Regulation and compliance
Carrie Tolstedt, scheduled to be sentenced Friday for her role in the company's phony-accounts scandal, has already paid for her crime and should receive three years probation, her attorneys argue in a sentencing memo. Prosecutors have recommended a year in prison.
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The secretive world of private credit is increasingly being funded by public money, and there will be no FDIC there to bail us out when things go bad.
September 14 -
A joint letter from the banking and financial trade groups is the latest effort by the industry and its representatives in Washington to push back against the Basel III capital proposals, which would raise capital significantly for the largest banks.
September 13
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Securities and Exchange Commission Chairman Gary Gensler told lawmakers that artificial intelligence could be used to game securities transactions in favor of corporate interests over those of investors. Critics say the SEC's plan to combat such conflicts of interest is hostile to technology.
September 12 -
The Department of Health and Human Services' recommendation to reclassify cannabis as a Schedule III substance has sparked renewed interest in cannabis banking reforms in Congress, but in itself will do little to make banking cannabis businesses easier.
September 11 -
The Federal Deposit Insurance Corp. acknowledges in a new report that it didn't adequately monitor First Republic Bank's uninsured deposits, interest rate risk sensitivity and rapid growth — and as a result left the bank vulnerable to contagion.
September 8 -
The consumer lender's stock price has fallen more than 30% since its disclosure of a looming regulatory action, which was followed by the sudden departure of its CEO. To help meet its compliance challenges, the company's board added a former FDIC regional director.
September 6 -
From hidden fees to misleading marketing, small businesses face too many challenges when making and receiving cross-border payments.
September 6 -
The Department of Justice is recommending a sentence of 12 months behind bars for Carrie Tolstedt, a former Wells executive who has pleaded guilty to obstructing a bank examination. That's harsher than the recommendation of the U.S. Probation Office.
September 5 -
The Federal Reserve has been reducing its liabilities steadily since last March, and those effects are starting to be felt. But how low it should ultimately go — and how long it can stay low — is a tricky question.
September 5
