson Sonsini Goodrich & Rosati, received a two-year sentence for a particularly brazen insider trading case scheme -- a scheme that foolishly ignored a huge “flashing stop sign,” according to the sentencing judge.
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De-Apptivating Our Way Into the Future
An update for anyone who might still be using the Compliance Week app, first unveiled to the world in late 2013: we have decommissioned our app, in favor of our responsive-design website.If you want to read Compliance Week through your tablet, smart-phone, or any other mobile device, just save our ...
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Podcast: The Volcker Rule Deadline and What's Next
Image: July 21 was a big day for banks and the beginning of the Volcker Rule’s compliance regime. The rule, a cornerstone of the Dodd-Frank Act, prohibits proprietary trading activities at federally insured banks. In our latest podcast we talk to Chris Scarpati, a partner in PwC’s financial regulation practice, ...
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Legislation Could Limit CFPB's Purview of Auto Lending
Before breaking for August recess, the House Financial Services Committee delivered a potential blow to the Consumer Financial Protection Bureau’s oversight of non-bank lenders. The bill, "Reforming CFPB Indirect Auto Financing Guidance Act of 2015," advanced with a bipartisan vote of 47-10, would repeal a CFPB bulletin from 2013 ...