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☆ Treasury watchdog on a 'full court press' to spread awareness of new business registry rules
▼ + stars: | 2024-02-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Brian Nelson, US Treasury under secretary for terrorism and financial crimes, during a House Financial Services Committee hearing in Washington, DC, US, on Wednesday, Feb. 14, 2024. The hearing is titled "Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)." WASHINGTON — Over 700,000 companies have submitted data to Treasury's new beneficial ownership information registry, a senior Treasury official said on Wednesday. Nelson said the agency has been "on a full court press" to spread awareness about the registry. Nelson said Treasury has been utilizing multi-lingual guidance, informational webinars, YouTube, and is collaborating with Secretaries of State and Chambers of Commerce to inform business owners.

Persons: Brian Nelson, Nelson Organizations: US, Financial, Terrorism, Financial Intelligence, Treasury, year's, Treasury Department, Hudson Institute, Network, New, YouTube, of State, Chambers of Commerce, Force Locations: Washington , DC, WASHINGTON, United Kingdom, United States

☆ Speaker Mike Johnson once again stuck in the middle as funding deadline looms
▼ + stars: | 2024-02-22 | by ( Lauren Fox | Melanie Zanona | ) edition.cnn.com time to read: +8 min

“Now, we are in a fully Johnson-run House, and he’s got to own all the decision making in the 12 appropriations bills. Probably not best for public policy either,” Republican Rep. Patrick McHenry of North Carolina, the chairman of the House Financial Services Committee, said. Johnson is facing pressure from members of the House Freedom Caucus to include dozens of policy riders that would never pass in the Democratic-controlled Senate. Just a week later, funding for the rest of the government will also lapse. I think we will see another omnibus appropriation bill.”Asked if that causes a problem for Johnson, Bishop argued, “The speaker didn’t create those problems.”

Persons: Mike Johnson, Senate appropriators, Johnson, he’s, That’s, Patrick McHenry of, “, imploring, Alejandro Mayorkas’s, they’ll, can’t, Chuck Schumer, –, Kevin McCarthy, ” Rep, Don Bacon, “ It’s, Mayorkas, Warren Davidson, ’ ”, Davidson, Andy Biggs, “ We’ve, ” Biggs, Dan Bishop, ”, Bishop Organizations: Republicans, Senate, ” Republican, Financial Services, Caucus, Democratic, Homeland, FBI, HFC, Department of Agriculture, Veteran’s Affairs, Transportation, Housing, Energy, Water, CNN, Congress, ”, Republican, Defense Department, Foreign Intelligence, GOP, “ Locations: Patrick McHenry of North Carolina, Florida, Nebraska, Ukraine, Ohio, North Carolina

☆ Why do people keep uninsured money in banks?
▼ + stars: | 2024-02-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Somehow, the same issue plaguing last year’s failed banks is back in focus at the latest bank in crisis: massive loads of uninsured deposits. To be sure, the risk isn’t anywhere close to that of the banks that failed last year: About 94% of domestic deposits at Silicon Valley Bank were uninsured and 90% of Signature Bank’s deposits were uninsured, according to the Federal Reserve. The money is guaranteed by the Federal Deposit Insurance Corporation, which is funded by fees paid by major US banks. About 40% of all money in the US, or $8 trillion, sitting in banks is uninsured, said Lawrence White, a professor at New York University’s Stern School of Business. “It also risks violating the FDIC’s statutory requirement to resolve failed banks and protect insured depositors in the least expensive way possible.”Sometimes, he said, rescuing those uninsured depositors may be the cheapest way to protect insured depositors at banks.

Persons: NYCB, Brian Snyder, James Lee, David Wessel, Lawrence White, University’s, Banks, Ting Shen, ”, Kori Suzuki, JPMorgan Chase, Michael Ohlrogge, Maxine Waters, Elizabeth Warren, “ Organizations: New, New York CNN, New York Community Bancorp, Investors, Silicon Valley Bank, Federal Reserve, Bank, Xinhua, Federal Deposit Insurance Corporation, FDIC, Reuters, Brookings Institution, International Monetary Fund, University’s Stern School of Business, US Treasury, Bloomberg, Getty, Securities and Exchange Commission, Valley Bank, Signature Bank, JPMorgan, Bank of America, Citigroup, First Republic Bank, New York University’s School of Law, Financial Services, Banking Committee, CBS, Bank Coalition of America Locations: New York, Silicon, United States, New, ”, Washington , DC, San Francisco , California, Sen

☆ New York Community Bank stock drops even after lender says deposits increased
▼ + stars: | 2024-02-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

The bank announced earlier on Wednesday that it had appointed DiNello, formerly the president of Flagstar Bank, to the position effective immediately. The bank holds total deposits of approximately $83 billion, the lender said in a statement Tuesday evening. US banks hold about $2.7 trillion in commercial real estate loans. But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. The increase was driven partly by expected losses on commercial real estate loans, it said.

