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News & Commentary
Content tagged with Compliance posted in March 2013
Can Your Bank Make the FATCA Deadline without Jeopardizing Your Business?
Commentary  |  3/29/2013
Over the next month Bank Systems & Technology will run a series of articles from experts at Capgemini concerning the upcoming FATCA regulations. This article, the first in the series, explores five strategies to meet the FATCA deadlines without harming a bank’s business operations.
Commission Considers Good and Bad of British Banking
News  |  3/29/2013
The Archbishop of Canterbury has spent the run up to Easter contemplating the ethics of the trading floor and ways to curb greed in the City of London.

Patient Cypriots Wait as Banks Reopen
News  |  3/28/2013
Cypriots queued at banks as they reopened on Thursday under tight controls imposed on transactions, but there was no sign of a run on deposits that had been feared after the government was forced to accept a stringent EU rescue package.

Banks Seek to Expand Presence in Canada, Says Canadian Finance Minister
News  |  3/28/2013
Banks are lining up to expand their presence in Canada, and the government welcomes this as a way of fostering competition, Canadian Finance Minister Jim Flaherty said on Wednesday.

CFPB Makes Complaint Data Public
News  |  3/28/2013
The database contains some 90,000 searchable complaints on mortgages, student loans, bank accounts and services, other consumer loans, and credit cards.
Popularity Helps Buffer Apple From Chinese State-Media Attacks
News  |  3/27/2013
Chinese Internet users are crying foul over the perceived unfair treatment doled out to Apple Inc by state-run media which has actively criticised the smartphone maker for the past two weeks over its warranty policy.

Canada's Top Six Banks to Get Capital Surcharge as of 2016
News  |  3/26/2013
Canada's banking watchdog said on Tuesday it sees the country's six largest banks as being of systemic importance to the domestic economy and that it will make them keep 1 percent more capital on hand starting January 2016 to protect them from financial disruption.

Basel Committee Proposes Cap to Halve Bank Exposures
News  |  3/26/2013
A bank should limit its exposure to any other single bank at no more than 5 percent of its capital base to ensure it can stay in business if the other lender defaults, global regulators proposed on Tuesday.

Banks Beef Up Foreign Exchange Options Teams as Big Moves Boost Risk, Rewards
News  |  3/25/2013
Banks are strengthening their foreign exchange options desks, investing in people and technology, as companies and hedge funds seek protection or profit from big moves in major currencies.

USAA and American Express Best In Credit Card Customer Experience, Survey Finds
News  |  3/25/2013
The 2013 Temkin Experience Ratings announced today evaluated 10 major credit card issuers for customer experience, with American Express and USAA tied for the top spot.
Basel Committee Cracks Down on Capital-Protection Ploy at Banks
News  |  3/22/2013
Global regulators have proposed hefty charges to cancel out capital relief banks enjoy when buying pricey insurance to cover risky loans without acknowledging the cost in a timely way.

European Central Bank Sets Deadline for Cyprus Bailout Deal
News  |  3/21/2013
The European Central Bank set Cyprus a Monday deadline to agree a bailout plan, threatening to cut off funding to the islands' cash-strapped banks if a programme is not agreed by then with the EU and the IMF.

Cyprus Denies Deal to Sell Cyprus Popular Bank
News  |  3/20/2013
The Cypriot government denied on Wednesday that it had struck a deal to sell Cyprus Popular Bank to Russian investors as it tries to shore up its crippled banking sector.

Senate Banking Panel Approves Obama's Choices for SEC, CFPB
News  |  3/19/2013
A U.S. Senate panel on Tuesday voted 21 to 1 in favor of Mary Jo White to lead the U.S. Securities and Exchange Commission, moving her nomination to the full Senate for consideration.

Big Banks on Track to Meet Basel Capital Rules Ahead of Time
News  |  3/19/2013
The world's top banks have made big strides towards meeting tougher capital rules several years before full compliance is required, global regulators said on Tuesday.

Cyprus Tries to Rework Divisive Bank Tax
News  |  3/18/2013
Cypriot ministers rushed on Monday to revise a plan to seize money from bank deposits as part of an EU bailout, in an effort to ensure lawmakers supported it in a vote later in the day.

