OIG calls for stronger FDIC conflict of interest training
A report recommends clearer guidelines and enhanced training to prevent conflicts of interest in FDIC acquisitions, which the agency concurred with and agreed to implement.
Access to beneficial ownership data is key to cutting fentanyl flow
An amendment to the National Defense Authorization Act would expand access to the Financial Crimes Enforcement Network’s beneficial ownership database. That would allow financial firms to cut off drug traffickers’ financing.
Buffett further cuts Bank of America stake with $863 million disposal
Berkshire Hathaway’s stake in BofA is now 10.5%.
HSBC considers first female CFO in bank’s history
Pam Kaur has emerged as a leading candidate for one of the top jobs in global banking.
Citizens, a public company for 10 years, looks ahead to the future
After the bank’s 2014 spinoff from Royal Bank of Scotland, its executives worked to shore up weaknesses. Now they’re concentrating on how to close the gap with regional banking peers.
Deal would lift TowneBank’s profile in fast-growing Virginia capital
The $17 billion-asset Suffolk-based company is convinced paying $120 million for an in-state rival is a more productive use of capital than share buybacks
Senators propose AI Civil Rights Act to address ‘sinister side’ of artificial intelligence
Sen. Edward Markey warns that biased AI algorithms are making decisions that deny mortgages to Black people.
Gensler blames Fed for bankers’ executive compensation rule delay
Lawmakers on the House Financial Services Committee touched on a number of issues overlapping with banking and the Securities and Exchange Commission, including SAB 121 and stablecoin legislation
Chopra’s holdup of the Basel capital reproposal makes sense
Consumer Financial Protection Bureau Director Rohit Chopra’s decision to withhold support of a reworked Basel III endgame capital proposal is logical as a way to gain leverage in this and future rule negotiations but may ultimately not amount to much.
How a DOJ suit against Visa is a lifeline for bank tech sellers
If the government forces the card giant to reduce control over security gateways, firms that sell debit processing and adjacent payment tools to banks such as FIS and Fiserv could cash in.