The eventual resolution of the key question in the wake of the Synapse bankruptcy — namely, where the money went — will take time. And those seeking answers are turning yet again to the courts. To that end, the class action suit against Synapse’s four...
The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $2.4 million Singapore dollars (about $1.8 million) on JPMorgan Chase Bank, N.A., alleging misconduct by the bank’s relationship managers (RMs). The MAS found 24 over-the-counter (OTC) bond transactions in which JPMorgan’s relationship managers made inaccurate...
America’s banking regulator says that it’s costing more to supervise the country’s largest financial institutions. As such, the Office of the Comptroller of the Currency (OCC) announced Wednesday (Nov. 27) that it was hiking its assessment rates for 2025. The increases are chiefly for larger...
Two of the 29 global systemically important banks (G-SIBs) moved to different “buckets” in 2024, meaning they will have a higher or lower capital requirement than they did before, the Financial Stability Board (FSB) said Tuesday (Nov. 26). Groupe Crédit Agricole moved from bucket 1 to...
Two U.S. lawmakers reportedly want the country to rethink its banking relationship with Hong Kong. Rep. John Moolenaar, R-Michigan, and Rep. Raja Krishnamoorthi, D-Illinois, sent a letter to Treasury Secretary Janet Yellen asking how the department plans to combat money laundering and sanctions evasion conducted through Hong Kong’s financial...
TD Bank reportedly is working to select compliance monitors to track its progress on risk and controls and report to regulators, as ordered by the U.S. government in October. As the bank works on this process, U.S. CEO Leo Salom told staff this month during a town...
There’ll be a moratorium on new banking rules — at least for a bit. A trio of the top financial services industry regulators told the House Financial Services Committee Wednesday (Nov. 20) that any new rulemaking would not commence until next year, after the incoming...
By this time next year, America’s banking regulators will likely have new leadership. At a hearing Wednesday (Nov. 20) Rep. Patrick McHenry took the outgoing regulators to task. McHenry, the North Carolina Republican who serves as chair of the House Financial Services Committee accused officials...
Is U.K. FinTech startup Revolut pursuing a banking license in the U.S? CEO Nik Storonsky reportedly hinted as much when speaking to an audience of investors in Helsinki, Finland, on Wednesday (Nov. 20), noting that the U.S. market is more credit card-centic, making it tougher...
