Latest Headlines

Banks cut jobs as economic recovery slows, new regulations take effect

Financial institutions hired compliance and mortgage servicing employees to help meet the demands associated with implementing the 2010 Dodd-Frank Act, but in the face of a slowing economy, banks have had to cut back on staff. Richard Bove, an analyst at Rochdale Securities, said that the cuts are in response to shifts within the industry.... Read More...

SEC study finds U.S. retail investors lacking in basic financial literacy

The Securities and Exchange Commission recently published a Dodd-Frank-mandated study of investors’ financial literacy, concluding that U.S. retail investors lack basic financial literacy. Following the recent financial crisis, U.S. lawmakers reasoned that one of the factors that contributed to the economic collapse was that average investors... Read More...

Feds may take future action in student-loan debt market

Rohit Chopra, a student loan ombudsman with the Consumer Financial Protection Bureau, said this week that U.S. regulators and federal agencies that intervened in the student-loan market during the recent financial collapse could play a future role. “Regulators and agencies and the Fed[eral] Reserve may have a role to play to ensure that the... Read More...

ABA urges CFTC to review cross-border guidance to preserve overseas bank branching model

The American Bankers Association urged the Commodity Futures Trading Commission on Monday to promptly revise its Cross-Border Guidance in order to protect the bank branching model of U.S. firms overseas. “The CFTC takes an overbroad extra-territorial reach in the Cross-Border guidance,” the ABA said. “The CFTC has unilaterally proposed a... Read More...

Asian regulators express concern regarding overseas application of Dodd-Frank rules

Asian regulators have requested that U.S. regulatory authorities review proposed derivatives rules to ensure that the new requirements do not conflict with those rules established by sovereign nations. Under the 2010 Dodd-Frank Act, non-U.S. banks that conduct trades with U.S. counterparties are required to register as swap dealers and adhere... Read More...

Barclays announces new CEO amid ongoing investigations

Following news on Wednesday that the U.K.’s Serious Fraud Office had initiated an investigation into payments between Barclays and Middle East investors during the financial crisis, Barclays named Antony Jenkins as its new CEO. Jenkins, previously the head of retail and business banking at Barclays, will assume the position of CEO at a time... Read More...

Citigroup CEO Pandit: Don’t break up banks

Vikram Pandit, the CEO of Citigroup, advocated against the break-up of America’s largest banks this week, adding that U.S. regulators should not have the authority to decide which products banks can offer to clients. Sanford “Sandy” Weill, a former chairman for Citigroup, said last month that investment and commercial banking should... Read More...

Deutsche Bank evaluating past procedures involving Libor scandal

Anshu Jain, the co-CEO of Deutsche Bank AG, recently said that the bank is cooperating with the authorities in their Libor investigations, adding that the bank is making an effort to evaluate past procedures. Paul Achleitner, a chairman of the supervisory board, said last month that “no current or former” board member had “any... Read More...

CFPB reorganizes staff

« Older Stories