Major companies come out against SEC rule change on stock disclosures

Last modified September 22, 2020. Published September 22, 2020.
Nearly 400 U.S.-listed companies pushed back in a letter Monday against a proposed rule change from the U.S. Securities and Exchange Commission that would exempt the majority of hedge funds from disclosing their stock holdings.

Ally unit makes deal with fintech Sezzle to offer ‘buy now, pay later’ option

September 22, 2020.
Ally Financial said on Tuesday that it will be adding fintech Sezzle’s installment payments platform to its retail market lending choices, giving customers a "buy now, pay later" option, which has been growing in popularity for online sales.

Sun Life adds COVID-19 outbreak coverage to stop-loss insurance

Last modified September 22, 2020. Published September 22, 2020.
Sun Life Financial U.S. has added a trio of COVID-19 insurance products to its stop-loss line, including coverage for outbreaks in the workplace, as a way to try to meet the high demand for pandemic-related coverage options.

Deutsche Bank CFO says restructuring remains on track despite COVID-19

September 22, 2020.
Deutsche Bank’s chief financial officer continued to express confidence Tuesday that the investment bank will reach restructuring targets by 2022, despite the challenges presented by the COVID-19 pandemic.

Credit Suisse CEO expects wealth management slowdown

September 22, 2020.
Credit Suisse CEO Thomas Gottstein said Tuesday that he expects the firm’s wealth management business to slow down in the third quarter and bank consolidation to continue in Europe as the economy seeks to recover from COVID-19.

‘Lower for longer’ rates could lead to overvalued banks, EU regulators warn

September 22, 2020.
Europe’s top banking regulators cautioned banks Tuesday that sustained low interest rates will contribute to growing valuation risks at banks in the European Union and challenge their profits and solvency in the near term.

Libra currency co-founder leaves Facebook to join venture capital firm NFX

Last modified September 22, 2020. Published September 22, 2020.
A co-creator of Facebook’s experimental digital currency Libra is leaving the project before it fully launches to become a general partner with the venture capital firm NFX.

Fintech helmed by ex-PayPal, Capital One executives rolls out digital banking service

September 22, 2020.
One, a startup founded by PayPal’s first CEO and a former Capital One executive, said on Tuesday that it debuted what it bills as the first combined digital banking service that includes saving, borrowing, spending and sharing.

UK watchdog proposes reforms to home, auto insurers’ ‘complex and opaque’ pricing

September 22, 2020.
The U.K. Financial Conduct Authority on Tuesday proposed that customers who renew their home or motor insurance policies be billed the same way as new customers, saying these markets are not “working well” for consumers.

S&P senior index manager charged with insider trading

Last modified September 22, 2020. Published September 22, 2020.
A senior index manager for S&P Dow Jones Indices has been charged in an insider trading scheme based on his knowledge of which companies were about to be added or dropped from indexes that allegedly generated more than $900,000 in profits.

Nearly 60% of family offices to ramp up direct investing over coming year, Citi finds

September 22, 2020.
About 59% of family offices have increased their allocations to direct investments for the next 12 months, a sign that the world’s wealthiest families are increasingly seeking returns outside traditional investment funds.

New York tells insurers to begin analyzing climate-related financial risks

September 22, 2020.
New York state’s financial regulator said Tuesday that it will begin evaluating insurers’ approach to managing climate risk, although the agency stopped short of imposing penalties for noncompliance.

Credit unions score bipartisan support for their opposition to nominal leases for banks on military bases

September 22, 2020.
A bipartisan group of 51 U.S. representatives is urging the House and Senate Armed Services committees to reject a proposal that would treat banks on military bases the same as credit unions when it comes to nominal leases, according to the National Association of Federally-Insured Credit Unions.

Brazilian fund manager partners with Nasdaq to launch world’s first crypto asset ETF

Last modified September 22, 2020. Published September 22, 2020.
Brazil’s Hashdex Asset Management inked a deal with New York-based Nasdaq to offer the world’s first cryptocurrency exchange-traded fund on the Bermuda Stock Exchange.

World Economic Forum council pitches universal ESG reporting standards

September 22, 2020.
A group of global businesses led by Bank of America on Tuesday put forward a universal set of standards for measuring and disclosing environmental, social and governance factors in nonfinancial reporting for investors, laying the groundwork for alignment on an issue that has proved slippery despite widespread acknowledgement of its importance.

US senators call for money laundering crackdown after suspicious activity reports leak

Last modified September 22, 2020. Published September 22, 2020.
U.S. Sens. Elizabeth Warren and Bernie Sanders called for heightened federal oversight of banks in the wake of a recent report that flagged the potential laundering of trillions of dollars through the world’s largest financial institutions.

Open-banking startup Tink acquires OpenWrks’ platform as it expands into UK

September 21, 2020.
Swedish open-banking firm Tink acquired the aggregation platform of U.K.-based OpenWrks, the startup said on Monday, taking another step in an effort to expand across Europe.

MAPFRE’s solvency ratio recovered in Q2 despite weaker income

Last modified September 21, 2020. Published September 21, 2020.
MAPFRE, the largest Spanish insurance group by premium, revealed Monday that its solvency level picked back up in the second quarter after it took a dip in the first, even as COVID-19 and catastrophes drove down profits.

Goldman Sachs to lead IPO for car insurtech startup Root worth up to $6B: Reuters

September 21, 2020.
Goldman Sachs has been hired by auto insurtech Root to lead the startup’s preparations for an initial public offering with a target of raising $5 billion to $6 billion, Reuters reported Monday.

Google Pay adds digital-token, ‘tap to pay’ features for Indian users: press reports

September 21, 2020.
Google on Monday upgraded its payment mobile app for Indian users, according to local media reports, bringing secure and contactless options to the country as its mobile-payments market grows aggressively.