Financial Stability Board, Basel Committee call for smooth transition from LIBOR

Financial authorities should nail down rigorous plans to smooth the transition away from the world’s most widely used interest rate benchmark, two major global regulatory bodies cautioned on Thursday.

BIS recommends FDIC-like deposit insurance to manage failing European banks

An international banking institution offered reforms to better handle failing banks in the European Union in a report published Thursday, suggesting that the EU should implement deposit insurance and standardize nation-level insolvency laws.

Another year delay proposed for new US insurance accounting rules

U.S. insurance companies could get a second extra year to come into compliance with new financial reporting rules for long-term contracts such as life and annuity, continuing a recent trend in postponements of significant new accounting standards.

Wirecard execs under investigation for money laundering

German prosecutors are reportedly investigating individuals at Wirecard on suspicion of money laundering, on top of ongoing probes into the company for alleged accounting fraud and market manipulation, as troubles continue to mount for the insolvent payments processor.

FIS unveils new data ecosystem for financial institutions

Fidelity National Information Services said on Thursday that it has launched Ethos, a data ecosystem that will give clients a “unified view of data across their entire enterprise,” as data takes on increasing importance for financial institutions.

EU to maintain limited access to UK derivatives clearers into 2021

The European Commission will adopt new provisions allowing the EU continued access to the U.K.'s financial industry and derivatives clearing houses after the post-Brexit transition period expires at the end of 2020.

Vanguard to launch its first ESG corporate bond fund for US investors

Vanguard Asset Management, with an eye toward the voracious demand for environmental, social and governance-focused investing, will launch its first U.S.-based corporate bond fund screened for these values, it said Thursday.

Coinbase set to become first publicly traded crypto exchange this year: Reuters

Coinbase may become the first-ever cryptocurrency exchange to go public as soon as this year in a move that could make digital currencies more mainstream, Reuters reported Thursday.

Scandal-plagued Punjab National Bank reports 36.9B-rupee fraud

Punjab National Bank, India’s second-largest state-run lender, said Thursday that it has been hit with loan fraud of 36.9 billion rupees ($492 million), the latest setback for the struggling institution.

Mortgage credit availability falls for fourth straight month as lenders remain wary of recovery

Mortgage credit availability hit a six-year low in June as lenders remained skittish about making large home loans amid continued economic uncertainty, the Mortgage Bankers Association said Wednesday.

Citibank, ING, VTB bid to loan €542M to Bulgarian state gas company

Citibank, ING and VTB are among the banks seeking to lend €542 million ($612 million) to Bulgaria’s state-run natural gas company as it looks to expand abroad, the firm said Thursday.

JPMorgan, Bank of America, Wells Fargo and Goldman Sachs join climate initiative

Four major U.S. banks partnered with a clean energy nonprofit for an initiative that would put the financial industry on track to lower carbon emissions to net-zero by 2050.

Banking trade group opposes proposed rule allowing credit unions to raise unsecured debt

A leading U.S. banking trade group is asking federal regulators to drop proposed rule changes that would allow credit unions to raise unsecured debt, warning that such changes could result in credit unions that are run more “bank-like.”

Brazil’s IRB to raise over 2B reais to shore up capital, appease regulators

Embattled reinsurer IRB Brasil Resseguros said Thursday that it will raise as much as 2.3 billion reais ($430 million) as it bolsters its capital position at the request of Brazil’s insurance regulator.

Wells Fargo launches $400M fund aimed at minority small-business owners with PPP fees

Wells Fargo said Thursday that it has launched a new $400 million fund that will be fed through the donation of its Paycheck Protection Program fees in order to help small businesses that have taken the brunt of the economic damage caused by the continuing COVID-19 pandemic.

Goldman Sachs rolls out corporate bond ETF with smart beta approach

Goldman Sachs’ asset-management arm said on Thursday that it was launching a new exchange-traded fund for investment-grade corporate bonds that uses a smart beta approach.

Insurers to pay record 1.2B Canadian dollars for Calgary hailstorm damage

A hailstorm that pummeled Calgary last month was the most expensive in Canada’s history, costing insurers 1.2 billion Canadian dollars ($884 million) in property damages, the Insurance Bureau of Canada said Wednesday.

CI Financial expands US presence with purchase of two wealth firms

Canada’s CI Financial Corp. said Wednesday that it increased its recently established U.S. presence by closing on deals to acquire interests in The Cabana Group and Congress Wealth Management, advancing its strategy of becoming a more global firm.

Northern Trust boosts European presence with 3 new insurance clients

Wealth management company Northern Trust has taken on three new European insurance clients, it said Thursday, providing global custody services to help protect the companies’ assets.

Big banks absent from Fed’s Main Street lenders list

The Federal Reserve Bank of Boston on Wednesday released a state-by-state list of lenders that have registered for the Main Street Lending Program, revealing a selection of the banks that have chosen to participate in the mid-size business loan program.

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