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Morning Scan: AML Explanation; Sledgehammers and Bullets

08/31/16

Wall Street Journal

AML clarification: U.S. banking regulators issued a "Fact Sheet" that tries to clarify anti-money-laundering rules that some critics say are forcing banks to cut off access to innocent countries, businesses and individuals for fear of being penalized. The report is intended to "dispel certain myths" about the rules, which have caused some banks to refrain from serving customers in island nations, emerging-market countries and those in drug-ridden areas, such as the U.S. border...

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Morning Scan: Congresswoman Seeks Volcker Data; Transferwise Flies Solo

08/30/16

Wall Street Journal Cutting out banks: Transferwise, the global money transfer startup that has so far worked indirectly with consumers through its bank partners, wants its own independent licenses, eschewing banks. The five-year-old London-based company currently partners with Barclays in the U.K. and Community Federal Savings Bank in New York. It has licenses in 37 states, and can operate independently in three states that don't require licenses. The company's CEO says having its own licenses willÂ...

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Morning Scan: Goldman, Morgan Stanley Widen Their Nets

08/29/16

Wall Street Journal

Different strokes: As trading revenues shrink and more stringent regulations and higher capital requirements pinch their top and bottom lines, Goldman Sachs and Morgan Stanley "have turned to more basic banking businesses, betting that the cachet of their brand names can overcome relative lack of experience in dealing with the deposits and loans of middle-class Americans." ...

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Morning Scan: Barclays Cuts Back; Marketplace Lenders' Woes

08/26/16

Wall Street Journal

More sales at Barclays: Barclays is ready to announce three separate asset sales as it trims its balance sheet. The British bank is expected to announce the completion of the sale of its Italian retail business in the next few days, followed soon after by its Iberian credit cards unit and its Egyptian franchise. ...

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Morning Scan: Reforming the Fed; New Digital Currency?

08/24/16

Wall Street Journal

Arbitration rule comments: The CFPB received nearly 13,000 comments on its proposed rule that would restrict the use of mandatory arbitration clauses and make it easier for consumers to sue banks. The rule would prohibit financial services companies from using the clauses to block class-action suits, although consumers would still be required to use arbitration to resolve individual disputes. The agency is expected to issue a final rule next year after it reviews...

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Morning Scan: A $500M Idea; Excluding Reserves from Balance Sheets

08/23/16

Wall Street Journal Paying for convenience: More than 20% of bank customers would be willing to pay as much as $3 a month to use their bank's mobile app while about 40% would be in at $1 a month, according to a survey by S&P Global Market Intelligence. Banks could generate as much as $500 million in annual revenue by charging customers, S&P says, with Bank of America, Wells Fargo, and JPMorgan Chase the biggest winners. Â...

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Morning Scan: Bitcoin and Ransomware; Steven Cohen Buys Into Square

08/22/16

Receiving Wide Coverage ...

Blame it on bitcoin: Bitcoin may be fueling the recent surge in ransomware attacks, which have quadrupled in the past year to about 4,000 a day, according to the U.S. Department of Justice, "Attacks spiked this year amid the growing use of bitcoin and improved encryption software," the Wall Street Journal said. "Bitcoin is now the preferred payment method of most ransomware infections because it allows users to send and receive money...

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Morning Scan: Boosting Bank Stocks; Goldman Names Consumer Bank

08/19/16

Receiving Wide Coverage ... Meet Marcus: Goldman Sachs will name its new U.S. consumer banking arm Marcus. "The familiar first name, reportedly the product of extensive market research and lengthy internal discussions," according to the Financial Times, is the namesake of the company's founder Marcus Goldman. The name also tries to divert attention away from the parent company's various legal and political problems since the financial crisis, according to reports. Wall Street Journal, Financial Times, NewÂ...

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Women in Banking: The Higher You Climb, the Less Sexism You See?

08/18/16

Heather Cox is moving to USAA; female regulators are gaining prominence in the online lending conversation; and asset managers are still fighting sexism at work (but then again, who isnÂ't?).

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Morning Scan: Big Cutbacks at Avant; CFPB Goes Undercover

08/18/16

Receiving Wide Coverage ...

Convicted: Sean Stewart, a former investment banker at Perella Weinberg and JPMorgan Chase, was found guilty in federal court on all nine counts of securities fraud for passing tips about pending healthcare mergers to his father. The scheme, in which the father recruited a partner to trade on the information, reaped $1.16 million in profits, according to the U.S. Department of Justice. Wall Street Journal, Financial Times Wall Street Journal ...

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