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News & Commentary
Content tagged with Compliance posted in August 2012
Basel III Brings Opportunity for Banks to Optimize Assets
Commentary  |  8/30/2012
Regulatory and audit requirements offer banks an opportunity for a bottom-up approach to credit strategies, which can also be applied to other business processes. Key to this approach is a decision-optimization framework.
Mortgage Monitor: BofA Lags in Modifying Loans Under National Settlement
News  |  8/29/2012
Bank of America Corp hasn't completed any first-mortgage modifications that reduce loan balances for borrowers so far under a $25 billion settlement reached this year, the official monitoring the agreement said Wednesday.

Bank of America to Offer New Checking Disclosure Forms
News  |  8/29/2012
The bank will provide customers with an easy-to-read form distilling the key fees and policies of checking accounts.
SEC Probing ResCap for Possible Mortgage Fraud
News  |  8/28/2012
The U.S. Securities and Exchange Commission is investigating Ally Financial mortgage unit Residential Capital for possible misconduct in its loan origination and underwriting practices.

10 Best Practices for Jumpstarting FATCA Compliance
Commentary  |  8/28/2012
Achieving FATCA compliance will require new roles and processes, extended information gathering, and new or updated information management systems, including reporting systems.
Countdown To New Basel Bank Rules
News  |  8/24/2012
European Union regulators start implementing tougher global bank rules known as Basel III from January 2013 so that lenders can withstand market shocks better and are less likely to need taxpayers to bail them out. But not all the measures will be ready.
The Takeaway From LIBOR: Break Up the Big Banks, Study Finds
News  |  8/23/2012
A new report from the Levy Economics Institute says that the LIBOR scandal proves that banks have grown too big to regulate.
Legislators Seek British Version of U.S. Tax Disclosure Rules
News  |  8/23/2012
A cross-party committee of British legislators has called on the government to introduce U.S.-style automatic disclosure of information on UK citizens by foreign institutions and tax authorities to help stem global cross-border tax evasion.

Ex-RBS Trader Details Bank's Libor Fixing
News  |  8/23/2012
A former dealer for the Royal Bank of Scotland Group PLC has provided fresh details on how traders at the British bank tried to influence Libor rates, court documents filed in Singapore show.

German Cabinet Pushes Ahead With Basel III Bank Rules
News  |  8/22/2012
Germany's cabinet agreed on Wednesday to push ahead quickly with the introduction of stricter capital requirements for banks under international Basel III rules, despite the misgivings of German banks about how they will be implemented across Europe.

Treasury Department Introduces New Head of Anti-Laundering Enforcement Agency
News  |  8/21/2012
The Financial Crimes Enforcement Network at the Treasury Department named Jennifer Shasky Calvery as its new director following recent money-laundering scandals.
Tight Credit is Throttling Consumer Spending, U.S. Fed Says
News  |  8/21/2012
Bankers' reluctance to lend to people with less-than-pristine credit histories is restraining the U.S. economic recovery by holding back consumer borrowing and spending, new research from the San Francisco Federal Reserve Bank shows.

Big Banks Upgrade Basel III Projections
News  |  8/21/2012
Several large U.S. banks have upgraded the estimates of their capital positions in accordance with the new Basel III guidelines, according to research from Charlottesville, Va.-based SNL Financial.
CFPB Proposes Rules to Change Loan Origination Market
News  |  8/20/2012
The proposal includes new rules the regulator says will help consumers understand mortgage costs better.
Former Exxon CEO Raymond to Head JPMorgan 'Whale' Probe
News  |  8/20/2012
JPMorgan Chase & Co has picked Lee Raymond, ex-chief executive officer of Exxon Mobil Corp, to head an inquiry by company directors into losses in a credit derivative portfolio run by its London-based Chief Investment Office, according to a source familiar with the matter.

Earthport Updates International Payments Service in Line With Dodd-Frank 1073
News  |  8/17/2012
Earthport makes new additions to its cross border payments system to help banks comply with regulations announced lasts eek by the CFPB.
Standard Chartered's New York Nemesis Wins Deal But Makes Enemies
News  |  8/16/2012
Benjamin Lawsky played hardball with Standard Chartered Plc and a gauntlet of federal and New York regulators and prosecutors right up until the last hours of the $340 million settlement on Tuesday with the British bank over improper and concealed transactions tied to Iran.

JPMorgan's "Whale" Problem Lures Hedge-Fund Sharks
News  |  8/15/2012
JP Morgan Chase's "London whale" problem attracted some hedge-fund sharks in the second quarter.

Deloitte CEO Defends Firm's Standard Chartered Work
News  |  8/14/2012
Deloitte LLP Chief Executive Joe Echevarria on Monday fought back against allegations that his firm helped Standard Chartered hide transactions with Iran, saying charges by the top New York state banking regulator were "distortions of the facts."

Standard Chartered Weighs Settling Iran Laundering Probe
News  |  8/13/2012
British bank Standard Chartered is rushing to reach a settlement within days over charges it hid transactions tied to Iran and is set to resume talks with U.S. regulators on Monday, sources familiar with the situation said.

Libor Rate Overhaul Launched by U.K. Regulator
News  |  8/10/2012
Libor benchmark interest rates are no longer "fit for purpose" and must be changed or replaced, Britain's regulator said on Friday as he set out proposals to restore their credibility.

CFPB's New Remittance Regulations Could Shake Up the International Payments Market
Commentary  |  8/9/2012
New CFPB disclosure rules for remittance providers could push smaller banks away from offering international remittances.
U.S. Judge In Libor Cases Puts New Lawsuits On Hold
News  |  8/9/2012
A federal judge on Wednesday suspended several new lawsuits that allege banks rigged key interest rates, saying she first needed to sort through the issues in an earlier round of related lawsuits.
Deloitte's Role Cited in Standard Chartered Iran Deceit
News  |  8/7/2012
Allegations that a banking unit of Standard Chartered Plc schemed with Iran to conceal billions of dollars in transactions have dragged Deloitte into the spotlight in another hit to the global accounting and consulting firm.
Fired Barclays Trader Draws Scrutiny in Libor Probe
News  |  8/6/2012
A 30-year-old former Barclays Plc swaps trader in New York, who was fired from the bank in 2010, is among those drawing scrutiny from prosecutors in the deepening scandal over the manipulation of global benchmark interest rates.
RBS Confirms it Sacked Staff Over Libor Rigging Scandal
News  |  8/3/2012
State-controlled Royal Bank of Scotland said on Friday it has dismissed employees over an interest rate rigging scandal, but gave no indication of whether it would reach a settlement soon with investigating authorities.
U.S. Regulator Says No to Obama Mortgage Write-Down Plan
News  |  8/1/2012
The top U.S. housing regulator rebuffed a plan by the Obama administration to cut mortgages held by struggling homeowners, a blow to the White House, which is keen to show voters it can help fix the housing market.
Bank Failures Occurring at Slower Rate
News  |  8/1/2012
Jasper, Ga.-based Jasper Banking Co. was the 39th bank shuttered this year.
European Watchdog Could Get Power to Order Bank Closures
News  |  8/1/2012
The European Central Bank's watchdog for banks could get the power to order the closure of lenders in what would be a radical step to tackle the crisis, prompting concerns by policymakers that such responsibility could backfire.

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