Receiving Wide Coverage ...

Blame Canada: Royal Bank of Canada is accused of a "wash trading scheme" that eliminated its risk of losses on certain investments and guaranteed it certain tax perks. It is being sued in New York by the Commodity Futures Trading Commission, which says RBC coordinated "fictitious" trades with its subsidiaries. RBC denies the allegations. It could face tens of millions of dollars in fines if it loses in court. Wall Street Journal, New York Times, Financial Times

Wall Street Journal

The story of the Global Payments data breach is far from over. The Atlanta processor provided updates Monday on the incident, and stressed that Visa's decision to remove it from a list of compliant providers hasn't hurt its business. But Global Payments has so far provided only a broad description of how it caught the breach and almost no details about how it occurred.

Bank of America is giving 1,000 mortgage customers the chance to rent their homes for three years rather than get kicked out, and it raises the question: "Why didn't BofA, and every other bank, try this three years (and 8.4 million foreclosures) ago?"

New York Times

Read American Banker, Joe Nocera tells Jamie Dimon in an op-ed , referring to our latest article on sloppy debt collection practices. The CFPB told Nocera its people have read the series and the agency "is taking a close look at debt collection practices."

Small banks are trying to avoid rough regulatory requirements by becoming credit unions or switching to state charters, the paper reports, something we told you in December. The banks expect that their new supervisors will be a better fit than the Office of the Comptroller of the Currency.

JPMorgan Chase's global chairman of equity capital markets, Ian Hannam, resigned Tuesday after being fined $721,000 by British regulators for disclosing inside information. Hannam said he is resigning to focus on appealing the penalty assessed by the Financial Services Authority of Britain.

 

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.