Persons: ” Alessandro DiNello, DiNello, NYCB, ”, weren’t, Fitch, Thomas Cangemi, ” DiNello, Goldman Sachs, Moody’s, Neel Kashkari, ” Kashkari, he’s, Janet Yellen, “, Yellen, “ I’m, ” Yellen Organizations: New, New York CNN —, New York Community Bancorp, Moody’s Investors Service, Flagstar Bank, Bank, Moody’s, JPMorgan, Signature Bank, Silicon Valley, Regulators, Federal, Community Bancorp, CNBC, Financial Locations: New York, Flagstar, New, Minneapolis

☆ New York Community Bank’s stock price is plunging, but that won’t tell you if it’s on the brink of failure. Here’s what will
▼ + stars: | 2024-02-07 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —Some of the very first signs of banking stress in the crisis that unfolded last year were reflected in Silicon Valley Bank, Signature Bank and First Republic Bank’s nosediving share prices. That’s a considerably larger share compared to Signature Bank and Silicon Valley Bank shortly before their demises. So far, there’s no evidence that the bank is at risk of failingAs scary as it may be to see a bank’s stock price plunging, it’s not the best gauge for the bank’s viability. The best source of information on that front is a bank’s deposit flows, Chiaverini said. As of last quarter, deposits were down just 2% and declined even less excluding the custodial deposits connected to the acquisition of Signature Bank.

Persons: Bank’s, Thomas Cangemi, David Chiaverini, it’s, Chiaverini, NYCB, Janet Yellen, ” Yellen Organizations: New, New York CNN, Silicon Valley Bank, Signature Bank, First, New York Community Bancorp, Moody’s Investors Service, Wedbush Securities, ”, Silicon Valley, Bank of America, Financial Services, Federal Deposit Insurance Corporation Locations: New York, Silicon Valley

☆ New York Community Bancorp’s credit rating downgraded to junk on real estate concerns
▼ + stars: | 2024-02-06 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

CNN —Embattled regional bank New York Community Bancorp suffered another blow Tuesday evening as Moody’s Investors Service downgraded its credit rating to junk status. Shares of New York Community Bancorp tumbled 17% in after-hours trading Tuesday evening after the downgrade. Moody’s is keeping New York Community Bancorp’s credit rating on review, signaling further downgrades are possible. New York Community Bancorp did not immediately respond to a request for comment. Treasury Secretary Janet Yellen declined to specifically comment on New York Community Bancorp’s troubles during a hearing on Tuesday.

Persons: Moody’s, ”, Wall, ” Moody’s, Janet Yellen, Yellen, “ I’m, ” Yellen Organizations: CNN, New, New York Community Bancorp, Moody’s Investors Service, Community Bancorp, New York Community, Silicon Valley Bank, York Community Bancorp, Financial Services Committee Locations: New York, New, Silicon

☆ Janet Yellen: Some banks may be ‘quite stressed’ by empty office building trouble
▼ + stars: | 2024-02-06 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

“I will never forget it,” Yellen told lawmakers during a hearing before the House Financial Services Committee, referring to the weekend after Silicon Valley Bank failed. Although the bank crisis subsided after federal regulators launched emergency programs, some regional banks have come under renewed pressure in recent days. Yellen said bank regulators are “quite focused” on this problem, including by working with banks to manage risks, build up reserves to cover losses, adjust dividend policies and maintain liquidity. “It’s critically important that the US be on a fiscally sustainable path,” Yellen told lawmakers during the hearing. “We are doing better” than the rest of the world, Yellen told lawmakers Tuesday.

Persons: Janet Yellen, ” Yellen, “, Yellen, Maxine Waters, “ I’m, Larry Kudlow, It’s, Joe Biden, Jerome Powell, “ It’s, ” Powell Organizations: New, New York CNN, Valley Bank, Financial Services, Bank, New York Community Bancorp, Financial, Trump, Federal Locations: New York, Valley, United States, Japan

☆ Premarket stocks: Wall Street is worried about another regional banking crisis
▼ + stars: | 2024-02-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. What’s happening: After decades of growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. The increase was driven partly by expected losses on commercial real estate loans, it said. “As losses from a [commercial real estate] loan portfolio accumulate, they can spill over into the broader financial system,” they wrote. “There’s some smaller and regional banks that have concentrated exposures in these areas that are challenged and we’re working with them,” he said.

