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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSilvergate, Provident, Signature Were Banks Holding the Bag in FTX Implosion – Bloomberg
Banks go where the money is. So when a market overextends and subsequently collapses, it’s no surprise they’re sometimes left holding the bag. Crypto is no exception. While major banks stayed away from what Jamie Dimon called a “decentralized Ponzi scheme,” many small lenders saw a profitable niche in helping to service companies operating in the fledgling space. They […]
Crypto Guidance Banks Rely on Targeted by Democrat Elizabeth Warren – Bloomberg
Warren wants the Office of the Comptroller of the Currency to pull a series of Trump-era interpretations that paved the way for banks to offer services like crypto custody for clients. The letter, a draft copy of which was reviewed by Bloomberg News, calls on the OCC to work with the Federal Reserve and the […]
West Virginia Punishes Banks That It Says Don’t Support Coal – The New York Times
West Virginia on Thursday morning announced that five major financial institutions, including Goldman Sachs and JPMorgan, would be barred from doing business with the state because they have stopped supporting the coal industry. The announcement, made by West Virginia’s treasurer, Riley Moore, is the first time a state has moved to sever banking relationships with […]
Voyager Digital’s Clash With US Regulators Followed by Broader FDIC Warning
The day after demanding Voyager Digital erase its claims that customers’ funds would get government protections, the U.S. Federal Deposit Insurance Corporation has issued a broader warning to bankers that they need to keep their crypto partners in line. The agency, which maintains an insurance fund to pay back depositors if their banks fail, doesn’t […]
‘Banks are under assault,’ says JPMorgan CEO after legal costs shave 6.6% off bank’s fourth-quarter profit | Financial Post
JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a 6.6% drop in quarterly profit as legal costs exceeded US$1 billion in the wake of government probes, leading Chief Executive Jamie Dimon to claim banks were “under assault.” via ‘Banks are under assault,’ says JPMorgan CEO after legal costs shave 6.6% off bank’s […]
Redneck Bank
Introducing Redneck Bank, the Internet banking division of Bank of the Wichitas. Slogan: “Where Bankin’s Funner.” Yes, this is supposedly a real bank. (via Dealbreaker)