Regulation

Citigroup has been released from a 2012 enforcement action that faulted its anti-money-laundering efforts. But company executives are expected to spend a lot of time over the next few years seeking to resolve a pair of more recent consent orders.

The two companies, which have not received government approval to complete their now year-old pending deal, postponed the deadline to Oct. 31 and have decided to make the combined entity a national bank.

Consumer Financial Protection Bureau Director Rohit Chopra pushed back aggressively against allegations by Senate Republicans at a congressional hearing Tuesday that he helped orchestrate a “hostile takeover” of the Federal Deposit Insurance Corp.

First Horizon Advisors resolved a supervisory investigation involving a former rep after its parent firm announced it’s being purchased for $13.4 billion.

Britain’s prior approach to regulating financial technology has been held up as the de facto bar, industry executives say — but on crypto, its more risk-averse outlook has stymied the sector’s growth. 

One year after CEO Jane Fraser launched a business revamp, Citigroup reported lower revenue, higher expenses and a big reserve for loan losses in Russia. Yet the company’s long-term plan to streamline operations and invest in high-performing businesses — all with an aim to strengthen shareholder returns — still appears on track.

A former Wells Fargo executive will replace Bair next month as part of a broader shakeup of the government-sponsored lender's leadership ranks. Chief Executive Hugh Frater is also stepping down.