JPMorgan Ignored Risks, Fought Regulators: Senate Report
News  |  3/15/2013
JPMorgan Chase & Co ignored risks, misled investors, fought with regulators and tried to work around rules as it dealt with mushrooming losses in a derivatives portfolio, a Senate report alleged in a damning review of the largest U.S. bank's management.

Fed tells JPMorgan, Goldman to Improve Capital Plans
News  |  3/15/2013
In a blow to two major Wall Street banks, the Federal Reserve told Goldman Sachs and JPMorgan Chase that they must fix flaws in how they determine capital payouts to shareholders, but still approved their plans for share buybacks and dividends. The Fed said JPMorgan and Goldman would have to submit new plans by the end of the third quarter. A senior central bank official declined to identify specific problems. In the second phase of the Fed's annual stress tests of the 18 largest U.S.
UBS Chief Executive Paid $9 Million After Revamp
News  |  3/14/2013
UBS drew fire on Thursday as it announced it paid CEO Sergio Ermotti almost $9 million in 2012 and welcomed a new investment bank chief with a $26 million package, just as the Swiss bank is in the process of firing 10,000 staff.

State-Free Bank Safety Net Still Work in Progress: Regulators
News  |  3/13/2013
Reforms to the world's financial system still fall short of ensuring that big and systemically important banks will not need to be bailed out by governments if they fail, regulators say.
Banking Supervisors May Seek to Simplify Capital Rules
News  |  3/12/2013
Global banking regulators will examine whether their new rules forcing lenders to hold more capital to absorb any future losses should be simplified after criticism that they are too complex to be effective.

Britain Urged to Split Banks if New Rules Fail
News  |  3/11/2013
Britain should adopt legislation that could force all banks to split routine retail operations from riskier investment activities if new rules designed to protect taxpayers fail, an influential panel of lawmakers said.

Banks Saved, but Europe Risks "Losing a Generation"
News  |  3/11/2013
Europe has spent hundreds of billions of euros rescuing its banks but may have lost an entire generation of young people in the process, the president of the European Parliament said.

Top Quotes from SWIFT Operations Forum Americas 2013
Slideshows  |  3/8/2013
Seven insights about regulatory compliance from the recent SWIFT Operations Forum Americas.
U.S. Auditor Watchdog Criticizes PwC on Quality Control
News  |  3/8/2013
The U.S. regulator of corporate auditors criticized PricewaterhouseCoopers on Thursday for not doing enough to ensure its audits were properly carried out, in a rare public reprimand of a major accounting firm.

U.S. Bank Regulators Mull Rules For Money-Laundering Cases Against Execs
News  |  3/7/2013
Bank regulators are considering improving their ability to bar bank employees and executives that violate anti-money laundering laws, a top regulator will tell lawmakers later on Thursday, according to prepared remarks.

Microsoft Fined 561 Million Euros For Breaking E.U. Antitrust Promise
News  |  3/6/2013
EU antitrust regulators fined Microsoft 561 million euros ($731 million) on Wednesday for breaking a promise to offer European consumers a choice of web browser.

Banks Urge U.S. Judge to Throw Out Libor Lawsuits
News  |  3/6/2013
Banks facing a barrage of lawsuits from customers accusing them of interest-rate rigging argued on Tuesday that the cases should be dismissed, saying there is no evidence of antitrust or other violations.

Number of Undercapitalized Banks At Lowest Level Since 2009, Report Says
News  |  3/5/2013
A report released today by SNL Financial shows that the number of undercapitalized banks has declined significantly in recent years, but much of that decline has been caused by bank failures.
Wells Fargo May Test Mortgage Servicing Rights Market
News  |  3/5/2013
Wells Fargo & Co could look to sell mortgage servicing rights from time to time but isn't under any capital pressure to do so, Chief Financial Officer Tim Sloan said on Tuesday.

HSBC, Standard Chartered to Cut Bonus Payouts on U.S. Fines
News  |  3/4/2013
HSBC and Standard Chartered will report a reduction in their bonus pools, reflecting separate settlements with U.S. authorities over probes into money laundering and sanctions violations, Sky News reported on Sunday.

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