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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-06-25T14:48:00
Two federal banking regulators found deficiencies with the sale of derivatives in the resolution plans of Bank of America, Goldman Sachs, and JPMorgan Chase, while the regulators disagreed on the severity of an issue with Citigroup’s plan.
The Federal Deposit Insurance Corporation (FDIC) and Federal Reserve Board conducted reviews of the resolution plans for the eight largest and most complex U.S. banks. The reviews found no weaknesses with the plans from Bank of New York Mellon, Morgan Stanley, State Street, and Wells Fargo. Resolution plans “describe a bank’s strategy for orderly resolution in bankruptcy in the event of its material financial distress or failure,” the agencies said Friday in a joint press release.
The regulators ordered Bank of America, Goldman Sachs, and JPMorgan to conduct additional validation and testing of their plans to unwind their derivative portfolios in the event the banks fail and ensure that they are sold in an orderly manner.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-03-22T17:14:00Z By Aaron Nicodemus
The Federal Deposit Insurance Corporation proposed to strengthen its approach to evaluating bank mergers under the Bank Merger Act, particularly how it would address factors like competition, financial resources, the convenience and needs of communities, financial stability, and money laundering.
2023-09-11T16:35:00Z By Kyle Brasseur
Loss of confidence following the March collapses of Silicon Valley Bank and Signature Bank was the primary reason First Republic Bank failed in May, according to an internal review conducted by the Federal Deposit Insurance Corporation.
2018-04-11T13:15:00Z By Joe Mont
The Federal Reserve Board is seeking public comments on a proposal intended to simplify its capital rules for large banks and potentially loosen requirements for the stress tests administered to them.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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