BankThink

It was a privilege and a learning experience to meet some old-school bankers during my travels as an examiner some 50 years ago. Here are some who left lasting impressions.

Breaking News This MorningHSBC Faces New Inquiry: British tax authorities say they are looking into a list of HSBC clients with bank accounts in Jersey, the largest island in the English Channel, after receiving a tip from a whistle-blower. The data allegedly shows that "drug dealers, gun runners and bankers facing major fraud investigations had accounts with the bank in Jersey," the FT reports. HSBC told the Times it was aware (and subsequently looking into) a client data breach, but that it has not been formally made aware of the external investigation yet. The bank added it plans to "cooperate fully" with the authorities.

Now that the uncertainty of the elections is out of the way, we may see certain Dodd-Frank rules finalized by regulators soon. And opponents of the law see one upside: if Democrats are less on guard defending the law, they could be more pragmatic about adjustments.

The rise of the prepaid card is sure to be one of the Durbin Amendment's biggest legacies. It also suggests any savings merchants derive from the law will be short-lived.

The Obama victory moves the financial industry to Plan B, according Dealbook. Wall Street may need to set a new tone in efforts to minimize the impact of Dodd-Frank. Most of the focus from the large banks may center around implementation of the Volcker Rule on proprietary trading.

The model for the future is simple: Provide easy access across multiple channels to improve the customer experience.

Breaking News This MorningSettlement: As speculated, JPMorgan Chase has reached a settlement with the Securities and Exchange Commission related to Bear Stearns' mortgage backed securities sales practices, Bloomberg reports. Details on the terms of the settlement are scarce, but JPMorgan did say in the filing "the agreement in principle is subject to approval by the SEC, as well as court approval."

Capital is important, but ample loan-loss reserves, governed by stringent supervision, are a much more direct, responsive way to account for credit risk.

Will Elizabeth Warren get a seat on the Senate Banking Committee? Will she thwart efforts to modify the Dodd-Frank Act? Republicans and the financial industry executives are anxious to know.

What do the next four years of an Obama administration hold for the Dodd-Frank Act? There may be less talk of repeal and rollbacks, but some Democrats in Congress are pushing the agencies implementing the law to heed industry suggestions.