Lack of insurance hinders global cryptocurrency growth: Cambridge research group

Last modified an hour ago. Published 2 hours ago.
A lack of insurance coverage is a major factor holding back the growth of cryptocurrencies and preventing their more widespread adoption into the mainstream, a research group said in a new report.

Fannie, Freddie pose ‘risk to financial stability’ without capital reform, Treasury panel says

Last modified 2 hours ago. Published 2 hours ago.
A panel of top U.S. finance officials endorsed a proposal Friday that would force more stringent capital requirements on Fannie Mae and Freddie Mac as the massive real estate lending entities flounder in conservatorship.

Allianz names technology leader, former AIG executive to management board

3 hours ago.
Munich-based insurance and asset management firm Allianz said Friday that it appointed two new members to its management board, one of whom is moving into a position that was held by the company’s retiring chief operating officer.

Sustainable investing hampered by lack of companies making positive impact: ISS

3 hours ago.
Investors face limited environmental, social and governance-related options, with only a modest percentage of companies making substantive contributions to those goals, a shareholder advisory firm said.

Goldman Sachs to move over 100 London staff to EU cities before Brexit: Bloomberg

3 hours ago.
Goldman Sachs has reportedly asked more than 100 London-based employees to sign new contracts and gear up for a move to the European Union, in the latest shift by a financial firm related to Brexit.

Chase charged millions in improper overdraft fees through ‘secret step,’ class action says

3 hours ago.
JPMorgan Chase Bank routinely and quietly charged customers overdraft fees on debit transactions that didn’t actually overdraw their checking accounts, reaping millions of dollars in the process, according to a proposed class-action lawsuit filed in U.S. federal court.

UK clampdown on insurance pricing likely to hurt profits: Fitch

3 hours ago.
Analysts at Fitch Ratings warned that new reforms recently proposed by the U.K. Financial Conduct Authority to tackle high insurance prices in the home and motor insurance sectors could reduce non-life insurers’ profitability.

Transamerica targets small-business retirement plan administrators with cash incentives

3 hours ago.
U.S. insurance firm and investment manager Transamerica will waive fees and give cash incentives to attract fund administrators, employers and participants to its retirement planning offering for small businesses.

Gold and silver dealers scammed elderly investors out of $185M, CFTC says

4 hours ago.
Two U.S. precious metal dealers tricked elderly, mostly politically conservative investors into spending $185 million on fraudulently overpriced priced gold and silver, market regulators said Friday.

Vanguard closes $3B municipal bond money-market funds to new investors

4 hours ago.
Asset manager Vanguard on Friday began turning away new investors for two money-market funds totaling $3 billion in assets that invested in Pennsylvania and New Jersey municipal securities, citing insufficient supply.

UK watchdog asked to ‘compel’ Hiscox COVID-19 BI payouts after court ruling

Last modified 2 hours ago. Published 4 hours ago.
Lawyers for hundreds of Hiscox policyholders asked British regulators to force the company to pay out COVID-19 business interruption claims, saying it has “refused” to do so following a U.K. High Court ruling deeming insurers largely liable for such claims.

Digital banks pose new threat to already weakened Korean lenders: Fitch

4 hours ago.
Internet-only banks, a newer concept in South Korea, are taking market share of higher-yielding loans from the country’s traditional banking sector, posing another threat to incumbents’ profits amid historically low interest rates.

Deutsche Bank may introduce ‘hybrid’ work-from-home model permanently

4 hours ago.
Deutsche Bank is considering revising its work-from-home policy to allow employees to split their work between the office and their homes in the future, a bank spokesperson said Friday, as the lender looks for cost-cutting opportunities amid the global pandemic.

Fidelity plans ETF version of storied Magellan mutual fund

Last modified 3 hours ago. Published 4 hours ago.
Fidelity Investments has filed regulatory paperwork for an exchange-traded fund version of its famous Magellan mutual fund, an investment vehicle that was once the world’s largest and had a “cottage industry” devoted to it.

Hong Kong hires US blockchain firm ConsenSys for central bank digital currency project

5 hours ago.
The Hong Kong Monetary Authority has hired U.S. blockchain technology company ConsenSys to study the use of a central bank digital currency for cross-border payments.

Bank of America issues $2B ‘racial equality’ sustainability bond

5 hours ago.
Bank of America issued a bond that will fund projects related to racial equality, economic opportunity, and transitioning to a low-carbon economy, the first-ever offering of its kind in the financial services industry.

Ant Group partners with banks to roll out blockchain-based cross-border trade platform

5 hours ago.
Ant Group on Friday unveiled a new cross-border trade finance platform powered by its Blockchain-based unit AntChain in partnership with major global banks as the Chinese fintech readies for its blockbuster initial public offering.

Nippon Life invests $100M in health care venture fund

Last modified 6 hours ago. Published 6 hours ago.
Japanese insurer Nippon Life is investing in a health care venture fund as part of the company’s efforts to make investments and loans that help solve environmental and social issues.

OneCoin investors allege BNY Mellon aided in $4B fraud scheme

Last modified 6 hours ago. Published 6 hours ago.
In the latest twist in a $4 billion cryptocurrency-fraud scandal, the Bank of New York Mellon was added Thursday as a co-defendant in a class-action suit against OneCoin, which allegedly ran a Ponzi scheme that defrauded investors worldwide.

Ex-SEC chief backs Goldman Sachs’ appeal to Supreme Court in $13B Abacus case

Last modified 6 hours ago. Published 7 hours ago.
Former U.S. financial regulators and legal scholars urged the U.S. Supreme Court to consider Goldman Sachs’ appeal of ruling in a lawsuit over alleged fraud involving a controversial structured finance vehicle.