Persons: It’s, Goldman Sachs, Anna Cooban, Janet Yellen, Jerome Powell, Gary Gensler, ”, Chip Somodevilla, She’s, Powell, “, ” McDonald’s, McDonald’s, Jordan Valinsky, Samantha Murphy Kelly, “ We’ve Organizations: CNN Business, Bell, New York CNN, New York Community Bancorp, US Regional Bank, Japan’s Aozora Bank, Deutsche Bank, Canadian Public Pension Investment Board, Boston Properties, US Securities and Exchange, Financial, Biden, Senate, CBS, Verizon, Old Telephone Service, landlines, UK, Consumers, CNN, California Public Utilities Commission Locations: New York, Manhattan, Boston, Washington ,, East, United States, California, France, California ”

☆ Yellen Says Stable Financial System Is Key to U.S. Economic Strength
▼ + stars: | 2024-02-05 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen will tell lawmakers on Tuesday that the United States has had a “historic” economic recovery from the pandemic but that regulators must vigilantly safeguard the financial system from an array of looming risks to preserve the gains of the last three years. Ms. Yellen will deliver the comments in testimony to the House Financial Services Committee nearly a year after the Biden administration and federal regulators took aggressive steps to stabilize the nation’s banking system following the abrupt failures of Silicon Valley Bank and Signature Bank. While turmoil in the banking system has largely subsided, the Financial Stability Oversight Council, which is headed by Ms. Yellen, has been reviewing how it tracks and responds to risks to financial stability. Like other government bodies, the council did not anticipate or warn regulators about the problems that felled several regional banks. “Our continued economic strength depends on a solid and resilient U.S. financial system,” Ms. Yellen said in her prepared remarks.

Persons: Janet L, Yellen, Biden, Ms Organizations: Financial Services, Valley Bank, Signature Bank Locations: United States, “

☆ Rep. Patrick McHenry on spot bitcoin ETFs, border security funding and 2024 race
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. Patrick McHenry on spot bitcoin ETFs, border security funding and 2024 raceHouse Financial Services Committee chairman Rep. Patrick McHenry (R-N.C.) joins "Squawk Box' to discuss the state of the Republican party, spot bitcoin ETFs, border security funding, 2024 race, and more.

Persons: Patrick McHenry Organizations: Financial Services, Republican

☆ SEC to vote today on tough new rules for blank-check 'SPAC' companies
▼ + stars: | 2024-01-24 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

"Functionally, the SPAC target IPO is being used as an alternative means to conduct an IPO," Gensler said in a March 2022 statement on the proposed regulations. SPACs: Much more disclosures will be requiredThe new rules will: 1) Expand disclosure requirements regarding SPAC sponsors, SPAC sponsor compensation, conflicts of interest, dilution, and the target company. After a blank-check SPAC goes public, it will usually announce within two years the acquisition of a target company, which is known as a de-SPAC transaction. It would, for example, make the target company legally liable for any statement made about future results by assuming responsibility for disclosures. The SPAC market has already collapsed2020 and 2021 were record years for SPAC IPO filing.

Persons: Gary Gensler, Tom Williams, Gensler, He's, Forbes Organizations: Financial, Securities and Exchange Commission, Cq, Inc, Getty, The Securities, Exchange Commission, SEC, IPOs, Bloomberg, Lordstown Motors Locations: Rayburn, SPACs

☆ 'Very good chance' that U.S. passes stablecoin laws this year, Circle CEO says
▼ + stars: | 2024-01-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Justin Tallis | Afp | Getty ImagesThe CEO of Circle, the company behind popular stablecoin USD Coin, sees a strong chance that laws for stablecoin issuers like itself will come through in 2024. The U.S. is yet to pass federal crypto regulation, even as jurisdictions around the world are approving new crypto-focused laws. But Jeremy Allaire, Circle's boss and co-founder, hopes that things will change this year, stating that there is a "very good chance" U.S. lawmakers approve a stablecoin bill. "Stablecoins in particular remain the killer app for blockchain technology," Allaire told CNBC. "It's been a really powerful time for that and we think 2024, with things like the spot ETF and world regulatory clarity, is going to open this up even wider."

