national-regional

Morning Scan: Rogue Agency or Sheriff?; Stripe Could Lift Fintech

11/29/16

Receiving Wide Coverage ...

Differing views: The Wall Street Journal's editorial page had some strong words about the Consumer Financial Protection Bureau, the "rogue" bureau "which has abused the law and whose structure was recently found unconstitutional. By all rights the bureau should be killed," it says, and "Mr. Trump should dismiss [Director Richard] Cordray on his first day as President." "Reform options short of a death sentence could at least restrain some of the bureau's...

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Morning Scan: Stripe Value Zooms; Mortgage Rates Surge

11/28/16

Receiving Wide Coverage ...

Racing Stripe: The latest round of private funding for Stripe, a start-up that offers software and services that process payments for businesses, has boosted the value of the company to just under $9.2 billion, nearly double what it was worth less than two years ago and making it the most valuable U.S. fintech company, according to the Wall Street Journal. "Stripe's investors think the company can capitalize on the fast growth of...

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Morning Scan: B of A 'Hustle' Case Ends; Goldman Euro Co-Chief Departs

11/23/16

Receiving Wide Coverage ... Sherwood leaves Goldman: Michael Sherwood, co-head of Goldman Sachs's European operations and often named as a potential successor to Goldman CEO Lloyd Blankfein, is leaving after a 30-year career at the bank. Since joining Goldman at age 20 in 1986, Sherwood played a key role in pushing the bank's growth in Europe and emerging markets. "The departure removes one of Goldman's longest serving European executives at a time when the bank isÂ...

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Morning Scan: SIFIs Geting More SI; An OCC Clampdown on the Wayward?

11/22/16

Receiving Wide Coverage ...

More risky: Citigroup, Bank of America and Wells Fargo pose greater systemic risks to the global financial system than they did last year and had their capital requirements increased by regulators. The Financial Stability Board, which ranks the most systemically important financial institutions annually, also said Industrial and Commercial Bank of China presented more risk than last year. But HSBC, Barclays and Morgan Stanley—which sold all or part of their riskier businesses...

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Morning Scan: OCC Tightens Oversight of Wells; IRS Trawls for Digital Tax Evaders

11/21/16

Wall Street Journal Tighter grip: The OCC Friday unilaterally revoked parts of its recent regulatory consent order with Wells Fargo following the bank's phony accounts scandal. The agency ordered Wells to first seek its approval before changing its business plans, hiring or firing senior executives or revamping its board of directors. The bank was also banned from making golden parachute payments to departing executives without OCC approval. Â...

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Morning Scan: JPM Settles China Hiring Case; Wells' Account Openings Plunge

11/18/16

Receiving Wide Coverage ... Settled: JPMorgan Chase agreed to pay $264 million and admit it violated the Foreign Corrupt Practices Act to resolve charges that it hired relatives of Chinese government officials and managers of state-owned companies to win business in China. But it may only be the first of many banks to do so. Several other U.S. and foreign banks are under investigation for similar practices, including Citigroup, Goldman Sachs, Morgan Stanley, Credit Suisse, HSBCÂ...

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Women in Banking: SEC's White Steps Down; Nasdaq's Friedman Steps Up

11/17/16

Mary Jo White's exit from the Securities Exchange Commission could make even her critics unhappy (note to Sen. Elizabeth Warren: be careful what you wish for). Former Nasdaq intern Adena Friedman makes her longtime ambition of becoming CEO of the stock exchange a reality, Amy Brady talks about the growing influence of CIOs, and Edith Cooper encourages conversations about race at Goldman Sachs. Also, Annie Leibovitz has taken some new portraits of women that you can check out in a free exhibit.

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Morning Scan: Investment, Payday Rules Targeted; Laplanche Resurfaces

11/17/16

Receiving Wide Coverage ...

Targets: House Republicans are looking to scrap rules on how brokers sell retirement investments, as well as interest rate limits and disclosures on payday lenders, once President-elect Donald Trump takes office. The push is being led by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, who is under consideration to become Treasury secretary. He asserts the rules were written by bureaucrats, not Congress. He also called for stripping the Financial Stability Oversight...

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Morning Scan: 'Gentler' Stress Tests?; Mortgage Trouble Brewing

11/16/16

Receiving Wide Coverage ...

Kid gloves: The Government Accountability Office released its review of the Federal Reserve's annual bank stress tests, which the Financial Times said "may pave the way towards gentler treatment" of banks. "The report recommended that the Fed share more information on the models it uses and its reasons for failing big banks, while working more closely with other agencies including the FDIC and the OCC." ...

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Morning Scan: SEC Chair Leaving; GAO to Release Stress Test Review

11/15/16

Receiving Wide Coverage ...

White to leave: Securities and Exchange Commission Chairman Mary Jo White said she plans to step down in January at the end of the Obama administration, "opening the door to a new Republican-appointed leader who could move to loosen rules on Wall Street and curb the aggressive enforcement approach Ms. White prosecuted," in the words of the Wall Street Journal. White is the first major Obama appointee to announce a departure after...

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