U.S. to allow smaller banks more time for stress tests
U.S. regulators on Tuesday approved plans that would give smaller banks an extra year before they must begin conducting annual stress tests to determine if they can withstand a financial shock. Stress...
View ArticleMoney market pioneer Bent fights SEC fraud claim at trial
A jury is being asked to decide whether money market pioneer Bruce Bent and his son played by the rules when their fund became a victim of the collapse of Lehman Brothers in September 2008. Opening a...
View ArticleState regulators group, consumer advocates call on SEC to redraft rule...
The North American Securities Administrators Association (NASAA) and several prominent consumer groups called on the Securities and Exchange Commission Tuesday to withdraw its proposed rule relaxing...
View ArticleU.S. sues Wells Fargo in civil mortgage fraud case
The U.S. government filed a civil mortgage fraud lawsuit on Tuesday against Wells Fargo & Co, the latest legal volley against big banks for their lending during the housing boom. The complaint,...
View ArticleCorporate compliance programs are raising their profile, experts say
Corporate compliance programs are becoming more common and more sophisticated as a result of expanding U.S. and global risks, program developers and experts told attendees at a Practising Law Institute...
View ArticleCFTC staff recommends appeal of commodity limits ruling - source
Staffers at the Commodity Futures Trading Commission have recommended that the regulator appeal a judge's ruling against federal limits on commodity market speculation, and commissioners are nearing a...
View ArticleSEC offers roadmap and priorities for exams of new private advisers
Private advisers who recently registered with the Securities and Exchange Commission can soon expect a letter from the regulator's Office of Compliance Inspections and Examinations (OCIE). The letter...
View ArticleU.S. business groups sue SEC over Dodd-Frank anti-bribery rule
Four business groups on Wednesday filed a lawsuit against the U.S. Securities and Exchange Commission's new rule requiring oil, mining and gas companies to disclose payments they make to foreign...
View ArticleU.S. to decide on FX swaps exemption near year-end, official says
In a move that leaves companies in a lurch, the U.S. Treasury likely will not make a decision to exempt foreign exchange derivatives from strict new rules until year end, a U.S. official said on...
View ArticleEU data law could hamper international arrests, U.S. officials warn
A draft EU data protection law could prevent the arrest and extradition of suspected criminals in cross-border criminal investigations, senior U.S. officials said on Wednesday. Since 2009, the European...
View ArticleU.S. feds seize $31 million in accounts linked to purported drug organization...
Federal prosecutors in Manhattan have seized more than $31 million from nine bank accounts linked to an alleged family-run drug trafficking outfit in Peru that has reportedly continued to funnel...
View ArticleFed's Tarullo warns on passing the buck on money-fund reforms
It would be best if the Securities and Exchange Commission finally moved forward with money market reforms instead of leaving the job to the new U.S. financial risk council, a top Federal Reserve...
View ArticleU.S. CFTC boss supports appealing position-limits ruling; Republicans,...
The top U.S. futures regulator said he would support appealing a court ruling last month that struck down his agency's attempt to place limits on speculation in commodity markets. Gary Gensler,...
View ArticleMexico passes law to combat cartel money laundering
Mexico's Congress on Thursday approved a long-awaited law to crack down on money laundering in a bid to attack the finances of the country's powerful drug cartels. The law, proposed two years ago by...
View ArticleU.S. Chamber of Commerce seeks to slow non-bank designations by risk panel
The U.S. Chamber of Commerce warned the U.S. financial risk council on Wednesday that it could run afoul of federal rulemaking procedures if it moves too quickly to designate large non-bank financial...
View ArticleINTERVIEW: Former SEC chairman warns against rulemaking timidity after court...
The Securities and Exchange Commission should not grow timid in its rulemaking despite court defeats over analyses supporting new rules, former Securities and Exchange Commission Chair Harvey Pitt told...
View ArticleJPMorgan's Dimon slams government over Bear Stearns suit, sees $1 billion...
JPMorgan Chase & Co Chief Executive Jamie Dimon on Wednesday lashed out at the government for a lawsuit alleging misdeeds at Bear Stearns, more than four years after JPMorgan was asked to rescue...
View ArticleJPMorgan must pay $18 million in trust mismanagement case
A U.S. state court has ordered JPMorgan Chase & Co to pay more than $18 million to a trust in a suit stemming from the bank's recommendation of a security that was unsuitable for the trust and...
View ArticleFutures broker Farr Financial fined over improper investment of customer money
In a sign of increased concern over the protection of customer segregated funds following the MF Global and Peregrine scandals, the Commodity Futures Trading Commission has fined a futures commission...
View ArticleSecond-tier banks need capital top-up by 2016
Nationally important banks will need to hold extra capital from 2016 to cushion the impact on their domestic economies if they hit trouble, but the global banking watchdog will leave it up to national...
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