ABA to CFPB: Objective Definition of ‘Prepaid Account’ Is Necessary

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Noting that numerous compliance challenges remain, ABA today welcomed the Consumer Financial Protection Bureau’s proposal to delay the implementation of its final rule on prepaid products for six months.

April 04, 2017 at 03:25AM

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from Evan Sparks

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FDIC: Minority Banks Lag in Profits, Outpace in Loan Growth

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The 157 FDIC-insured minority depository institutions tend to lag community banks overall in terms of profitability, but the sector is seeing higher loan growth driven by commercial real estate, according to an FDIC report today.

April 04, 2017 at 03:25AM

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from Evan Sparks

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ABA, ICBA Call on Trump to Revitalize Rural America

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In a letter to President Trump today, the American Bankers Association and the Independent Community Bankers of America urged the president to make the revitalization of rural America a priority for any new national infrastructure program.

April 04, 2017 at 03:25AM

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from Monica C. Meinert

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Biz Groups Tell 5th Circ. Fiduciary Rule Delay Not Enough

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A coalition of business groups suing over the U.S. Department of Labor’s fiduciary rule for retirement account advisers told the Fifth Circuit on Friday that the agency’s “patchwork relief plan” isn’t enough to forestall damage from the rule, and that staying the rule altogether would benefit the DOL as well.

April 04, 2017 at 03:21AM

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Visa, MC 'Playing Games' In Chip Antitrust Row, Shops Say

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Visa and MasterCard are “playing games” in their bid to transfer an antitrust lawsuit against them away from California, but the dispute over a shift to a new security chip system is distinct from New York litigation involving interchange fees, retailers who brought the suit said Monday.

April 04, 2017 at 03:21AM

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Art Whiz Gets More Time To Cough Up Credit Suisse Records

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A Manhattan federal judge on Monday ordered an art consultant charged with tax evasion to produce Credit Suisse bank records to prosecutors, but extended the deadline for her to comply before facing sanctions of $1,000 per day for contempt of a grand jury subpoena.

April 04, 2017 at 03:21AM

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BlackRock, Others Back Over $2B Deal With Lehman Estate

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Fourteen institutional investors including a unit of BlackRock Inc. said Monday that the estate of Lehman Brothers Holdings Inc. has offered to pay more than $2 billion to settle a suit over the defunct bank’s failure to repurchase dud mortgages that it sold to investors before the financial crisis.

April 04, 2017 at 03:21AM

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Baker Botts Welcomes Back Ex-FINRA Chief Of Enforcement

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The Financial Industry Regulatory Authority’s former chief of enforcement has returned to Baker Botts LLP’s white collar team after policing Wall Street for six years, the firm announced Monday.

April 04, 2017 at 03:21AM

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PE-Backed Met Coal Co. Leads 3 IPO Launches Totaling $530M

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Three companies, including a private equity-backed coal producer, bank and brain-cancer-focused biotech company, launched initial public offerings on Monday totaling $530 million, injecting further life into an IPO market that has started the year’s second quarter on a roll.

April 04, 2017 at 03:21AM

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The Foreign Corrupt Practices Act: A Primer

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If your company engages in international sales of products or services, there is a risk that your employees or representatives may take actions that run afoul of the FCPA. In recent years, DOJ and the SEC have stepped up their enforcement efforts and...
By: Bryan Cave

April 04, 2017 at 02:49AM

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from Bryan Cave

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Bank of America Using FATF Reports to Gauge Risk

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William Fox, global head of financial crimes compliance at Bank of America Corp., said during a panel discussion at an anti-money laundering conference that he had briefed senior management about the latest evaluation of the U.S. from the Financial Action Task Force.

April 04, 2017 at 02:38AM

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from Samuel Rubenfeld

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High Court Remands Texas Credit Card Surcharge Case

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The U.S. Supreme Court on Monday remanded a case challenging a Texas law that bar retailers from imposing credit card surcharges after ruling last week that a similar statute in New York regulated merchants’ First Amendment rights.

April 04, 2017 at 02:24AM

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Wells Fargo Settles Phone Bankers' Unpaid Bootup Time Suit

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Wells Fargo Bank has agreed to settle a Fair Labor Standards Act suit with more than 2,000 employees for allegedly failing to pay them for time spent logging onto their computers before they could take customer service calls, according to California federal court records filed Friday.

April 04, 2017 at 02:24AM

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Netspend agrees to $53M settlement of FTC allegations

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The prepaid card issuer was accused of deceiving customers in ads claiming that getting approved was easy, and funds would be available right away.

April 04, 2017 at 02:23AM

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Understanding the New DOJ Compliance Guidance: Part 2 – Autonomy, Resources, and Staffing

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This is the second in a series of posts where we will explore critical elements of a successful compliance program. In February, the Department of Justice’s Fraud Section offered a new perspective on what the government expects in an anti-corruption...
By: Orrick - Securities Litigation and Regulatory

April 04, 2017 at 02:19AM

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from Orrick - Securities Litigation and Regulatory

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Carson claims HUD budget cuts will be restored in infrastructure bill

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Affordable housing advocates are skeptical of claims by the Department of Housing and Urban Development that proposed cuts to the agency's budget will eventually be made up for by additional funding in the infrastructure bill.

