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Financial Reform

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  • Colorado charters credit union for pot industry Friday, 21 Nov 2014 | 12:53 PM ET

    However, before it can open permanently for business, action is also required by the National Credit Union Administration and Federal Reserve. The Colorado Division of Financial Services issued the charter Wednesday to The Fourth Corner Credit Union, which could open in January, The Denver Post reported Thursday. Fourth Corner must get a master account from...

  • Sen. Dems pressure NY Fed over bank regulation Friday, 21 Nov 2014 | 12:12 PM ET
    The New York Federal Reserve building in New York.

    Several Democratic senators criticized the NY Fed as too close to the mammoth financial institutions it regulates.

  • WASHINGTON, Nov 21- Several Democratic senators on Friday criticized the New York Federal Reserve Bank as too close to the mammoth financial institutions it regulates, taking particular aim at the hiring of Fed alumni at firms like Goldman Sachs- and vice versa. that ties between the Fed and the banking industry are perceived as cozy, and arguably contributed to...

  • Corinthian Colleges to shed most of its schools Thursday, 20 Nov 2014 | 12:12 PM ET

    NEW YORK— Corinthian Colleges will sell most of its campuses in the midst of several investigations and lawsuits by federal and state regulators. Regulators have said that Corinthian Colleges Inc. falsified job placement data and pushed students to take expensive private student loans. The Consumer Financial Protection Bureau is seeking more than $500...

  • Nov 20- Goldman Sachs Group Inc said it fired two staff after a junior employee passed confidential information from the Federal Reserve Bank of New York, his former employer, to a senior colleague in the investment bank. Goldman said the incident on Sept. 26 was immediately reported to its compliance team, regulators and the New York Fed and an internal...

  • Goldman fires staff for alleged NY Fed breach Thursday, 20 Nov 2014 | 1:14 AM ET
    A patch bearing the Goldman Sachs Group logo is pictured on a trading jacket on the floor of the New York Stock Exchange in New York.

    Goldman Sachs has fired an investment banker who allegedly accessed confidential information from the Federal Reserve Bank of New York, his former employer. The FT reports.

  • Nov 19- A Houston- based wealth management firm must pay more than $3.8 million to a group of 19 ExxonMobil retirees who said the company mismanaged their investments and misled them about its trading strategy, according to a securities arbitration ruling. The ruling by a panel of three Financial Industry Regulatory Authority arbitrators found USCA Capital...

  • Japanese bank to pay US $315M in laundering case Tuesday, 18 Nov 2014 | 11:19 AM ET

    ALBANY, New York— Bank of Tokyo Mitsubishi UFJ agreed to pay $315 million and sanction some employees to resolve allegations it misled New York regulators about bank transactions that violated U.S. economic sanctions against several countries, including Iran, Sudan and Myanmar. The state's Department of Financial Services said Tuesday that bank employees...

  • UPDATE 1-Juno Therapeutics files for IPO Monday, 17 Nov 2014 | 7:23 AM ET

    Nov 17- Juno Therapeutics Inc, a biopharmaceutical company that is working on cancer treatments, filed with U.S. regulators for an initial public offering of common stock. Seattle- based Juno, which has raised more than $310 million in funding since April this year, counts venture capital firm ARCH Venture Fund VII LP as one of its major investors, with a stake of...

  • Banker pay must stop encouraging misconduct: Carney Monday, 17 Nov 2014 | 2:31 AM ET
    Mark Carney, governor of the Bank of England, at the bank's quarterly inflation report news conference in London, on Wednesday, Aug. 13, 2014.

    Repeated scandals at banks' trading desks show the sector's compensation must be regulated to stop encouraging misconduct, BOE Gov. Mark Carney said.

  • NEW YORK, Nov 14- Hedge funds scooped up shares of Chinese company Alibaba Group Holding in the third quarter, making the e-commerce giant one of the most commonly bought stocks among some of the country's biggest investors, according to regulatory filings on Friday. Among the institutional investors that took new stakes in Alibaba were Jana Partners, the $11...

  • How prepaid cards work and why Feds are watching Thursday, 13 Nov 2014 | 12:16 AM ET

    The fees associated with prepaid cards have drawn scrutiny from the Consumer Financial Protection Bureau. The federal regulator on Thursday proposed expanded protections for these increasingly popular "reloadable" cards now used by some 2 million U.S. households as an alternative to traditional banks, according to the Federal Deposit Insurance Corp..

  • *OCC fines three U.S. banks, including Bank of America, $950 mln. LONDON/ ZURICH/ NEW YORK, Nov 12- Regulators fined six major banks including Citigroup and UBS a total of $4.3 billion for failing to stop traders from trying to manipulate the foreign exchange market, following a year-long global investigation. HSBC, Royal Bank of Scotland, JP Morgan and Bank of America...

  • LONDON/ NEW YORK, Nov 12- Barclays did not join a $3.4 billion settlement over alleged manipulation of foreign exchange rates because of issues with its New York regulator, people familiar with the matter said. Barclays is overseen in New York by the Department of Financial Services, unlike five other banks which settled with British, U.S. and Swiss regulators.

  • LONDON, Nov 12- Barclays did not join a group settlement over the alleged manipulation of foreign exchange rates because of complications with its regulator in New York, people familiar with the matter said. London- based Barclays is regulated by the New York State Department of Financial Services, unlike any of the other five banks who agreed a $3.4 billion...

  • LONDON/ ZURICH, Nov 12- Global regulators imposed penalties totalling $3.4 billion on five major banks, including UBS, HSBC and Citigroup, on Wednesday for failing to stop their traders from trying to manipulate foreign exchange markets. Royal Bank of Scotland and JP Morgan were also fined over attempts to rig currency benchmarks in a year-long probe that has...

  • LONDON/ ZURICH, Nov 12- Global regulators imposed penalties totalling $3.4 billion on five major banks, including UBS, HSBC and Citigroup on Wednesday in a landmark settlement over allegations of price fixing in the foreign exchange market. Royal Bank of Scotland and JP Morgan were also fined for attempting to manipulate foreign exchange benchmarks in a...

  • On Deck Capital files for IPO Monday, 10 Nov 2014 | 1:02 PM ET

    Nov 10- On Deck Capital Inc, an online platform for small business lending, filed with U.S. regulators on Monday to raise up to $150 million in an initial public offering of common stock. The New York- based company named Morgan Stanley, Merrill Lynch, Pierce, Fenner& Smith, JP Morgan Securities and Deutsche Bank Securities among underwriters to the IPO.

  • SHANGHAI Nov 10- Hong Kong shares finished up on Monday after Chinese and Hong Kong regulators announced a formal start date to the Hong Kong- Shanghai stock connector pilot programme, but analysts said the rise was blunted by some profit-taking in comparison to mainland indexes. The largest percentage gainer on the HSI was Hong Kong Exchanges and Clearing Ltd,...

  • Nov 7- Struggling retailer Sears Holdings Corp said it was exploring the conversion of 200-300 stores to a real estate investment trust and offer it to shareholders through a rights offering to raise cash. The company said it was looking to monetize a portion of its real estate through a sale-leaseback transaction, it said in a regulatory filing.