Comerica reaches governance agreement with OCC over compliance issues
An agreement with the Office of the Comptroller of the Currency will require Dallas-based Comerica Bank to institute a list of corrective actions regarding a range of compliance issues, including wealth management, third-party risk and financial accounting.
‘I care what your values are’: Morgan Stanley’s Gorman
The outgoing CEO, now executive chairman of the Wall Street firm, told a conference at the Federal Reserve Bank of New York this week that cultural values are a critical element in any prospective merger or acquisition deal.
Mortgage rates drop under 7%, but how long will they stay there?
The 10-year Treasury yield, one of the mechanisms used to price 30-year fixed rate mortgages, is higher than where it was one week ago.
Eagle in Maryland gains ‘flexibility’ to raise capital after loss
The bank took a big hit on an office property in Washington, D.C., during the first quarter. This month, it filed a shelf registration statement for an offering of up to $150 million that could be used to bolster capital or refinance debt.
Visa’s flexible credential: A boon for the Capital One-Discover deal?
New technology decoupling payment cards from the funding source of the transaction would stimulate competition between card issuers and networks — and raise prospects for Capital One’s proposed $35 billion acquisition of Discover Financial Services.
Instantaneous settlement is possible. In fact, it’s just the start.
The SEC’s pending requirement that securities trades settle within one day shouldn’t be a problem for any modern financial firm. What we should be aiming for is real-time settlement.
Big banks face intensifying political pressure over Zelle fraud
Executives from JPMorgan Chase, Bank of America and Wells Fargo are expected to get grilled in Congress this summer over victims of Zelle scams who don’t get reimbursed. A Senate panel has spent much of the last year examining fraud on the bank-owned payments network.
Crypto bill passes House with wide bipartisan support in historic vote
The bill includes a provision that would codify Republicans’ and the banking industry’s complaints with a Securities and Exchange Commission measure that banks say would bar them from custodying crypto assets.
Gruenberg’s departure weakens the administration’s regulatory hand
FDIC chair Martin Gruenberg’s departure from the agency may have political implications as the White House and Senate scramble to name a successor, but experts agree that the move will likely result in a weaker Basel rule and stronger role for the Federal Reserve in joint rulemakings.
Citi trader got 711 warning messages before sparking flash crash
Two years on, U.K. regulators on Wednesday revealed the result of their long-running probe into Citigroup’s actions that day as they saddled the bank with £61.6 million ($78 million) in penalties for the mistake.