The U.S. Securities and Exchange Commission should ensure that new rules intended to reduce systemic risk don’t harm broker-dealers by treating them like banks, Commissioner Daniel M. Gallagher said today.
The location of the National Credit Union Administration suits its place in the hierarchy of U.S. financial regulators. Unlike its better-known peers, which are all clustered near the Capitol or the White House, the agency is a 20-minute drive from downtown Washington in good traffic.
Bank of New York Mellon Corp. must face two International Brotherhood of Teamsters benefit funds’ claims the lender failed to protect them from the 2008 collapse of Lehman Brothers Holdings Inc., a U.S. judge ruled.
The Federal Reserve Bank of New York said risks of rapid asset sales in the repurchase agreement market aren’t being adequately curbed, and regulators may need to step in to shore up such wholesale funding.
American International Group Inc.’s resumption of securities lending at a life insurance division would carry risks for the company and be negative for bondholders, Moody’s Investors Service said today.
Bank of New York Mellon Corp. said fourth-quarter profit unexpectedly fell 18 percent as revenue missed analysts’ estimates and the world’s largest custody bank wrote down its investment in ConvergEx Group LLC, a brokerage that last month admitted to defrauding customers of millions of dollars.
BlackRock Inc., the world’s biggest money manager, persuaded a judge to dismiss a lawsuit brought by two pension funds that accused the company of collecting “grossly excessive” compensation from securities-lending returns linked to iShares Inc.