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News & Commentary
Content tagged with Compliance posted in November 2012
Basel Committee Won't Delay Jan. 1 Rules Implementation
News  |  11/28/2012
The head of the Basel Committee said yesterday that the Basel III capital requirements will be implemented on New Year's Day as planned.
Bank of England Breaks Tradition in Naming New Governor
News  |  11/26/2012
Bank of England breaks tradition in naming Mark Carney, governor of Bank of Canada, to succeed Sir Mervyn King as governor in July 2013.
US SEC Chairman Mary Schapiro to Step Down
News  |  11/26/2012
Mary Schapiro, the head of the SEC, announced today that she will be stepping down from her position this coming December.
UBS Fined By British Regulators For Lack of Internal Controls in Rogue Trader Case
News  |  11/26/2012
UK regulators levied a fine against UBS today after finding that the bank's weak oversight of its investment operations allowed a trader to book over $2 billion in losses and conceal them for months.
EU's Barnier Seeks 'Political Will' On Bank Union
News  |  11/26/2012
The European Union Commissioner called for more support for a banking union from European finance ministers in a recent interview.
France's Rating Downgrade a Warning for Banks
News  |  11/20/2012
French banks were reminded of risks to their own growth and credit ratings when Moody's stripped France of its triple-A badge because of an uncertain fiscal and economic outlook.

Obama Presses Case on 'Fiscal Cliff' With Dimon, Buffett
News  |  11/19/2012
President Barack Obama's intensive lobbying to avert big year-end tax hikes and spending cuts resumed over the weekend as he spoke with senior corporate chieftains, including JPMorgan Chase's Jamie Dimon and legendary investor Warren Buffett.

Breaking Up Big Banks Still Not the Answer, Says Fed
News  |  11/16/2012
There remains much work to fix the "too big to fail" bank problem, but breaking up big financial institutions is still not the answer, an influential U.S. Federal Reserve official said on Thursday.

CFPB's Project Catalyst Aims to Influence Product and Service Innovation
News  |  11/15/2012
A new CFPB project aims to increase innovation of "consumer-friendly" financial products and services.
Canada Libor Investigators Escalate Dispute with RBS
News  |  11/15/2012
The Canadian agency investigating whether banks manipulated a key global interest rates accused Royal Bank of Scotland Group on Wednesday of failing to cooperate with its probe and of making misleading statements about it.

Job Cuts, Regulation Push Bankers Toward Hedge Funds
News  |  11/14/2012
The hedge fund industry is expected to see a wave of new launches in the next year by traders who have lost their jobs at investment banks or who have left in search of better pay.

Europe Seeks to Break Logjam Over Regime to Control Banks
News  |  11/13/2012
EU finance ministers sought on Tuesday to break an impasse over a new regime to supervise banks, but with much of the plan contested, the European Union risks seeing this centrepiece reform unravel.

CFPB Official to Leave at End of January
News  |  11/13/2012
Raj Date, a top official at the U.S. Consumer Financial Protection Bureau, plans to leave at the end of January, a spokeswoman for the agency said on Monday.

U.K. Finance Bonuses to Plummet as London Loses Ground
News  |  11/12/2012
Bonuses for 2012 in London's financial sector will more than halve to 1.6 billion pounds ($2.5 billion) in total, a study found, and some shareholders are urging banks to cut pay even more.

Uncertain Regulatory Future for Banks
Commentary  |  11/9/2012
A repeal of parts of Dodd-Frank now seems unlikely with an Obama re-election and Democrat-maintained control of the Senate.
U.S. Bank Regulators Say Capital Rules Won't Take Effect Jan. 1
News  |  11/9/2012
U.S. banking regulators do not expect proposed rules requiring financial institutions to hold more capital to take effect at the start of next year, three agencies said on Friday.

Post Election, Banks May Get Real
Commentary  |  11/9/2012
Banking shares are down sharply since the election, but the threat of tough regulation now moving markets might hold a kernel of hope for investors.

Financial Services Reaction to the Presidential Election
Slideshows  |  11/9/2012
In the few days since the presidential election was decided late Tuesday evening, there has been much speculation as to how the result will affect the banking industry. Does an Obama re-election mean more regulations for the industry? Does this mean key aspects of Dodd-Frank will not be overturned? And how will the outcome affect the economy? Bank Systems & Technology has compiled some of the best quotes from the financial services industry about how the election results may affect the future of
Election Gamble Backfires for Banks, Energy Firms
News  |  11/7/2012
Some urgent bridge-building will be required in the coming days if they are to influence financial regulation and energy policy over the next four years
New Survey Identifies Trends in Regulations, M&A, IT Spending For Community Banks
News  |  11/6/2012
A new study by KPMG found that regulations are stifling organic growth and driving mergers and acquisitions among community banks.
Ex-UBS, Credit Suisse Banker Pleads Guilty in U.S. Tax Probe
News  |  11/6/2012
A former banker at giant Swiss financial institutions UBS AG and Credit Suisse Group AG pleaded guilty on Tuesday to helping wealthy Americans hide millions of dollars from U.S. tax authorities during his time at UBS.

Citi, Chase Among Banks That Must Hold Most Extra Capital, Regulators Say
News  |  11/2/2012
Citigroup Inc, Deutsche Bank , HSBC and JPMorgan Chase & Co will need to hold the most extra capital of 28 banks considered so large and complex they need an extra buffer to absorb potential losses, global regulators said on Thursday.

AML Compliance Makes Know Your Customer More Important Than Ever, Report Says
News  |  11/1/2012
Regulators are taking a deeper look at anti-money laundering and anti-bribery corruption compliance, and banks had better be prepared.

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