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Basel Committee Won't Delay Jan. 1 Rules Implementation
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
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
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
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
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
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
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
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
A new CFPB project aims to increase innovation of "consumer-friendly" financial products and services.
Canada Libor Investigators Escalate Dispute with RBS
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
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
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
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
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
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
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
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
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
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
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
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
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
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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