March 13, 2023
The financial institution best known for its relationships with high-flying world technology startups and venture capital, Silicon Valley Bank, experienced one of the oldest problems in banking – a bank run – which led to its failure on Friday. Its …
September 7, 2022
Global insurance broker HUB International Ltd. has acquired the assets of James L. Miniter Insurance Agency, Inc. Located in Rockland, Massachusetts, Miniter Group is a provider of lending risk products and services in the banking space, including outsourced insurance tracking …
February 9, 2022
This edition of International People Moves details appointments at Berkshire Hathaway Specialty Insurance (BHSI), RiverStone International and broker Tysers. A summary of these new hires follows here. BHSI Promotes McGriskin to Head of UK Financial Institutions Berkshire Hathaway Specialty Insurance …
September 28, 2021
Financial crime compliance costs for the U.S. and Canada are at nearly $50 billion in 2021, a rise of almost 20% from the year before, according to a new LexisNexis study. Labor costs, more regulations and evolving crime threats are …
May 6, 2021
COVID-19 may drive market corrections and insolvencies that could impact financial institutions’ balance sheets, increase exposures for directors and result in litigation. However, financial institutions are also facing many other risks in the areas of cyber, climate, compliance and corporate …
March 3, 2021
Wall Street banks are seeking new legal protections to help avoid a repeat of Citigroup Inc.’s accidental $900 million payment to Revlon Inc. lenders. After last month’s surprise court ruling that let certain Revlon creditors keep $500 million of the …
February 17, 2021
A federal judge on Tuesday said Citigroup Inc. is not entitled to recoup half a billion dollars of its own money that it mistakenly wired lenders of Revlon Inc., in what he called “a banking error of perhaps unprecedented nature …
January 7, 2021
Hudson Insurance Group has completed a business transfer agreement with Validus Specialty Underwriting Services for the renewal rights transfer of a select portfolio of Miscellaneous Professional Liability, Financial Institutions Liability and Management Liability policies. The agreement also includes the transfer …
October 23, 2020
The U.S. Consumer Financial Protection Bureau (CFPB) on Thursday said it is seeking public comment on a proposal to modify rules governing the access and use of consumer financial data which is collected by a growing number of online financial …
October 21, 2020
Banks that facilitated the U.S. government’s Paycheck Protection Program at first saw the effort as a small revenue booster with a patriotic bonus, shepherding $525 billion in loans to businesses slammed by the fallout of the COVID-19 pandemic. But as …