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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2023-03-27T18:59:00
The compliance departments at First Citizens Bank & Trust and New York Community Bancorp have a monumental task ahead of them following their banks’ respective purchases of Silicon Valley Bank (SVB) and Signature Bank from receivership.
First Citizens on Monday announced its acquisition of $110 billion in assets from Silicon Valley Bridge Bank, while New York Community Bancorp subsidiary Flagstar Bank on March 20 announced its acquisition of approximately $38 billion in assets from Signature Bridge Bank. SVB and Signature Bank were each placed under the receivership of the Federal Deposit Insurance Corporation (FDIC) earlier this month followings runs on deposits.
“It certainly becomes a great test for any bank going through significant changes like that,” said Jeffrey Fox, a senior regulatory consultant with Wolters Kluwer US Advisory Services, regarding the acquisitions.
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
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Our lowest price ($1 per day) for one year.
2023-06-12T17:59:00Z By Jeff Dale
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.
2023-05-17T13:01:00Z By Kyle Brasseur
Recent policy changes at the Department of Justice provided plenty of fodder for a leadership panel of senior legal and compliance practitioners to discuss during Compliance Week’s 2023 National Conference.
2023-03-30T14:40:00Z By Neil Hodge
Except for Credit Suisse’s demise, Europe has so far largely patted itself on the back for preventing further contagion in the banking sector following the failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank in the United States.
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
2024-06-20T15:40:00Z By Aaron Nicodemus
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
2024-06-07T22:34:00Z By Adrianne Appel
Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.
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