The New York Department of Financial Services reminded banking institutions of recent amendments to the New York Community Reinvestment Act that require additional information on activities with respect to minority- and women-owned businesses.
A broker-dealer settled SEC charges for misleading clients as to trade execution services and transaction costs in the broker-dealer's retail wrap fee program.
The SEC charged an investment advisory firm and two of its investment advisers with violating their fiduciary duty and defrauding clients by failing to disclose significant financial conflicts of interest.
Federal Reserve Board Governor Lael Brainard proposed an approach to Community Reinvestment Act oversight that would use metrics on retail banking services and community development to evaluate banks in low- and moderate-income neighborhoods.
Two broker-dealers settled separate SEC charges for tendering a number of shares greater than their net long positions while engaging in a partial tender offer for shares of common stock.
A former executive of a brokerage firm settled SEC charges for illicitly securing business deals with a Malaysian state-owned and controlled investment fund.
The SEC Division of Corporation Finance Office of Mergers and Acquisitions granted no-action relief to an open-end investment company - consisting of five actively managed exchange-traded funds - from requirements under SEA Rule 14e-5, subject to certain conditions.
A broker-dealer and a registered representative settled FINRA charges for failing to establish and enforce procedures to record and review phone calls between the firm and existing or potential customers.
The House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.
The SEC charged an entity and several associated individuals with misleading 100 investors - most of whom were seniors - resulting in $4.9 million in losses.
The SEC granted no-action relief to a Maryland-based real estate investment trust. The relief allows the trust to repurchase shares from its shareholders.
The SEC Division of Corporation Finance Office of Mergers and Acquisitions granted no-action relief to an open-end management investment company from transactions that involve certain securities.
A broker-dealer settled FINRA charges of failure to "establish, maintain and enforce a sufficient supervisory system ... reasonably designed to achieve compliance with applicable securities laws and regulations."
At a roundtable discussion hosted by the Federal Reserve Board, bankers and community groups described their experiences with Community Reinvestment Act implementation and proposed amendments to better address underserved areas.
