A lightning rod for the financial services industry, U.S. Senator Elizabeth Warren (D-Mass.), an outspoken critic of Wall Street, is taking on Mary Jo White again, and has asked the Obama White House to fire the head of the SEC because of Warren’s concerns about public companies disclosing political contributions. In her recent letter to… Read More >>
UnaVista Hires from Electra Information Systems
UnaVista Expands Again in North America Neil Giavara, formerly the senior sales director at reconciliation and post-trade systems vendor Electra Information Systems, has joined the North American branch of UnaVista, a hosted software platform vendor for matching, reconciliation and regulatory reporting that is part of the London Stock Exchange Group (LSEG). Giavara was at Electra… Read More >>
Obama Administration Adopts KYC Rule to Combat Money Laundering
The Obama administration via the U.S. Department of the Treasury is taking steps to further combat tax evasion and money laundering, and announced that the Customer Due Diligence (CDD) Final Rule will be taking effect and will impose new know your customer (KYC) requirements upon financial services firms. The new impetus for this rule to… Read More >>
Morgan Stanley’s RMBS Penalty Payments Hit $5 Billion
Morgan Stanley faces a total tally of $5 billion in penalties as it settles claims with federal and state government authorities over charges that the firm misled investors via its marketing, sale and issuance of residential mortgage-backed securities (RMBS) during the years leading up to the Great Recession. The penalties and related payments stem from… Read More >>
Barney Frank: Dodd-Frank’s Future Depends on 2016 Election
The future of the Dodd-Frank Act depends on the outcome of 2016 presidential election, says former U.S. Congressman Barney Frank, co-author of the massive financial services reform legislation. Frank says the law will be repealed if the Republicans win the White House, Senate and House of Representatives next year. During an appearance on a radio… Read More >>
Senate Confirms New CFTC Chairman, Commissioners
By a voice vote late on Tuesday, the U.S. Senate approved President Barack Obama’s nominee for chairman of the CFTC Timothy Massad, the TARP overseer, according to media reports and the websites of U.S. Senators. The Senate also confirmed by voice vote the nominee for the Republican commissioner’s seat J. Christopher Giancarlo. Sharon Yvette Bowen,… Read More >>
TARP Overseer May Become CFTC Chairman as Deutsche Bank Picks a CIO
TARP Overseer Nominated to be CFTC Chairman President Barack Obama yesterday nominated Timothy Massad, overseer of the Troubled Asset Relief Program (TARP), to be the next chairman of the CFTC as the regulator appears to be moving into a new phase given the recent turnover of commissioners.“For the past few years, Tim has been charged… Read More >>
