The Securities and Exchange Commission sanctioned Citigroup because of unauthorized proprietary trading as well as for the failure to detect suspect loans issued by its Banamex unit.
The proposal released in May to clarify how banks comply with the proprietary trading ban would “undermine a fundamental provision" of Dodd-Frank, lawmakers said.
The Fed’s top regulator is reportedly gunning to run the international Financial Stability Board, but the president's trade wars and recent criticism of Europe are impeding that effort and weakening U.S. regulators' hand more generally.
The class-action suit filed on behalf of people who lost money in the scam accuses Bank of America of failing to spot suspicious activity, including deposits of hundreds of thousands of dollars into accounts with small or negative balances.
The company's brokerage unit agreed to pay $5.1 million to settle claims that employees persuaded clients to sell certain investments before maturity in order to collect higher fees.
Largest banks would be limited on how much risk they could have with each other; the credit bureau has hired the former head of the computer giant's Watson unit.
It’s possible for a cryptocurrency to begin as a security and then transform into another type of asset, said William Hinman, who heads the regulator's division of corporation finance.
Six Senate Democrats are asking the SEC's internal watchdog to investigate a Republican commissioner who berated Citigroup executives in a private meeting over the bank's decision to curtail some of the business it does with companies that sell guns.
