Category: Regulations

March 21, 2023

Failed crypto exchange FTX and its sister companies Alameda Research, FTX US, and FTX Trading filed a lawsuit Sunday against FTX Digital Markets, the companies’ Bahamas-based subsidiary, which they allege wrongfully claimed ownership of the firms’ assets. The FTX debtors, […]

March 13, 2023

In a joint statement, Treasury secretary Janet Yellen, Federal Reserve board chair Jerome Powell, and Federal Deposit Insurance Corporation (FDIC) chair Martin Gruenberg outlined how they are taking “decisive action” to strengthen confidence in the banking system. As well as […]

March 8, 2023

Park National Bank (“Park National”), based in Ohio, has agreed to pay $9 million to settle allegations brought by the U.S. Department of Justice (DOJ) that it engaged in unlawful redlining practices in the Columbus metropolitan area by not providing […]

March 7, 2023

A class-action lawsuit filed against Bank of America last month claims the bank misrepresented the amount of pandemic aid small business owners were eligible for, leaving firms saddled with unforgivable debt. Three California-based small businesses — Happy Puppy LA, Brandamize […]

February 28, 2023

“I will make no apologies that we are investing to make America strong. Investing in American innovation, in industries that will define the future, and that China’s government is intent on dominating,” said President Joe Biden at his State of […]

February 23, 2023

When registering with the CSA, it says crypto exchanges must have enhanced protections for the custody and segregation of crypto assets for Canadian clients and a prohibition on offering margin, credit or other forms of leverage. Platforms are also prohibited […]

February 15, 2023

Last year’s three-part series on corporate tax rates (here, here, and here) primarily focused on the case for low rates in the United States. Today, we’re going to look at why the United Kingdom should have a low corporate tax […]

February 13, 2023

A federal jury has found Ashton Ryan Jr., the former president and CEO of the failed First NBC Bank in New Orleans, guilty on dozens of fraud and conspiracy charges connected to the company’s failure in 2017. The verdict followed […]

February 8, 2023

Wells Fargo will pay $300 million to settle a class-action lawsuit from shareholders who argued the bank knew it was charging customers for unnecessary auto-collision protection insurance but not telling investors, the law firm Robbins Geller Rudman & Dowd said […]

February 7, 2023

Signature Bank was accused in a lawsuit by an investment firm of facilitating the FTX collapse by allowing the now-defunct crypto exchange to commingle customer accounts with its blockchain network. Signature did this even though it had observed suspicious FTX […]

February 6, 2023

A group of House Republicans is supporting legislation that would replace federal income, payroll, estate, and gift taxes with a 30 percent national sales tax. The bill also eliminates the Internal Revenue Service, giving states the responsibility to collect the […]

February 2, 2023

Given the recent volatility and “structural vulnerability” within the cryptosphere, the government will strengthen rules for crypto trading platforms and crypto lending in line with traditional finance. Economic secretary to the Treasury Andrew Griffith says that while the government is […]

January 26, 2023

Morgan Stanley is penalizing individual bankers for conducting company business on messaging platforms such as WhatsApp, in connection with an investigation by regulators that drew $1.8 billion in fines last year from 11 Wall Street institutions. The bank is either […]

January 20, 2023

As the war in Ukraine rages on, recent advisories from financial crime agencies in the United States and the United Kingdom indicate heightened scrutiny on financial activity of Russian individuals and entities, including persons closely connected to the Kremlin. The […]

January 19, 2023

UBS Chairman Colm Kelleher said traditional finance firms were “systemically safe” after years of increased regulation, but guardians of global financial markets had further to go to eradicate the risks posed by the non-banking sector. “Regulators have – with respect […]

January 12, 2023

According to the lawsuit, filed in December last year in the US District Court in Delaware, Javice allegedly claimed Frank – a student loan application fintech – had more than 4.25 million student users but had used “synthetic data” techniques […]

January 10, 2023

Banks still need to improve their risk management and learn the lessons from various crises that rocked markets in 2022, regulators at the Bank of England said on Tuesday. The market reaction to Russia’s invasion of Ukraine and turmoil in […]

January 4, 2023

The Consumer Financial Protection Bureau and New York’s attorney general sued subprime auto lender Credit Acceptance Corp. Wednesday for deceiving borrowers about the true cost of car loans, violating state usury laws and failing to disclose charges and terms to […]

January 3, 2023

Following Russia’s invasion of Ukraine on 24 February 2022 and subsequent introduction of sanctions by the EU and the UK prohibiting any leasing activities in the aviation industry to any person in Russia or for use in Russia, aircraft lessors […]

December 21, 2022

It may be coincidence, or perhaps mortgage cases habitually get the short end of the news-coverage stick. Wells Fargo’s September agreement to pay $94 million to settle a class-action lawsuit — alleging the bank automatically placed mortgage borrowers into forbearance […]