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☆ SEC fines Goldman Sachs $6 million over inaccurate, incomplete trading information
  + stars: | 2023-09-22 | by ( Chelsey Cox | ) www.cnbc.com   time to read: +1 min
WASHINGTON — The U.S. Securities and Exchange Commission on Friday announced a $6 million penalty against Goldman Sachs for providing incomplete and inaccurate trading information to the regulator. The banking giant made more than 22,000 deficient "blue sheet" submissions over a roughly 10-year period, affecting at least 163 million transactions, according to an SEC order. The SEC routinely sends these electronic requests to brokers for securities trading information to identify buyers and sellers. The firm is "pleased to have resolved this matter," Abbey Collins, a spokesperson for Goldman Sachs, told CNBC. But the SEC also found that Goldman had insufficient internal processes to verify the accuracy of its blue sheet submissions.
Persons: WASHINGTON, Goldman Sachs, Thomas P, Smith Jr, Goldman, Abbey Collins, Collins Organizations: The U.S . Securities, Exchange Commission, SEC, New York Regional Office, CNBC Locations: The
☆ Supervisory staff shortages come into focus in Fed, FDIC reviews of failed banks
  + stars: | 2023-04-28 | by ( Hannah Lang | Thomson Reuters | Hannah Lang Covers Financial Technology | ) www.reuters.com   time to read: +3 min
Staffing shortages strained supervisory resources, particularly at the FDIC's New York regional office, in the years leading up to the collapse of Silicon Valley Bank and Signature Bank in March, both regulators said. Both the Fed and FDIC highlighted that their oversight ranks grew leaner even as the institutions they were tasked with reviewing grew larger and more complex. At the Fed, supervisory hours at SVB declined at the same time the Santa Clara, California-based bank was experiencing rapid growth starting in 2017. While the Fed had 15 full-time employees staffed on the supervisory team for SVB, the bank received fewer supervisory resources through 2021 compared to similar banks. "Examination resource shortages, particularly in the New York region, are a mission-critical risk that will require a sustained whole-of-agency response," the FDIC said.
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