300 Pension Funds Rolled into FPIF Northern Trust played a key role in a pension consolidation project that pulled together the assets of 300 firefighter pension funds across Chicago and other parts of Illinois and led to the creation of the Illinois Firefighters’ Pension Investment Fund (FPIF), officials say. The Northern Trust Transition Management team… Read More >>
The Fed Issues a Crypto Warning & Other News
The Fed, FDIC & OCC Want More Crypto Controls Key U.S. regulatory agencies for financial services are creating processes that will require banking organizations to “engage in robust supervisory discussions” about proposed and current crypto-asset-related activities, according to a recently issued joint statement on risky crypto-assets. “By ‘crypto-asset,’ the agencies refer generally to any digital… Read More >>
UBS & FAB Go Live on CLSNet & Other News
UBS & FAB Will Use CLSNet for 120 Currencies UBS and First Abu Dhabi Bank (FAB) report that they have gone live on the CLSNet bilateral payment netting calculation service from FX settlement provider CLS. The CLSNet platform standardizes “post-trade processes across the global currency spectrum,” and is intended to cut risk, enhance efficiency, and… Read More >>
Will Crypto Yield Fool’s Gold & New Op Risks?
The Office of the Comptroller of the Currency (OCC) and the International Monetary Fund (IMF) are calling for some brakes to be put upon the mad rush to cryptocurrencies and digital assets because of the threats they might pose to the global financial infrastructure and the operational woes they could present. Michael Hsu, the acting… Read More >>
OCC Issues Guide for LIBOR Transition Assessment
Risk-Based Approach Urged for LIBOR Replacements As banks and other financial services organizations move away from the London InterBank Offered Rate (LIBOR), the Office of the Comptroller of the Currency (OCC) has issued a bulletin that includes a self-assessment guide to help firms evaluate their preparedness for the end of LIBOR. In the “LIBOR Transition:… Read More >>
JPMorgan Chase & OCC Resolve Risk Control Charges
The Office of the Comptroller of the Currency (OCC), an independent bureau within the United States Department of the Treasury, has hit JPMorgan Chase, with a $250 million fine. The reason for the civil penalty: “The OCC found the bank’s risk management practices were deficient and it lacked a sufficient framework to avoid conflicts of… Read More >>
Multiple Shocks Are Driving Up Op Risks: OCC
The banking system is under stress on multiple fronts. Stress from the pandemic. Stress from a defeated presidential candidate and his coterie of enablers, denying the results of the recent election, fomenting rancor and unrest and deepening the country’s ideological divide, all the while insisting that “we are rounding the turn,” even as coronavirus cases… Read More >>
Morgan Stanley Fined $60M for Data Security Problems
Morgan Stanley will pay a civil monetary penalty of $60 million to resolve charges via the Office of the Comptroller of the Currency (OCC) that the firm’s information security practices did not comply with the OCC’s standards. The incidents that drew the attention of the OCC are the allegedly mismanaged 2016 disposal of the hardware… Read More >>
Regulators Discipline Citigroup Over Risk Management Defects
Citigroup Inc. has launched “significant remediation projects” to bolster its risk management controls, infrastructure, and governance as a result of two consent orders from federal banking regulators that found major shortcomings in Citi’s enterprise-wide risk management, compliance risk management, data governance, and internal controls. The Federal Reserve Board and the Office of the Comptroller of… Read More >>
Kames Capital Revamps Fixed Income Team
Kames Fills Key Fixed Income Vacancies Kames Capital, a self-described specialist investment management business, has promoted Stephen Snowden and Adrian Hull to serve as the co-heads of fixed income with immediate effect, officials say. They are replacing staff members who have decided to exit the industry. As of June 30, Snowden has 23 years of… Read More >>
