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Apr 15, 2015

U.S. regulator Hoenig urges exemption of some bank rules

WASHINGTON (Reuters) – Traditional banks shying away from risky trading activities should be exempted from some of the new rules put in place to prevent a repeat of the credit crisis, a top U.S. regulator said on Wednesday.

Such lenders could be freed up from having to meet the Basel III capital rules and from a number of intrusive reporting requirements, Federal Deposit Insurance Corp Vice Chairman Tom Hoenig said at a conference.

Apr 14, 2015

Labor Department to let BNP manage retirement funds after guilty plea

WASHINGTON (Reuters) – The Labor Department revealed on Tuesday it will allow BNP Paribas SA to continue to manage retirement plans despite its guilty plea last year to criminal charges that it violated U.S. sanctions against countries such as Iran.

In a filing slated to be formally published in the Federal Register on Wednesday, the Labor Department refuted arguments made by the Public Citizen advocacy group, which had asked the department to reject the French bank’s application in order to help deter future criminal misconduct.

Apr 14, 2015

US Labor Dept to let BNP manage retirement funds after guilty plea

WASHINGTON, April 14 (Reuters) – The U.S. Labor Department
revealed on Tuesday it will allow BNP Paribas SA to
continue to manage retirement plans despite its guilty plea last
year to criminal charges that it violated U.S. sanctions against
countries such as Iran.

In a filing slated to be formally published in the Federal
Register on Wednesday, the Labor Department refuted arguments
made by the Public Citizen advocacy group, which had asked the
deparment to reject the French bank’s application in order to
help deter future criminal misconduct.

Apr 1, 2015

U.S. CFTC sues Kraft, Mondelez over alleged wheat price manipulation

WASHINGTON (Reuters) – The U.S. Commodity Futures Trading Commission on Wednesday charged Kraft Foods Group Inc and Mondelez International Inc with manipulation of prices of wheat used in products such as Oreo and Chips Ahoy cookies.

The regulator alleged that Kraft and Mondelez bought $90 million of wheat futures, or a six-month supply, but never intended to take delivery of the grain.

Mar 30, 2015

BSI becomes first Swiss bank to settle under U.S. tax program

WASHINGTON/ZURICH (Reuters) – Swiss private bank BSI SA avoided prosecution for suspected tax-related offenses by paying a $211 million penalty, becoming the first bank to reach a deal in the U.S. Department of Justice’s voluntary disclosure program, the department said on Monday.

The U.S. government program allows Swiss banks to avoid prosecution by coming clean about their cross-border business in undeclared U.S.-related accounts before they are investigated.

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.

    • 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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