US banks can now provide services to stablecoin issuers, OCC says

Last modified September 21, 2020. Published September 21, 2020.
U.S. banks will be permitted to hold reserves on behalf of stablecoin issuers under a new set of regulations released Monday, offering clarification for financial institutions amid increased digital currency development.

Stripe settles with Massachusetts over lax oversight of cryptocurrency scam

September 21, 2020.
U.S. payments processing firm Stripe agreed to pay $120,000 to Massachusetts over its failure to prevent a scam that purportedly used the fintech’s accounts to offer sales of the cryptocurrency PlexCoin. 

European financial officials call for cuts to banks’ data-reporting requirements

September 21, 2020.
The European Central Bank wants to streamline banks’ reporting requirements and help lenders across the European Union work more efficiently with regulators, in response to complaints that the current regime is needlessly complicated.

Travelers to offer ergonomic assessments using AI technology

September 21, 2020.
Travelers Insurance said Monday that it will offer its business customers ergonomic assessments using artificial intelligence, and doesn’t even have to visit the business to do it.

Lockton teams up with minority-owned insurance broker in push for greater industry diversity

Last modified September 21, 2020. Published September 21, 2020.
Lockton Companies, the world’s largest privately held insurance broker, has partnered with Detroit-based Birwood Services Group in an effort to broaden minority participation in the insurance and financial services sectors.

Wall Street-backed stock exchange MEMX kicks off trading

September 21, 2020.
Members Exchange, a new stock exchange backed by a slew of banks and other financial firms, commenced trading activity on Monday with seven listed securities, including for prominent companies such as Google’s parent Alphabet, ExxonMobil and Ford.

Three ex-Wells Fargo executives latest to be fined in sales practices investigation

September 21, 2020.
Three former Wells Fargo community banking executives have agreed to cooperate with federal regulators in a probe and pay fines relating to allegations of sales practices misconduct, deepening troubles for the firm.

Norway eyes sovereign wealth fund equities shift toward U.S., away from Europe

Last modified September 21, 2020. Published September 21, 2020.
Norway’s Ministry of Finance said on Monday that it is considering shifting its equities benchmark for its sovereign wealth fund, which is ranked as the world’s biggest, away from Europe and toward the U.S. and Canada, a move that it said will help improve alignment with “value creation” of publicly traded companies.

Federal Reserve proposes overhaul of community reinvestment rules on heels of OCC changes

Last modified September 21, 2020. Published September 21, 2020.
The Federal Reserve proposed an overhaul of Community Reinvestment Act rules on Monday, following closely behind a separate set of new regulations that may complicate compliance for banks.

Chinese securities brokerages merge as global players look to enter market

September 21, 2020.
Chinese brokerage Guolian Securities is set to acquire bigger securities peer Sinolink Securities, a move that may kickstart the consolidation of brokerages in China, as foreign players increasingly enter the nation's financial sector, leading to more competition.

Spanish fintech Allfunds launches blockchain platform for asset distribution

September 21, 2020.
Madrid-based financial services company Allfunds said Monday that it formed a new blockchain platform for fund distribution in Europe, bringing the technology to a largely untapped market.

Swiss Re adds Toyota vehicles to risk platform

Last modified September 21, 2020. Published September 21, 2020.
Swiss Re is partnering with Toyota Insurance Services to add Toyota and Lexus vehicle data to its advanced driving assistance system risk platform, a vehicle-specific insurance rating that primary insurers can use to calculate insurance premiums.

EU banks get 18 months to ease off UK clearinghouses

September 21, 2020.
European banks and other financial market participants will have until June 2022 to reduce their exposure to U.K. derivatives clearinghouses, the European Commission said Monday, as the country nears its December deadline for transitioning from the European Union.

Paya to buy The Payments Group in bid for scale in utilities, government spaces

September 21, 2020.
Payments processor Paya said on Monday that it will acquire The Payments Group, a company that caters to utilities and courts, as part of its ongoing strategy to bulk up and add new product capabilities.

Goldman Sachs completes purchase of fintech Folio in bid to launch digital platform

September 21, 2020.
Goldman Sachs acquired boutique wealth-management technology firm Folio Financial, laying the groundwork for the U.S. investment bank’s launch of a digital wealth management platform next year.

Ping An launches its first UCITS vehicle to give global investors a way into China

September 21, 2020.
Chinese insurer Ping An Group said on Monday that its offshore asset management unit launched its first Undertakings for Collective Investment in Transferable Securities umbrella fund to provide global investors opportunities to invest in China's equity and fixed income markets.

Danish financial watchdog calls Danske’s handling of debt overcollection ‘reprehensible’

September 21, 2020.
Denmark’s scandal-plagued Danske Bank faced harsh criticism from the country’s financial watchdog on Monday, with the regulator concluding that the bank “disregarded its obligation to act fairly and loyally toward customers” in addressing its debt overcollection issues.

Transamerica enters ESG space with two new bond mutual funds

September 21, 2020.
Transamerica dipped its toes into the sustainable investing space with the launch of two new mutual funds oriented toward environmental, social and governance-related bond holdings, responding to a surge in demand for such offerings.

JPMorgan to allow credit-enhanced bonds into emerging markets index

September 21, 2020.
JPMorgan Chase’s bond index division will start allowing credit-enhanced bonds to be eligible for its emerging markets bond index, paving the way for debt relief for poor countries struggling amid the pandemic, in what the unit called one of its “most material rule changes” since early 2019.

Canada’s CI Financial picks up another American RIA with Bowling deal

September 21, 2020.
Toronto-headquartered CI Financial revealed Monday that it gained additional ground in its continued charge into U.S. wealth management business with a deal to acquire Ohio-based Bowling Portfolio Management and its $450 million in assets under management.