financial institutions News

A Major Bank Failed. Here’s Why It’s Not 2008 Again

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 …

Hub Acquires Miniter Group, a Lending Risk Insurance Specialist in Massachusetts

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 …

People Moves: BHSI Promotes McGriskin to Lead UK FI; Former Enstar Exec Rocke Heads RiverStone Int’l in Bermuda; Tysers Hires Aon’s Lucas for Political Violence & Terrorism Team

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 …

Annual Financial Crime Compliance Costs Rise to $49.9B for Financial Institutions

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 …

COVID Is Far From the Only Risk Facing Insurers and Financial Sector Firms: Allianz

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 …

Banks Seeking New Protections in Wake of Citigroup’s $900M Mistake

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 …

Judge Denies Citibank Bid to Recoup Some of Mistaken $893M Payments to Revlon Lenders

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 …

Hudson Gains Professional Lines Renewal Rights, Experienced Team from Validus

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 …

U.S. Consumer Agency Weighs Update of Rules on Access to Personal Financial Data

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 …

After Helping Shepherd Pandemic Loans, Banks Now Brace for Regulatory Risks

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 …