Charlie Javice gets seven years for defrauding JPMorgan
Prosecutors had asked the judge for a stiff sentence, saying that Javice committed a “brazen fraud” when she convinced JPMorgan to pay far more for her company than it was worth.
New York’s top financial regulator steps down
Adrienne Harris, head of the New York Department of Financial Services, will step down after four years in the job. She will be replaced by Kaitlin Asrow as Acting Superintendent beginning on October 18.
FS-ISAC: Quantum threat demands immediate, coordinated action
A major financial services industry group focused on cybersecurity highlighted the need for planning ahead of 2030 and 2035 deadlines.
Florida bank to quit SBA, sell portfolio to in-state rival
BayFirst Financial in St. Petersburg shuttered a national small-dollar 7(a) loan program in August. Now the $2.4 billion institution, which has been one of the nation’s most active SBA lenders over the past decade, is making a clean break from the business.
Exclusive: Senate bill would loosen SEC definition of small business
A bipartisan bill offered Monday by Senate Banking Committee member Katie Britt, R-Ala., and Andy Kim, D-N.J., would force the Securities and Exchange Commission to update a 25-year-old threshold that holds small financial firms to higher regulatory standards.
Fincen seeks comment on costs of nonbank AML compliance
The Treasury Department’s Financial Crimes Enforcement Network is seeking public comment on a survey of anti-money-laundering compliance costs from a variety of nonbanks, including casinos, insurers, lenders and other nonbanks, a possible precursor to deregulatory proposals down the road.
Citi’s Wall Street rebound turns Raghavan into CEO contender
Vis Raghavan’s arrival last year has energized Citigroup’s investment banking division, pushing his team to relentlessly pursue deals while cutting underperformers to make way for marquee hires.
The comeback of fintech and payment IPOs
After a slump of several years, there’s been a renewal of payment and financial tech firms going public.
Are stablecoin-funded IPOs the future of corporate finance?
The recent initial public offering of cryptocurrency exchange Bullish was remarkable in that the company received the proceeds in stablecoins. The move could signal a revolution in finance.
Democrats say leverage proposal won’t help Treasury market
Senate Banking Committee ranking member Elizabeth Warren, D-Mass., led a group of congressional Democrats in a letter to bank regulators telling them that loosening capital rules wouldn’t improve the Treasury market’s functioning.