Compliance Tip of the Day: Bank of America, Culture and Internal Controls
Corruption, Crime and Compliance : CFPB and OCC Hit Bank of America with $250 Million Penalty for Consumer Abuse Practices
Bank of America Tries Excuse They Often Scoff at in Fraud Suits Filed by DOJ, SEC
Weekly Brief: BoA Sued; SCOTUS Shortlists; Fund Fights Argentina
U.S. drug giant Merck is shuttering its coronavirus vaccine development “after early trial data showed [its pair of vaccines] failed to generate immune responses comparable to natural infection or existing vaccines.” ...more
As we thought, stocks rallied on Monday thanks to Moderna’s news of promising results for its Covid-19 vaccine, with the Dow and S&P 500 hitting new record highs....more
Twitter will pay the Federal Trade Commission up to $250 million to “resolve new charges . . . that the social media giant breached a 2011 consent decree by using data provided for security purposes to target users with...more
Newly released minutes from the Fed’s January meeting show central bankers preoccupied with global risks, including the still-growing economic impact of the coronavirus, while still taking a wait-and-see approach to any...more
Big Euro (and global) financial news emerging on Tuesday, as European officials rather surprisingly nominated current IMF chief Christine Lagarde to succeed Mario Draghi as European Central Bank president....more
CEO Dara Khosrowshahi is undoubtedly breathing a sigh of relief on news out of the UK yesterday that Uber will regain its taxi license in London—a “crucial victory for efforts by its new chief executive to revamp the...more
Big American banks (BofA, Citi, Morgan Stanley) are avoiding deals with Chinese conglomerate HNA Group over concerns regarding HNA’s debt level and ownership structure....more
Some thoughts—from Chair Yellen, herself—about why, despite pretty strong economic indicators for a pretty long time now, the Fed hasn’t begun to raise rates again....more
On Sept. 23, 2016, the Federal Reserve issued proposed rules that could put pressure on investment banks, such as Morgan Stanley and Goldman Sachs, to divest certain energy assets and energy trading activities. Over the...more
Bayer’s making good on its rumored interest in Monsanto in a deal that could be valued at more than $42 billion and would bring together two of the world’s biggest suppliers of crop seeds and pesticides...more
The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more
EBA Outlines Upcoming Initiatives for the Regulation of Retail Payments - The European Banking Authority ("EBA") has announced details of its plans to harmonize regulatory and supervisory practices to ensure secure, easy...more
CFTC Issues Guidance for Swap Execution Facilities on the Calculation of Projected Operating Costs - On April 23, the CFTC issued guidance regarding the calculation of projected operating costs or expenses for the...more
FCA has Published a Consultation Paper on Regulatory Fees and Levies for 2015/16 - ?On November 27, the Financial Conduct Authority (FCA) published for comment a consultation paper on its fees and levies as part of...more
Bank of America and Merrill Lynch Settle RMBS Lawsuit with FDIC - On November 17, Bank of America and Merrill Lynch settled securities claims brought by the FDIC related to RMBS sold to United Western Bank. The FDIC,...more
EBA Consults on RTS on Contractual Recognition of Write-Down and Conversion Powers under BRRD - On November 5, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards...more
While the recent Dodd-Frank stress test results of the nation's 30 biggest banks might seem reassuring, prudent policy makers and practitioners should be wary. Like airport security, many are asking, ‘‘Are we safer?''. ...more
No-Action Letter Provides Relief to M&A Brokers - On January 31, in a significant no-action letter (Letter), the Staff of the Division of Trading and Markets provided assurances that it would not recommend enforcement...more
In This Issue: *Financial Industry Developments - Amendments to Fed and OCC Foreclosure Consent Orders - Fed Proposed Rule on Systemically Important Financial Market Utilities - Rating Agency...more