The U.S. Securities and Exchange Commission on Friday proposed drastically raising disclosure requirement thresholds for institutional investors from $100 million to $3.5 billion, in a move the agency said would reduce regulatory burdens for smaller money managers.
California state lawmakers on Thursday introduced legislation to establish a public bank, an institution proponents argue would support the state’s push for equitable economic recovery following the coronavirus crisis.
AM Best has placed Pennsylvania-based Erie Insurance Group and its subsidiaries on a negative credit outlook, citing lagging underwriting performance due to weather-related losses, the ratings agency said Friday.
Dozens of state and national financial trade groups sent letters to U.S. lawmakers on Thursday in support of the Paycheck Protection Program Small Business Forgiveness Act, which would provide the majority of PPP small business recipients with an easier loan forgiveness application process and potentially save banks millions of dollars.
India’s beleaguered Yes Bank set a significant discount in the floor price of its INR 150 billion (approximately US$2 billion) further public offering, a regulatory filing showed Friday.
The U.S. Supreme Court said Thursday it will weigh the legality of government stewardship of Fannie Mae and Freddie Mac, which transferred shareholders’ dividends to the Department of Treasury following the 2008 financial crisis in return for billions of dollars of federal investment.
Hong Kong Exchanges and Clearing has launched the first clearing service using an alternative to the Hong Kong Interbank Offered Rate, or HIBOR, reflecting local regulatory efforts to nudge banks away from the old reference rate regime.
A New York appeals court ruled Thursday that cryptocurrency exchange Bitfinex must face the state’s claims the company engaged in a coverup to hide the loss of $850 million in client and corporate funds connected to one of the world’s most valuable digital currencies.
Insurance company Chubb said in a proposal released on Wednesday that there should be a governmental role in covering business-interruption losses caused by pandemics, arguing that private insurers are unable to provide coverage on their own.
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.
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.”
China’s largest banks are preparing for a possible worst-case scenario following the passage of legislation by the U.S. Senate earlier this week that would impose harsh penalties on financial institutions that implement Beijing’s new security law for Hong Kong.
Europe's second-highest court ruled Wednesday that the European Central Bank gave "inadequate reasons" for imposing €4.8 million ($5.4 million) in regulatory fines on French bank Crédit Agricole and its subsidiaries in 2018.
Discover Financial Services has signed an agreement with Saudi Arabia’s government-controlled payment authority that will allow the use of the company’s network cards in Saudi Arabia as well as allow Saudi banks to issue cards that will be accepted on Discover’s worldwide payment network.
U.S. shareholders of Wirecard on Tuesday hit the troubled German payments processor with what appears to be the first securities fraud class-action lawsuit against the company after it revealed a €1.9 billion (about $2.1 billion) hole in its balance sheet and filed for insolvency.
The Financial Action Task Force on Tuesday identified stablecoins as akin to other virtual assets like Bitcoin and called for the implementation of revised regulatory standards for them as “a matter of priority,” in a report addressed to G-20 finance ministers and central bank governors.
A federal judge on Monday upheld a former JPMorgan foreign exchange trader’s conviction for trying to manipulate emerging market currency prices, rejecting his request to set aside a jury’s findings.
The banking system of the United Arab Emirates entered 2020 on strong footing, with capital ratios and liquidity buffers well above regulatory requirements, according to a report released Tuesday by the Middle Eastern nation’s central bank.
Deutsche Bank has agreed to pay $150 million in penalties to a New York State financial regulator for compliance lapses that included the lender’s dealings with convicted sex offender Jeffrey Epstein and its relationship with Danske Bank and FBME Bank, two institutions deeply mired in money laundering scandals.
Cryptocurrency trading platform Kraken will become the first licensed crypto futures exchange in the U.K. after securing local regulatory approval, cementing its position as the continent’s largest marketplace for digital assets by trading volumes.