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News & Commentary
Content tagged with Compliance posted in January 2013
E.U.'s Barnier Says U.S. Should Respect Basel III
News  |  1/31/2013
The United States should implement Basel III bank capital rules in the same way as Europe does, at the beginning of 2014, the European Union official in charge of regulation said.

Treasury Needs Exit Plan for Ally Financial, Says Watchdog
News  |  1/30/2013
The U.S. Treasury needs to develop a concrete plan for exiting its 74 percent stake in auto financing company Ally Financial Inc, the second-largest remaining recipient of federal bailout dollars, an internal watchdog said in a report released Wednesday.

Two U.S. Senators Press Justice Department on Bank Prosecutions
News  |  1/30/2013
Two U.S. senators on Tuesday questioned whether the Justice Department has been aggressive enough in prosecuting misconduct at the largest banks and asked the department to turn over information on how it determines punishments.

U.K. Watchdog Closes Lehman Case Against Auditor E&Y
News  |  1/29/2013
Britain's accounting watchdog declined to take any action against Ernst & Young (E&Y) over its auditing of Lehman Brothers before the U.S. investment bank failed in 2008 and triggered a near meltdown in global markets.

New Study Finds Bankers Expect Big Challenges And Few Benefits From Dodd-Frank 1073
News  |  1/29/2013
Bankers believe Dodd-Frank 1073, which will regulate cross-border-payments and will be implemented this year, will have a negative impact on their payments business, according to a new survey.
The Compliance Risk of Social Media
Commentary  |  1/29/2013
The guidelines recently issued by the FFIEC on risk management and the use of social media for financial institutions only scratches the surface of this burgeoning issue.
Bank of America Begins Moving $50 Billion of Derivatives to U.K.
News  |  1/28/2013
Bank of America has begun moving $50 billion of derivatives out of its Irish-based operations into its British subsidiary, The Financial Times reported on its website on Sunday, citing people close to the operation.

The Treasury Department’s Most-Wanted Crime Organizations
Slideshows  |  1/24/2013
These criminal organizations are being targeted by the U.S. Department of the Treasury for financial and other crimes.
Delaying EMV Migration Risks Significant Losses for U.S. Issuers
Commentary  |  1/24/2013
U.S. card issuers who delay migration to EMV face a rapidly increasing risk of loss, largely due to the impact of fraud migrating from countries where EMV deployment is more advanced. U.S. issuers should begin to make preparations now.
Investors Blinded by Banks' Calculation of Risky Assets, Says Basel Chairman
News  |  1/24/2013
Material differences in the way banks define their risky assets is blinding investors' ability to make informed choices about where to put their money, a top regulator said on Thursday.

Obama to Tap Former Federal Prosecutor to Head SEC
News  |  1/24/2013
President Barack Obama will nominate former federal prosecutor Mary Jo White to head the Securities and Exchange Commission (SEC), a White House source said, restoring the agency's power to work on its overhaul of Wall Street.

Top E.U. Banks Told to Write "Living Will"
News  |  1/23/2013
Top banks in the European Union must present so-called "living wills" by the year-end spelling out how they would survive a crisis without taxpayer aid.

U.S. Fed Missed Warning Signs in 2007 As Crisis Gathered Steam
News  |  1/22/2013
Recently released transcripts from Fed meetings in 2007 show Geithner, Bernanke and other Fed officials did not expect the coming crisis even as trouble signs mounted.
Rewriting the KYC Playbook
Commentary  |  1/18/2013
Banks must address the "V3challenge" -- questions around variety, velocity and vagueness -- in order to achieve better bank counterparty due diligence, as part of Know Your Customer compliance.
Mortgage Cases to Test U.S. Use of Once-Obscure Fraud Statute
News  |  1/18/2013
Banks are testing U.S. authorities' use of a once-obscure statute to bring more cases tied to the financial crisis, arguing the government is twisting the law beyond what it can do.

New CFPB Regulations Target Mortgage Servicers
News  |  1/17/2013
The CFPB announced new rules today regulating the mortgage servicing industry in the hopes of helping struggling borrowers.
Reorganize Banks That are 'Too Big to Fail,' Says Fed's Fisher
News  |  1/17/2013
U.S. authorities should reorganize the country's largest banks to protect against the risk of institutions that are "too big to fail" and that would saddle ordinary Americans with the cost of a bailout the next time they get in trouble, a senior Federal Reserve official said on Wednesday.

Tycoons Shunning Financial Services as They Get Richer
News  |  1/17/2013
Tycoons are shunning banks and wealth managers, preferring to put a flood of money from selling stakes in companies into property and new ventures rather than trust industries whose reputations have been battered by the global financial crisis.

JPMorgan Chase Faces U.S. Order to Improve Compliance
News  |  1/11/2013
A U.S. regulatory probe of JP Morgan Chase & Co is expected to result in an order that the bank correct lapses in how it polices suspect money flows, in an action expected as soon as Friday, people familiar with the situation said.

CFPB Announces New Mortgage Rule to Ensure Borrowers Can Repay Loans
News  |  1/10/2013
The CFPB's introduced its new Ability-to-Repay rule that charges lenders to make sure borrowers have the means to repay their loans.
Senator Pushes to Ban Bankers From Fed Boardrooms
News  |  1/10/2013
An outspoken Senate critic of the Federal Reserve said on Wednesday that he would reintroduce legislation to ban bankers from the boardroom of the 12 regional Fed branches, citing potential conflicts of interest.

Top Banks Told to Centralize Risk Data by 2016
News  |  1/9/2013
The world's top banks have three years to build up a single picture of all their risks to help make the wider financial system safer, global regulators said on Wednesday.

Looser Bank Buffer Rules No Panacea For Europe, U.S.
News  |  1/8/2013
A decision by global regulators to give banks more time and flexibility to build cash reserves will not boost lending or speed recovery in debt-strapped Europe, where firms and households have scant appetite to borrow.

BofA to Settle with Fannie Mae, Sell Mortgage Assets
News  |  1/7/2013
Bank of America on Monday announced roughly $11.6 billion of settlements with mortgage finance company Fannie Mae and a $1.8 billion sale of collection rights on home loans, in a series of deals meant to help the bank move past its disastrous 200 8 purchase of Countrywide Financial Corp.
Qualitative Risk Factors Banks Must Consider
Commentary  |  1/4/2013
Banks face intensified regulation and scrutiny pertaining to their ALLL calculations.
U.S. Regulators Give Banks Time to Spin Off Swap Trading
News  |  1/4/2013
Banks could have up to three extra years to comply with a new U.S. rule requiring firms that receive federal deposit insurance to spin off some of their swaps trading into separate arms, U.S. regulators said on Thursday.

Passage of Bill to Avoid 'Cliff' Should Bolster Wall Street
News  |  1/2/2013
U.S. stocks are poised for gains to begin the year after the late passage of a bill to avoid harsh tax hikes that would have hit most Americans and crimped economic growth.

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