All Financial Services articles – Page 23
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News Brief
SEC charges Sabby Management over short sales
New Jersey-based investment adviser Sabby Management and its managing partner were charged by the Securities and Exchange Commission with engaging in a fraudulent short selling scheme involving the stocks of nearly a dozen public companies.
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Article
The importance of protecting client money
In today’s financial landscape, protecting client money and assets is a fundamental requirement of an effective compliance program. If client money is not protected, firms can suffer serious consequences.
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News Brief
OCC soliciting input on proposed trust in banking survey
The Office of the Comptroller of the Currency announced a request for information to implement an annual survey aimed at tracking public trust in banking and bank supervision.
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News Brief
JPMorgan to pay $290M to settle Jeffrey Epstein class action
JPMorgan Chase announced it reached an agreement in principle to settle claims made in a class-action lawsuit regarding the bank’s ties to convicted sex offender Jeffrey Epstein.
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Premium
How will regulators’ increased scrutiny of banks play out in practice?
Federal banking regulators have indicated they will be more assertive in their supervision of mid-sized banks in the aftermath of the collapses of Silicon Valley Bank, Signature Bank, and First Republic Bank. What actions might they take?
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News Brief
Treasury to review its compliance, enforcement efforts
The Treasury Department announced steps it is taking to improve its own compliance efforts, including a reassessment of the way it pursues enforcement actions.
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News Brief
SEC risk alert expands marketing rule exam focus areas
The Securities and Exchange Commission is expanding its examination focus regarding investment advisers’ compliance with its new marketing rule.
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News Brief
Banking regs seek consistency via new TPRM guidance
U.S. banking regulators combined to issue final guidance on managing the risks of third-party relationships that replaces the previous documentation each agency released individually.
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Opinion
‘Bully Market’ depicts Goldman Sachs lacking in culture vigilance
Jamie Fiore Higgins’s experiences at Goldman Sachs as chronicled in her memoir “Bully Market” prove a timely read following the investment bank’s $215 million class-action settlement over gender discrimination.
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Premium
KPMG report: Bank supervision, cyber among reg focus areas for rest of year
A new report by KPMG on key regulatory challenges for the second half of 2023 warned financial institutions to prepare for increased scrutiny, while all companies should expect more questions on how they oversee their cybersecurity and data management programs.
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News Brief
CFPB: ‘Poorly deployed’ AI chatbots harming banking customer service
The Consumer Financial Protection Bureau flagged risks regarding expanded use of chatbots by financial institutions, specifically for customer service purposes.
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News Brief
SEC rule prohibits manipulating CCOs at security-based swaps
The Securities and Exchange Commission adopted two rules aimed at curbing potential misconduct in the security-based swaps market.
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News Brief
SEC continues crusade against crypto with Coinbase charges
The Securities and Exchange Commission continued its crackdown on the digital asset industry, charging cryptocurrency exchange Coinbase with violating federal securities laws.
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News Brief
SEC charges Binance, founder in latest crypto crackdown
The Securities and Exchange Commission charged Binance Holdings, its U.S.-based affiliate BAM Trading Services, and their founder Changpeng Zhao with a series of securities law violations, including operating unregistered exchanges.
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News Brief
Ex-Wells Fargo exec to pay $5M in SEC settlement over fake accounts
Carrie Tolstedt, the former head of Wells Fargo’s community bank, agreed to pay nearly $5 million to settle charges levied by the Securities and Exchange Commission related to the bank’s fake account scandal.
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News Brief
OCC pledges harder stance on banks that allow weaknesses to fester
The Office of the Comptroller of the Currency could require large banks to take substantial actions to address persistent weaknesses, including restricting their growth or forcing them to divest from risky ventures.
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News Brief
OneMain Financial fined $4.25M in NYDFS cybersecurity case
Mortgage servicer OneMain Financial Group will pay $4.25 million to settle allegations it left customer information vulnerable to cyberattacks by failing to implement required controls under New York’s cybersecurity law.
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Article
Expert: It’s time to embrace artificial intelligence
The rapid rate at which technology is developing is staggering, particularly in relation to artificial intelligence. Can we, as compliance practitioners, keep up?
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News Brief
FINRA fines JPMorgan unit $750K over inaccurate, duplicative orders
JPMorgan Securities agreed to pay $750,000 to settle allegations levied by the Financial Industry Regulatory Authority that its inadequate financial risk management controls and supervisory procedures allowed erroneous orders to be placed with exchanges or alternative trading systems.
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News Brief
U.S. reinvigorates anti-Russia push with new sanctions, guidance
The United States once again ratcheted up sanctions against Russia in an attempt to further choke off the funds and military supplies the country is using in its war against Ukraine.