Robinhood announced a hacker obtained the email addresses or names of approximately seven million of its customers. Approximately 310 customers had their personal information exposed as part of the same breach.
Financial Services
Posted inFinancial Services
Fed supervision head Randal Quarles to resign
Randal Quarles, vice chair for supervision at the Federal Reserve, submitted his resignation as a member of the board, effective at the end of December.
Posted inBoards & Shareholders
OCC acting head: 5 climate questions bank boards should be asking
Michael Hsu, acting head of the Office of the Comptroller of the Currency, explores the role of bank boards to promote improvements in climate risk management practices at their banks.
Posted inRegulatory Enforcement
Supreme Court declines challenge to SEC’s Bank Secrecy Act authority
The Supreme Court turned down a bid by brokerage firm Alpine Securities Corp. petitioning for review of the Securities and Exchange Commission’s power to enforce the Bank Secrecy Act.
Posted inEurope
Credit Suisse to overhaul strategy: ‘Risk management will be at the core of our actions’
Credit Suisse announced sweeping changes to its long-term growth strategy, reemphasizing risk management after missed red flags led to billions of dollars in losses related to the collapses of Archegos Capital Management and Greensill Capital.
Posted inRisk Management
NYDFS first state banking regulator to establish Climate Risk Division
The New York State Department of Financial Services announced the creation of a new Climate Risk Division to oversee regulated entities’ efforts at managing the financial risks of climate change.
Posted inRisk Management
Survey: More financial institutions using scenario analysis to manage climate risk
Financial institutions are growing more sophisticated in the way they incorporate scenario analysis into their risk assessments and in quantifying their climate-related risks, a new survey from the Global Association of Risk Professionals finds.
Posted inEurope
Banks in crisis at CEO turning to chief risk officers
Two of the largest banks in Europe—Barclays and Danske Bank—have had to make abrupt pivots at the CEO position this year. Each has chosen to pass the baton to their former chief risk officer.
Posted inEurope
Barclays CEO Jes Staley steps down over Jeffrey Epstein links
Barclays CEO Jes Staley stepped down after a probe by British financial regulators looks to have found evidence his friendship with disgraced sex offender Jeffrey Epstein was closer than he had originally made out.
Posted inInternal Controls
FICC fined $8M for failing to monitor, vet liquidity of transactions
The Fixed Income Clearing Corporation, the clearing agency for all U.S. government securities, agreed to an $8 million settlement with the SEC for failing to adequately monitor its liquidity arrangements.
