Big picture thinking dominated news surrounding financial services and payments regulations this past week. In the U.K., a contentious election brought “hard” and “soft” Brexit into question, while Dodd-Frank got a vote down by the United States House of Representatives — and next stop, the Senate....
In the halls of Congress and in the halls of Wall Street it wasn’t all about Comey Thursday. The House of Representatives approved a bill (helmed by Republican Rep. Jeb Hensarling) aimed at reversing, at least in part, Dodd-Frank, the post-financial crisis legislation that instituted...
JPMorgan Chase & Co Chief Executive Officer Jamie Dimon will not be stepping down from the president’s Strategic and Policy Forum, despite criticism of his alleged support for President Donald Trump. “I would try to help any president of the United States, because I’m a...
The saga continues for Wells Fargo, as plaintiff lawyers in its fraudulent case up the fictitious accounts opened number. Lawyers for the plaintiff side are projecting that Wells Fargo employees opened up approximately 3.5 million accounts without customer consent. In this $142 million settlement lawsuit,...
The fallout from last year’s Wells Fargo scandal continues. Most recently, Wells’ CEO Tim Sloan looked to persuade investors to not expel board members at the lender’s upcoming annual meeting. “It would be a shame if any one of our directors didn’t receive an overwhelming...
In the continuing faceoff between the Trump administration and the Consumer Financial Protection Bureau (CFPB), the American Banker stated that President Donald Trump “deeply impressed” a group of community bankers at a Thursday meeting. That impression apparently came amid a give-and-take session where the president...
Guo Shuqing, the former head stock market regulator in China, has been appointed as chairman of the China Banking Regulatory Commission, replacing Shang Fulin, who was forced to retire after reaching the mandatory retirement age of 65. According to a report in The New York Times,...
Bank of New York (BNY) Mellon Corp. was unable to process payment instructions sent over the Swift Network from clients for a 19-hour stretch earlier this week. According to reports, the outage began around 2:30 pm on Sunday (Dec. 4) and was not resolved until...
The parade of political appointees for the incoming Trump administration continues, and as noted in reference to the financial industry, one possible appointment looms large. Bloomberg reported that President-elect Donald Trump may be putting a new position in place: A Federal Reserve vice chairman whose primary purview...
