May 22, 2012 |
NEW YORK -- Securities regulators are amping up their interest in Facebook's lackluster initial public offering. Morgan Stanley may have shared an analyst's negative reports with some institutional investors but not others ahead of the social networking firm's high-profile IPO last week, according to news reports. "If true, the allegations are a matter of regulatory concern to FINRA and the SEC," Rick Ketchum, chairman and chief executive officer of the Financial Industry Regulatory Authority, said in an emailed statement.
July 3, 2012 |
WASHINGTON -- Regulators on Tuesday released shortened public versions of breakup plans known as "living wills" that the nine largest banks were required to submit so the government could safely shut them down if they were in danger of collapsing. The resolution plans were required by the 2010 Dodd-Frank financial reform law to prevent the chaos that swept through the financial system when Lehman Bros. failed in September 2008. Banks with more than $250 billion in non-bank assets were the first financial institutions required to submit the plans to the Federal Reserve and the Federal Deposit Insurance Corp., which will review them.
September 27, 2013 |
SAN FRANCISCO -- French regulators have begun formal proceedings to impose sanctions on Google for violating European privacy law, which could lead to millions of euros in fines, one in a series of setbacks on the privacy front for the search giant. France's data protection agency, the Commission Nationale de l'Informatique et des Libertes, said in a statement Friday that Google had not complied with an order to change how it handles users' data. French regulators in June gave Google three months to make the changes to its privacy policies.
July 18, 2011 |
A former commodities trader pleaded guilty Monday to threatening to kill more than 40 financial regulators, including the heads of the Securities and Exchange Commission and the Commodity Futures Trading Commission. Vincent McCrudden, 50, admitted in court that he posted the threats on his company's website in December, asking for help executing his plan. His guilty plea came the day testimony was to begin in his federal trial, said his lawyer, Bruce Barket. McCrudden pleaded guilty in U.S. District Court in Central Islip, N.Y., to two counts of transmission of threats to injure.
February 17, 2011 |
Major U.S. banks are about to get penalized for "critical deficiencies" and shortcomings in how they handled foreclosures, a top federal regulator said Thursday at a Senate Banking Committee hearing examining the Dodd-Frank Act six months after its congressional approval. "These deficiencies have resulted in violations of state and local foreclosure laws, regulations or rules," said John Walsh, acting comptroller of the currency. Banking regulators are preparing sanctions and "remedial requirements," he said.
March 8, 2013 |
Sen. Elizabeth Warren (D-Mass.) wants to know: How much money do banks have to launder to get charged with a crime? In a Senate Banking Committee hearing Thursday, Warren asked financial regulators why officials from banks weren't prosecuted even after confessing to extensive money laundering. Specifically, she asked why British bank HSBC -- which was fined $1.92 billion after admitting to moving millions of dollars around for drug cartels, terrorist organizations and regimes such as Iran -- avoided prosecution.
CALIFORNIA | LOCAL
March 6, 2013 |
SACRAMENTO -- Ethics officials are reviewing allegations that two of state's top environmental regulators violated conflict-of-interest rules by regulating companies in which they own stock. Officials at the Fair Political Practices Commission said Wednesday they are studying a complaint that Odette Madriago, chief deputy director of the Department of Toxic Substances Control, and Stewart Black, deputy director of the agency's brownfields and environmental restoration division, may have improperly taken regulatory actions affecting the operations of oil, chemical and manufacturing companies in which they have financial interests.
July 3, 2010 |
Did regulators move too fast in taking down Arrowhead Credit Union, as a prominent financial consultant contended? Or was the San Bernardino nonprofit heading for ruin and misrepresenting its financial condition, as a spokesman for its federal regulator said? One thing is certain: The dispute over the 152,000-member credit union shows that regulators can expect more pushback as they intensify scrutiny of the financial institutions. "The kind of [confrontational] situation we're seeing at Arrowhead can occur at other credit unions," said David Chatfield, acting chief executive of the California and Nevada Credit Union League trade group.
July 31, 2013 |
The egregiously light wrist-slap that federal regulators gave to JPMorgan Chase & Co. over its $125-million rip-off of California consumers has drawn the attention of Sen. Elizabeth Warren (D-Mass). The first-term senator, who has already made a mark in Washington for her no-nonsense questioning of financial regulators, has asked the Federal Energy Regulatory Commission to justify its settlement -- a $410-million penalty that includes no criminal referrals, even though FERC identified three energy traders and a top JPMorgan executive whose fingerprints were all over the scheme.
June 22, 2013 |
More than a year after regulators cracked down on Wall Street's flawed home foreclosure procedures, authorities are stepping up pressure on debt collectors over a flood of lawsuits rife with unsupported allegations against delinquent credit card holders. State and federal regulators are increasingly alarmed that banks and debt collectors appear to be using faulty records in litigation against borrowers having trouble paying what they owe on their credit cards. In some cases, authorities said, the paperwork and the procedures have been so defective that borrowers weren't even given notice of lawsuits against them until judges rendered default judgments for their failure to appear in court to defend themselves.