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Financial Daily Dose 7.15.2020 | Top Story: America’s Biggest Banks Setting Aside Tens of Billions for Anticipated Loan Losses

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The latest quarterly reporting shows that America’s biggest banks—among them, JPMorgan, Citigroup, and Wells Fargo—are taking self-imposed hits now in anticipation of a “wave of loan losses” later. Those three are...more

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Financial Daily Dose 2.24.2020 | Top Story: Wells Fargo to Pay $3 Billion to Resolve DOJ and SEC Investigations

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Wells Fargo & Co. agreed to pay a total of $3 billion to resolve criminal and civil investigations by the DOJ and SEC. Wells Fargo admitted “that it took millions in wrongful fees and interest, misused customer information...more

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Financial Daily Dose 2.4.2020 | Top Story: Tesla Stock Hits New Highs on Reports From Battery Partners

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It’s all coming up Elon these days for Tesla and its stock. “Positive developments” from the electric carmaker’s battery suppliers helped goose shares even higher, ending the day at $780/share—a nearly 20% gain since Friday....more

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Financial Daily Dose 1.24.2020 | Top Story: OCC Hits Former Wells Fargo Execs With Enforcement Actions Over Sham-account Scandal

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The OCC announced yesterday that it’s bringing enforcement actions against five former Wells Fargo bank executives as part of their alleged roles in the bank’s sales practices scandal. The agency further revealed that it’s...more

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A no-deal Brexit wouldn’t merely be a disaster for PM May’s government. It would wreak definite havoc on UK-based companies (and those that do big business there). Here’s what they’re sweating at the moment....more

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British and EU negotiators have reached a draft Brexit deal that PM May now needs to sell to her “deeply divided” cabinet. Not that her challenges would end there, mind you, as any deal would then face a skeptical Parliament...more

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Saudi Arabia is pushing OPEC and its allies to cut oil production in 2019, and it’s doing its own part by exporting 500,000 fewer barrels a day in December than now—all an attempt to “counter the price rout battering the...more

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“Pot is the new crypto,” declares Bloomberg, and if you’ve seen how the virtual currencies are faring these days, that should be a warning and not a selling point....more

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Less than a day after the Journal reported that CBS and the Redstones are nearing a deal to resolve their many differences, we’ve learned that CBS chief Les Moonves—facing an investigation into alleged sexual harassment...more

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Big tech (including Facebook, Google [theoretically], and Twitter) is heading back to the Hill (with @jack pulling double-duty, because that’s how he rolls). Here’s what to expect today based on their prepared testimony....more

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Coke is buying British coffee-shop chain Costa for $5.1 billion, as the coffee wars just keep on chugging. Costa has 3800 stores in 32 countries and “a foothold in China,” making Coke an instant player in the field....more

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Orrick's Financial Industry Week In Review

U.S. Financial Industry Developments - Community Reinvestment Act: Revisions to Impact of Evidence of Discriminatory or Other Illegal Credit Practices on Community Reinvestment Act Ratings... ...more

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Theranos founder and ex-CEO Elizabeth Holmes has been indicted on federal fraud charges along with former company president Ramesh Balwani.  The charges come three months after Holmes settled civil charges with the SEC....more

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We got an official first look at the Fed’s revised Volcker Rule yesterday, and the “sweeping plan to soften” the rule will open “the door for banks to resume some trading activities restricted as part of the 2010 Dodd-Frank...more

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Some analysis of last week’s jobs report, including thoughts on why a sub-4% unemployment rate poses a problem for a Fed still set on a slow and steady rate hike plan....more

A&O Shearman

Financial Regulatory Developments Focus - February 2018 #2

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In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

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Wells Fargo is again in federal regulators’ crosshairs. The OCC has dubbed the bank a repeat offender and is weighing a “formal enforcement action” over “improprieties in its auto-insurance and mortgage operations”....more

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Tesla’s hoping that a manufacturing plant in China—the first in the country wholly owned by a foreign manufacturing company—will translate into big sales in the Chinese market. With the Chinese government loath to give up the...more

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Uber’s Board of Directors has officially voted to realign the power balance at the company, reducing the clout of ousted CEO Travis Kalanick, and setting the stage for a stock sale to SoftBank. Oh yeah, and prepping for that...more

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Equifax is not exactly ending the week on a high note. The credit reporting agency revealed yesterday that a cyberattack [uncovered nearly 2 months ago] rendered potentially vulnerable the information of 143 million people....more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - Fee Rate Advisory #3 for Fiscal Year 2017 - On May 31, 2017, the Securities and Exchange Commission ("Commission") announced that starting July 4, 2017, the fee rates applicable to most...more

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Local-TV powerhouse Sinclair Broadcast Group isn’t all that well known outside of the Baltimore area, but it’s making a big play for the national stage as it nears a deal to buy Tribune Media—the former “Tribune empire’s...more

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The Times gives us an intriguing long read on Uber’s Travis Kalanick, the controversial CEO whose vision has helped propel the ride-hailing company even as his no-limits approach has led the company into months of crisis....more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFPB Proposes to Provide Flexibility in Collecting Information - On March 24, 2017, the Consumer Financial Protection Bureau ("CFPB") released a proposal to amend Equal Credit...more

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Soooooo . . . about that whole Brexit thing. A UK High Court has ruled that Britain’s EU withdrawal cannot move forward without the approval of Parliament, setting off more uncertainty and what’s expected to be a series of...more

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