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Mar 30, 2015

Swiss bank BSI to pay $211 mln penalty in U.S. tax program

WASHINGTON, March 30 (Reuters) – Swiss private bank BSI SA
avoided prosecution for suspected tax-related offenses by paying
a $211 million penalty, making it the first bank to reach a deal
in the U.S. Department of Justice’s “Swiss Bank Program,” the
department said on Monday.

The DOJ program allows banks to come clean over tax-related
offenses related to undeclared accounts, provided that they are
not already under investigation.

Mar 27, 2015

U.S. Fed weighs insurers’ proposal for new capital rules

WASHINGTON, March 27 (Reuters) – The U.S. Federal Reserve is
considering a proposal from life insurers that could delay the
implementation of a costly nationwide capital framework for the
$1 trillion industry, according to records of a recent meeting
between the two sides seen by Reuters and people familiar with
the matter.

More than a dozen senior insurance executives met Fed
Governor Dan Tarullo on Feb. 6 to pitch a two-step process for
launching nationwide insurance rules, according to records of
the meeting by Dirk Kempthorne, who heads the American Council
of Life Insurers, an industry group.

Mar 23, 2015

U.S. regulators say foreign bank crisis plans fall short

WASHINGTON (Reuters) – U.S. bank regulators faulted crisis
plans submitted by three foreign banks on Monday, saying they
needed to improve the so-called living wills this year or face
regulatory repercussions.

The plans by BNP Paribas, Royal Bank of Scotland
and HSBC showed shortcomings, and “significant
progress” was needed, the U.S. Federal Reserve and the Federal
Deposit Insurance Corp. said in a statement.

Mar 23, 2015

Andorra bank owners launch own probe into U.S. allegations

WASHINGTON, March 23 (Reuters) – The owners of Andorra’s
Grupo Banca Privada d’Andorra are launching their own
investigation of U.S. allegations the bank laundered money for
criminals across the world, two members of the family that owns
the institution said on Monday.

Ramon and Higini Cierco Noguer, who were non-executive
chairmen of BPA before the board was dismissed, said they were
reviewing outside audits that had given the bank a clean bill of
health on anti-money laundering practices.

Mar 17, 2015

Foreign banks may be subject to future UK stress tests -sources

WASHINGTON/LONDON, March 17 (Reuters) – The British units of
foreign banks could be required by UK regulators to submit to
annual health exams for the first time, banking and industry
sources said, potentially bringing Britain’s policies into line
with those of the U.S. Federal Reserve.

The UK’s Prudential Regulation Authority (PRA) has recently
started asking foreign banks to submit data, the sources said, a
possible first step toward making them subject to the stress
tests, which assess if banks have enough capital to withstand a
hypothetical economic crisis.

Mar 17, 2015

Exclusive: UK bank watchdog mulls stress tests for foreign banks – sources

WASHINGTON/LONDON (Reuters) – The British units of foreign banks could be required by UK regulators to submit to annual health exams for the first time, banking and industry sources said, potentially bringing Britain’s policies into line with those of the U.S. Federal Reserve.

The UK’s Prudential Regulation Authority (PRA) has recently started asking foreign banks to submit data, the sources said, a possible first step toward making them subject to the stress tests, which assess if banks have enough capital to withstand a hypothetical economic crisis.

Mar 17, 2015

UK bank watchdog mulls stress tests for foreign banks -sources

WASHINGTON/LONDON, March 17 (Reuters) – The British units of
foreign banks could be required by UK regulators to submit to
annual health exams for the first time, banking and industry
sources said, potentially bringing Britain’s policies into line
with those of the U.S. Federal Reserve.

The UK’s Prudential Regulation Authority (PRA) has recently
started asking foreign banks to submit data, the sources said, a
possible first step toward making them subject to the stress
tests, which assess if banks have enough capital to withstand a
hypothetical economic crisis.

Mar 12, 2015

Fed slashes payout plans of large Wall Street banks

WASHINGTON (Reuters) – Four of the largest U.S. banks just scraped by in an annual Federal Reserve check-up on the industry’s health, underscoring their top regulator’s enduring doubts about Wall Street’s resilience more than six years after the crisis.

Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz), Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) and JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz), all with large and risky trading operations, lowered their ambitions for dividends and share buybacks, the Fed said on Wednesday, to keep them robust enough to withstand a hypothetical financial crisis. The revised plans allowed them to pass the Fed’s simulation of a severe recession.

Mar 11, 2015

U.S. Fed slashes dividend plans of large Wall Street banks

WASHINGTON (Reuters) – Three major U.S. Wall Street banks had to scale back planned investor payouts after an annual check-up by the Federal Reserve, and two foreign banks failed the test altogether, a sign the Fed is keeping a tight lid on Wall Street.

Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz), Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) and JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz), all with large and risky trading operations, lowered their ambitions for dividends and share buybacks, the Fed said on Wednesday, to keep them robust enough to withstand a hypothetical financial crisis. The revised plans allowed them to pass the Fed’s simulation of a severe recession.

Mar 9, 2015

U.S. credit unions locked in cyber battle with their regulator

WASHINGTON, March 9 (Reuters) – A common question asked of
people in positions of power is what keeps them up at night.

For Debbie Matz, the head regulator for 6,350 of the
nation’s credit unions, it’s an easy answer: a cyber hacker
sneaking in through a credit union vendor, cracking through to
the larger U.S. financial system and wreaking havoc along the
way.

    • About Douwe

      "I head up the Financial Services team in London. We're 20 journalists, covering M&A, IPOs, restructuring, banking, real estate, investment management, hedge funds and private equity. I've worked for Reuters in Zurich, Frankfurt and Amsterdam."
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