Category: banks

The trend of banks increasing their net interest margins and channeling their efforts into loan refinancing has raised concerns that it will reduce competition in the lending market. This shift could have significant implications for borrowers and the broader economy, according to Peter James (pictured above), director of non-bank lender Mortgage Ezy. “Banks are notorious for fattening their net interest…

  JPMorgan Chase is in a protracted legal battle in a federal district court in Manhattan over highly credible allegations that it “actively participated” in Jeffrey Epstein’s sex-trafficking of minors. The lawsuit has been brought against JPMorgan Chase by the Attorney General of the U.S. Virgin Islands where Epstein owned a private island compound that was a frequent venue of…

Following concerns raised by the government of the United Kingdom (“UK”) about freedom of expression and the provision of banking services, the UK’s financial watch dog, the Financial Conduct Authority (“FCA”), recently commenced an investigation into bank account closures.  This action follows in the wake of recent reports of banks allegedly closing customer accounts based…… Continue Reading
The post FCA Investigates Bank Account Closures, Including for PEP Customers appeared first on Global Investigations & Compliance Review.

  The Australian Securities and Investments Commission (ASIC) has taken legal action against Paypal Australia Pty Limited, alleging that the company’s standard form of contracts with small business owners contains an unfair term. According to ASIC, business account holders are given 60 days to notify Paypal of any errors or discrepancies in fees that Paypal has charged them, or else…

The DOJ charged JPMorgan Chase with engaging in “tens of thousands of instances of unlawful trading in gold, silver, platinum, and palladium…as well as thousands of instances of unlawful trading in U.S. Treasury futures contracts and in U.S. Treasury notes and bonds…”

The U.S. Treasury market is essential to the United States being able to pay its bills; raise money efficiently; and maintain the trust of our allies in our sovereign debt instruments. Rigging the Treasury market is about as close to financial treason as a Wall Street firm can get; especially when JPMorgan Chase’s securities unit is one of the Fed’s primary dealers and is contractually bound to bid in Treasury auctions.

But instead of prosecuting the bank, the DOJ handed JPMorgan a deferred-prosecution agreement (its third in six years) and put it on probation.

  Last July, we noted how media reform activists had petitioned the FCC to revoke Fox News’ local broadcast license in Philadelphia. More specifically, the group argued that Fox News’ rampant election fraud propaganda technically violated the “character clause” embedded in the Communications Act the FCC is supposed to use to determine whether an organization should hold a broadcast license. To be…

The two founders behind Tornado Cash, a Russian cryptocurrency mixing service, have been charged by the U.S. Attorney’s Office for the Southern District of New York, according to a statement on Wednesday. Roman Storm and Roman Semenov were officially charged with conspiracy to commit money laundering, conspiracy to commit sanctions violations and conspiracy to operate an unlicensed money transmitting business,…

(AP) — A private jet crashed in Russia on Wednesday, killing all 10 people aboard, emergency officials said. Mercenary chief Yevgeny Prigozhin was on the passenger list, but it wasn’t immediately clear if he was on board. Prigozhin’s fate has been the subject of intense speculation ever since he mounted a short-lived mutiny against Russia’s military leadership in late June….

The UK Ministry of Defence (MoD) has awarded BAE Systems an 89-million pound ($113 million) five-year contract to design and manufacture a secure battlefield communication network for the British armed forces. The tactical Wide Area Network, known as Trinity, will provide secure connectivity to front-line soldiers in contested environments, sustaining battlefield awareness and intelligence sharing. Trinity will replace the existing…

from the pick-a-lane,-guys dept This is just so painfully obnoxious. The legacy news media, spurred on by a welfare system that pretend free market supporter Rupert Murdoch dreamed up and convinced governments to implement, whereby the government would force internet companies, which had innovated and created new business models that worked, to suddenly be required to pay for sending traffic…

This follows our announcement of a data exercise to investigate account closures.  Firms have until 25 August 2023 to provide information on: the number of customers that have been terminated the number of customers suspended the number of customers denied services the reasons for all of the above  the number of complaints banks have received on this issue This will…

Italy has dealt a surprise blow to its banks and sent shock waves across the sector in Europe by setting a one-off 40 percent tax on profits reaped from higher interest rates, after reprimanding lenders for failing to reward deposits. Sharply higher official interest rates have yielded record profits for banks, as the cost of loans has soared while lenders…

Students rights are limited on school grounds. But they don’t cease to exist. And what they do off-campus is subject to even fewer limitations. These are long-held facts backed by years of court precedent, the most famous of which is the Supreme Court’s 1969 Tinker decision. This is the baseline for school-student interactions when it comes to constitutional rights, as…

As SoftBank prepares to dive deeper into AI investments, the group posted an unexpected consecutive quarterly overall loss, as well as a continued loss in its existing investment business. SoftBank’s Vision Fund 1 and 2 and its Latin American fund together posted a quarterly investment loss of 13 billion yen ($91 million). That is significantly less than the 2,919 billion…

SAN FRANCISCO – Moody’s Investors Service lowered the credit rating of 10 small and mid-sized US banks and said it may downgrade major lenders including US Bancorp, Bank of New York Mellon, State Street, and Truist Financial as part of a sweeping look at mounting pressures on the industry. Higher funding costs, potential regulatory capital weaknesses and rising risks tied…

Prosecutors are asking a federal judge to put Sam Bankman-Fried in jail ahead of his trial, which is scheduled to start in October. As he considers their request, the judge has imposed a broad, temporary gag order in the case. There were audible gasps in the courtroom on Wednesday when prosecutors told the judge they were seeking Bankman-Fried’s detention. His…