Fincen fines ex-credit union staffer in elaborate money laundering plot
The Treasury Department’s Financial Crimes Enforcement Network fined a New York credit union employee $100,000 Wednesday in connection with a scheme to launder $1 billion using armored trucks and the credit union’s Fed master account.
OCC fines City National $65 million over risk management shortcomings
The Office of the Comptroller of the Currency fined City National Bank $65 million for a litany of risk management problems, including inadequate management of third-party risks and fraud risk management.
Here’s how to broaden access to credit among U.S. consumers
People should have the option of having their rent and utilities payment history reported to credit bureaus in order to build up their credit history.
Deutsche Bank plans to cut 3,500 jobs and lift payouts
Deutsche Bank plans to cut 3,500 jobs over the coming years as Chief Executive Officer Christian Sewing seeks to make good on a pledge to lift profitability and return more money to shareholders.
As banks mull buybacks, the fate of Basel III looms large
Large and regional banks are taking different approaches to buybacks in light of the proposed new capital rules. Some plan to buy back stock at moderate levels this year, while others say they will to remain on the sidelines until there is more clarity about the reforms.
Powell says balance sheet will get a look in March as rates stay put
Federal Reserve Chairman Jerome Powell suggested that a rate cut is coming, but cast doubt about whether the central bank would see enough data suggesting inflation is sufficiently tamed for interest rates to come down at their next meeting.
How AI is affecting neobank jobs
Challenger banks, like traditional banks, are under pressure to operate with fewer expenses. Artificial intelligence is part of the answer, and the impact on the workforce may be profound.
Nasdaq plans hundreds of job cuts
Nasdaq is planning to cut hundreds of jobs as it integrates software provider Adenza into its business — an acquisition it closed last year amid efforts to propel a new phase of expansion at the firm.
JPMorgan and Citigroup are ramping up their investments in repackaged loans
An increase in deposits in recent months is prompting banks to seek out high-quality fixed-income assets to deploy money, market watchers say. The return of Wall Street buyers has pushed spreads well below year-end levels, jump-starting CLO creation and ginning up demand for loans.
After delays, WaFd secures regulatory approvals for acquisition of Luther Burbank
The Seattle-based buyer now expects to finalize the deal in February, gaining entrance to California and eclipsing $30 billion of assets. The acquisition had initially been slated to close in mid-2023.