All Financial Services articles – Page 34
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News BriefBiden calls for banking exec clawbacks amid failures
President Joe Biden is calling on Congress to “do more to hold senior bank executives accountable” since the market turmoil that has followed the collapses of Silicon Valley Bank and Signature Bank.
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News Brief‘Crisis of confidence’ leads Credit Suisse to merger with UBS
Credit Suisse will merge with UBS in a move approved by Swiss banking regulators after a proposed cash injection from the Swiss National Bank failed to stabilize Credit Suisse’s rapidly declining finances.
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News BriefDanske Bank to name audit exec new chief compliance officer
Danske Bank will appoint Chief Audit Executive Dorthe Tolborg to serve as its chief compliance officer after current CCO Satnam Lehal announced he would depart the bank in early 2024.
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PremiumWhere will regulators turn following SVB, Signature Bank failures?
Small and mid-sized banks can expect more regulatory scrutiny in the aftermath of the collapses of Silicon Valley Bank and Signature Bank, according to legal experts. The time to prepare is now.
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News BriefFed governor teases new TPRM guidance for banks
The Federal Reserve and other U.S. banking agencies are working to develop joint guidance to clarify regulatory expectations around third-party risk management, according to Fed Governor Michelle Bowman.
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News BriefSterling Bank spared fine, to pay $27.2M in restitution under DOJ plea deal
Sterling Bancorp pleaded guilty to falsifying securities statements prior to and following a 2017 initial public offering and will pay approximately $27.2 million in restitution, the Department of Justice announced.
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News BriefCFPB eyeing data broker practices in planned rulemaking push
The Consumer Financial Protection Bureau is asking companies that “track and collect information on people’s personal lives” to provide information to the agency as it considers rulemaking under the Fair Credit Reporting Act.
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News BriefEx-Wells Fargo exec fined $17M for role in fake accounts scandal
Carrie Tolstedt, the former head of Wells Fargo’s community bank, will pay a $17 million fine issued by the Office of the Comptroller of the Currency for her role in the bank’s fake accounts scandal.
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News Brief
SEC proposes Reg S-P updates on incident response, breach notifications
The Securities and Exchange Commission proposed amendments to its regulation requiring broker-dealers, investment companies, and registered investment advisers to establish policies and procedures to safeguard customer records and information.
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News BriefInvestment adviser fined $50K for compliance lapses following founder/CCO’s death
E. Magnus Oppenheim & Co. must pay $50,000 and hire an independent compliance consultant to settle Securities and Exchange Commission charges of failing to implement compliance policies and procedures following the death of its founder and CCO.
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News BriefCredit Suisse discloses ICFR ‘not effective’ in 2022
Credit Suisse Group disclosed in its annual report its internal control over financial reporting was “not effective” for the fiscal year ending December 2022.
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OpinionSilicon Valley Bank risk chief gap glaring post-collapse
For eight months last year, Silicon Valley Bank went without an established chief risk officer. The ramifications of that decision are hard to ignore in the wake of the bank’s hasteful failure.
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PremiumRegulators on damage control following SVB, Signature Bank failures
The White House, Department of the Treasury, and other federal banking regulators swung into action over the weekend to prevent the failure of two banks with $264 billion in combined deposits from turning into a full-blown economic crisis.
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News BriefEx-Goldman banker sentenced to 10 years for 1MDB fraud role
Former Goldman Sachs Managing Director Roger Ng was sentenced to 10 years in prison for his role in the 1MDB fraud scandal.
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News BriefSilicon Valley Bank closed by banking regs after historic collapse
In the largest U.S. bank failure since 2008, Silicon Valley Bank was closed and its approximately $175 billion in deposits placed under control of the Federal Deposit Insurance Corporation.
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News BriefWebull fined $3M for failing to properly supervise automated trading system
The Financial Industry Regulatory Authority fined broker-dealer Webull Financial $3 million for alleged failures related to customer due diligence and processing and reporting of customer complaints.
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News BriefEnergy broker Coquest fined by CFTC in block trade manipulation case
Energy broker Coquest, its owners, and trading affiliates agreed to pay a total of nearly $3 million to resolve allegations from the Commodity Futures Trading Commission the firm failed in its oversight responsibilities regarding more than 2,000 trades made against its customers.
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News BriefSEC fines broker-dealer $100K over SARs reporting failures
Cambria Capital agreed to pay $100,000, hire an independent anti-money laundering consultant, and be censured for failing to file suspicious activity reports on certain transactions over a two-year period, according to the Securities and Exchange Commission.
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PremiumAnti-ESG fervor catching fire with Republican lawmakers
The blowback against environmental, social, and governance initiatives in investments and corporate strategies is quickly building momentum in conservative politics, with nearly two dozen states proposing bills that limit ESG investments.
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News BriefEx-CCO gets three years in prison for wire fraud
A former chief compliance officer of an unnamed New York-based investment adviser was sentenced to three years in prison for defrauding clients and her employer.