April 04, 2017 at 02:13AM

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More evidence that rising student debt is bad for banks

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New research from the New York Fed confirms a lingering worry for the banking industry: More prime-age, college-educated borrowers are delaying the decision to take out their first mortgage as they focus instead on paying off their student loans.

April 04, 2017 at 02:13AM

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Leadership step by step: Become the person others follow

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Mastering Leadership Concepts

Learning how to lead. It’s the focus of many lectures, articles, blog posts, and books. Joshua Spodek prefers the active to the passive, teaching with exercises designed to master leadership concepts.

He recently wrote a book titled Leadership Step by Step: Become the Person Others Follow that takes this teaching approach. His background includes a mix of academic and corporate experience, allowing his coaching methods to incorporate the best of both. I recently spoke with him about his new book and his approach to leadership.

“What holds people back isn’t not knowing what skills to have but how to get them and use them effectively.” -Joshua Spodek

What Holds People Back

You bristle at the question of what qualities make someone a leader. Why?

Every book and resource lists qualities of effective leadership: integrity, self-awareness, resilience, empathy, listening skills, and so on. Popular terms now include grit and hustle.

The post Leadership step by step: Become the person others follow appeared first on CUInsight.

April 04, 2017 at 02:10AM

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from Wendy Bignon

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How Much do you think members of the Current Administration made last year?

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By Jack Kelly:

Over the weekend high-level members of the Trump administration opened their robes and released their financial holdings.

It is  kind-of like money porn as we ogle the net worth and earnings of the wealthiest administration in recent history.

Please note, for those of you, like me, that are sick of people arguing about politics, the following is merely voyeuristic leering at other peoples’ money – and nothing more or less.

Serving a career-oriented audience, it is always interesting to note the worth of high-level people and how they accumulated their assets.

“Together, 27 White House officials had assets worth at least $2.3 billion when they joined the administration,” according to a Washington Post analysis of the findings.

 

 

Let’s start with Jared Kushner (Trump’s son-in-law and confidant) and his daughter, Ivanka Trump.   In an exhaustive 54 page disclosure dossier, Jared Kushner lists his sizable assets.   Ivanka also revealed  Pages and pages  devoted to the family’s massive real estate investments. The couple have holdings valued at over $200 million.  According to the The New York Times, they “will remain the beneficiaries of a sprawling real estate and investment business still worth as much as $741 million…”.  Ivanka Trump also reports a stake in the Trump International Hotel in Washington, D.C., with her share valued between $5 million and $25 million. The filing says she made between $1 million and $5 million in profit off this stake in 2016 and part of 2017.

 

Chief Strategist,  Steve Bannon earned at least $1.4 million in the last year and held assets valued between $10.7 million and $48.6 million when he joined the administration, according to a tally by The Wall Street Journal.

 

Bannon reported income of $191,000 from his website, Breitbart News, $125,333 from Cambridge Analytica, which analyzes election data, and $61,539 from the Government Accountability Institute, a nonprofit he co-founded.  Bannon’s largest single source of income listed is just over $493,000 from Bannon Strategic Advisors, Inc. The New York Times notes:  “The disclosure suggests that Bannon Strategic Advisors served as an umbrella company for receiving fees he earned from interests in other companies such as Breitbart News, Cambridge Analytica and Glittering Steel, a company that produced the documentary “Clinton Cash”.

 

Former Goldman Sachs Chief Operating Officer and President, Gary Cohn, and the current National Economic Council director, is one of the wealthiest members of Trump’s team. He reported assets worth at least $254 million and income of at least $48.3 million over 2016 through early 2017, according to Bloomberg.

 

Cohn lists his 2016 salary from Goldman Sachs as $1.85 million with a cash bonus of $5.74 million from 2015. Adding in dividends and interest from Goldman-affiliated assets, Cohn made at least $40 million from the organization, according to the AP and CNBC. He made more than $1 million — there are no details of how much more — from dividends from the Industrial and Commercial Bank of China.

Spokeswoman, Kellyanne Conway, made nearly $850,000 in the past year and has assets worth as much as $39 million.

White House General Counsel Donald F. McGahn left a $2.4 million job last year as a partner at a law firm.

 White House chief of staff Reince Priebus received more than $500,000 in salary and bonuses from the Republican National Committee, which he led through the long and divisive presidential primary. He also earned at least $750,000 from equity buyout and partner-distribution income from the law firm Michael Best & Friedrich.

Sean Spicer, the White House press secretary, was paid $260,000 for his role as chief strategist and communications director at the Republican National Committee, and holds several real estate assets.

 

Estimates for the cumulative wealth of the Trump Cabinet by various media organizations have ranged from $6 billion to $14 billion.

 

The recent disclosures do not include such players as Commerce Secretary, Willbur Ross, who is a multi-billionaire, and Treasury Secretary, Steve Mnuchin, worth over $100 million.

 

We will keep the financial porn coming as we find new salacious details.

The post How Much do you think members of the Current Administration made last year? appeared first on Compliancex.

April 04, 2017 at 01:50AM

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from The Compliance Exchange

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Inspector General Says Fed Could Improve Monitoring of Big Banks

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April 04, 2017 at 01:47AM

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