financial institutions News

Markets/Coverages: Mosaic Offers $25M in Liability Protection for Asset Managers

Mosaic Insurance, the Bermuda-based specialty insurer, has launched a suite of specialized financial institutions products, offering $25 million in investment management insurance (IMI), blended with cyber and other coverage for asset managers, funds, and associated directors. The global company’s new …

Despite Deepfake and Bias Risks, AI Is Still Useful in Finance, Firms Told

A bank uses biased artificial intelligence outputs in a mortgage lending decision. An insurance firm’s AI produces racially homogeneous advertising images. Users of an AI system complain about a bad experience. These are just a few of the potential risks …

SEC Hits More Wall Street Firms With $81M in Fines Over Record-Keeping

A new group of Wall Street firms has agreed to pay more than $81 million in civil penalties to settle U.S. Securities and Exchange Commission charges of record-keeping failures, the regulator said on Friday. The settlements with broker-dealers and investment …

Wall Street WhatsApp, Texting Fines Exceed $2.5 Billion

Wells Fargo & Co. and BNP Paribas SA are among firms that will pay hundreds of millions of dollars in penalties for employees using unofficial communications like WhatsApp, personal texts or email to conduct business — the latest in US …

Finance Firms’ Return-to-Office Crackdown Could Backfire: Deloitte

Financial firms that enforce strict return-to-office mandates could drive employees to leave, according to a study published Tuesday by accounting firm Deloitte. Of 700 financial executives surveyed by Deloitte, 66% who worked remotely part time said they would likely quit …

Bank of England Launches First Sector-Wide Liquidity ‘Stress Test’

The Bank of England has launched its first system-wide liquidity ‘stress test’ to establish how big banks, insurers, clearing houses and investment funds respond collectively during extreme stresses in markets, it said on Monday. The BoE had said in December …

SEC to Weigh New Artificial-Intelligence Rules for Brokerages

Wall Street’s main regulator is moving to introduce new rules for brokerages using artificial intelligence to interact with clients. The US Securities and Exchange Commission said Tuesday that a long contemplated plan to rein in conflicts of interest associated with …

Coinbase Suit May Finally Send Crypto Debate to Supreme Court

The SEC’s new lawsuit against Coinbase Global Inc. appears best positioned among cryptocurrency cases to let the US Supreme Court finally decide if digital assets count as securities. The crypto tokens traded by Coinbase users should be treated as unregistered …

Silicon Valley Bank Parent SVB Financial Group Faces First Securities Class Action

Silicon Valley Bank (SVB) on Monday was hit with what appears to be the first federal securities class-action lawsuit against it, carrying allegations that the bank made false or misleading statements pertaining to the potential impact rising interest rates could …

U.S. Announces it Will Stem SVB Fallout, Customers to Have Deposit Access

Silicon Valley Bank customers will have access to their deposits starting on Monday, U.S. officials said on Sunday, as the federal government announced actions to shore up deposits and stem any broader financial fallout from the sudden collapse of the …