Banking
Top stories summarized by our editors
11/9/2018

The US government filed a civil suit against Swiss bank UBS on Thursday, accusing it of misleading investors in 2006 and 2007 regarding more than $41 billion worth of residential mortgage-backed securities. The suit criticized the business culture at UBS, citing one employee's complaints to bosses about company ethics, including that "lying is OK."

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Reuters
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UBS
11/9/2018

Rep. Patrick McHenry, R-N.C., is seeking to become the top Republican on the House Financial Services Committee. Reps. Blaine Luetkemeyer, R-Mo., and Bill Huizenga, R-Mich., have said they will back McHenry, who says he will "fight back against any efforts by Democrats to use this committee to roll back our successes from the last two years or use the committee as the launch pad for endless, partisan investigations."

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The Hill
11/9/2018

The Community Reinvestment Act has been changed only once since implementation in 1977, and bankers want the rule modernized to ensure investment dollars are put where they are needed most, CBA President and CEO Richard Hunt writes. Bankers invest more than $100 billion annually in low- and moderate-income neighborhoods, and modernization would expand projects, Hunt writes.

11/9/2018

JPMorgan Chase has opened the first of 50 planned branches in the Philadelphia area. The 1,500-square-foot branch in Camden, N.J., is modeled on branches in New York and California that are designed to attract customers who normally bank online.

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JPMorgan Chase, Chase
11/9/2018

JPMorgan Chase's expansion into the Boston market does not worry Bank of America CEO Brian Moynihan. "They're a good competitor, but we'll compete, and we'll win," Moynihan said.

11/8/2018

Financial-technology companies will likely begin applying for bank charters within a couple of months and have not been deterred by a lawsuit filed by state banking regulators, Comptroller of the Currency Joseph Otting says. His office earlier this year announced plans to consider fintech applications for charters, but state regulators say the move could harm consumers.

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Joseph Otting
11/8/2018

Seventy-seven percent of Colorado voters supported a ballot measure that will cap interest rates on small-dollar loans at 36% and eliminate other fees and finance charges.

11/8/2018

The August compliance date for the Consumer Financial Protection Bureau's small-dollar lending rule has been delayed by a federal judge at the request of CFPB acting Director Mick Mulvaney and two industry groups. Mulvaney says that as soon as January, the CFPB will introduce revisions to the original rule, which was proposed by former CFPB Director Richard Cordray.

11/8/2018

The Securities and Exchange Commission has fined Citibank more than $38 million for its mishandling of American Depositary Receipts, or US securities that represent foreign shares. The SEC found that Citi improperly provided ADRs to brokers who did not have the shares to back them up.

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Reuters
11/8/2018

The Trump administration's efforts to ease regulatory oversight of banks could be slowed after Democrats gain control of the House. Although the House is unlikely to succeed in imposing stricter laws as long as Republicans control the Senate, it could impede any new deregulatory initiatives.