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"No bad guy is going to stay very far away from the person who controls the money," says Jennifer Shasky Calvery, director of the Financial Crimes Enforcement Network.
In her final Congressional appearance before she leaves her job at the end of this week, Fincen Director Jennifer Shasky Calvery also advocated for passage of new anti-money-laundering laws being pushed by the Obama administration.

Top Stories

During the ascension of marketplace lending, banks responded to the competitive threat in several different ways. Now some banks are better positioned than others to take advantage of the online sector's recent woes.  more »
In guidance on banks' resolution plans, regulators effectively have made important policy decisions about liquidity transformation that were not subject to notice and comment.  more »
FinTech Forward
Hold the Schadenfreude: Banks Also Stung by Online Lending Shakeout
During the ascension of marketplace lending, banks responded to the competitive threat in several different ways. Now some banks are better positioned than others to take advantage of the online sector's recent woes.  read more »
LaPorte Bancorp was poring over offers from potential buyers when Raymond James, the company's investment bank, notified LaPorte's board that it was also advising a potential acquirer on a separate deal. LaPorte requested more information before ruling out a potential conflict of interest.  read more »
The heads of megabanks get paid a lot. Some investors want them to streamline their companies for greater returns. But it's arguable whether those CEOs would want to do so if their counterparts at smaller, better-performing banks get paid less.  read more »
UMB Financial took its lumps last year when its funds management business suffered from large outflows. The challenge prompted UMB to tighten up on expenses and rely more on revenue tied to its balance sheet.  read more »
Following the scandal-tinged departure of CEO Renaud Laplanche, the company is contemplating drastic steps to restore the confidence of loan buyers. Scenarios that would have been far-fetched a short time ago — such as diluting shareholders and funding loans off its own balance sheet — are now under consideration.  read more »
Video
'There Is No One Blockchain to Rule Them All'
Don Tapscott and Alex Tapscott, authors of "Blockchain Revolution," discuss the implications for banks of distributed ledger technology, the pros and cons of private blockchains compared to open networks, how DAOs might eliminate moral hazard, and more.
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