Persons: Justin Tallis, Jeremy Allaire, Circle's, Allaire, Crypto, Dante Disparte, Disparte, CNBC's MacKenzie Sigalos Organizations: Afp, Getty, CNBC, Economic, Treasury, Federal, House Financial, U.S . Securities, Exchange Commission, SEC, Allaire Locations: London, U.S, Davos, Switzerland, United States

☆ Senators call on federal regulators to review Navy Federal mortgage disparities, citing CNN investigation
▼ + stars: | 2024-01-11 | by ( Casey Tolan | Rene Marsh | ) edition.cnn.com time to read: +6 min

In a letter to the Department of Housing and Urban Development and the Consumer Financial Protection Bureau, ten Democratic U.S. senators asked the regulators to investigate Navy Federal Credit Union’s mortgage lending for compliance with federal anti-discrimination laws. The credit union, which has more than 13 million members, lends to military servicemembers, defense personnel, veterans, and their families. “Navy Federal’s members have made countless sacrifices in their service to our country,” the senators wrote in the letter. The credit union declined to provide CNN any additional data that would make it possible to analyze those factors. Navy Federal has not yet responded to the lawsuits in court.

Persons: Sen, Sherrod Brown, Ron Wyden, Mary McDuffie, Emanuel Cleaver, Steven Horsford, Hakeem Jeffries, ”, Maxine Waters, Ben Crump – Organizations: CNN, Department of Housing, Urban Development, Consumer Financial Protection, Democratic U.S, Navy, Credit, Banking, Finance, Congressional Black Caucus, Federal, “, Navy Federal, Financial Services Locations: Ohio, Oregon, “ Navy, Virginia

☆ Rep. Patrick McHenry, who served as temporary speaker, will not seek re-election
▼ + stars: | 2023-12-05 | by ( Sahil Kapur | ) www.cnbc.com time to read: +2 min

US Representative Patrick McHenry (R-NC) speaks to members of the media outside the office of US House Speaker Kevin McCarthy (R-CA), at the US Capitol in Washington, DC, on October 3, 2023. WASHINGTON — Rep. Patrick McHenry, R-N.C., announced Tuesday that he won't seek re-election in 2024, a shocking move to many of his colleagues that will further thin the ranks of Republican institutionalists in Congress. He gained national attention during his three-week stint in October as House Speaker pro tempore after Republicans ousted Rep. Kevin McCarthy, R-Calif., from the position. Despite his solidly conservative positions and voting record, McHenry is seen on Capitol Hill as a pragmatist and widely respected in both parties. During the speaker battle, McHenry was cited by Democratic leaders as the sort of GOP lawmaker who they trust enough to work with.

Persons: Patrick McHenry, Kevin McCarthy, Republican institutionalists, McHenry, Obama, Donald Trump, —, I've Organizations: US, WASHINGTON — Rep, Republican, Financial, Democratic, Republicans, Capitol, Trump, GOP Locations: Washington ,, R, McHenry

[1/2] Wells Fargo CEO Tim Sloan testifies before a House Financial Services Committee hearing titled: "Holding Megabanks Accountable: An Examination of Wells Fargo's Pattern of Consumer Abuses" in Washington, U.S. March 12, 2019. Sloan in the lawsuit filed in California state court says Wells Fargo canceled stock awards and withheld a bonus he had earned before stepping down. Wells Fargo in a statement said that "compensation decisions are based on performance, and we stand by our decisions in this matter." Sloan led Wells Fargo from 2016 to 2019, when he became the second chief executive to step down over claims that the bank had opened millions of unauthorized consumer accounts. Sloan accused Wells Fargo of breach of contract and, along with the $34 million, is seeking unspecified damages for emotional distress and punitive damages.

Persons: Tim Sloan, Erin Scott, Sloan, Wells, Wells Fargo, Sloan's, David Lowe, Francoise Brougher, Daniel Wiessner, Diane Craft Organizations: Wells, Financial, REUTERS, Former Wells Fargo & Co, Federal Reserve, Tesla, Thomson Locations: Washington , U.S, California, Wells, Wells Fargo, Sloan's San Francisco, Albany , New York

☆ Rep. French Hill: We expect to pass crypto oversight and stablecoin bills in early 2024
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. French Hill: We expect to pass crypto oversight and stablecoin bills in early 2024House Financial Services Committee vice chairman and Digital Assets Subcommittee chair Rep. French Hill (R-Ark.) joins 'Squawk Box' to discuss the state of crypto regulation, whether crypto legislation can be passed in Congress, and more.

Organizations: Rep, Financial, Digital Locations: Congress

☆ FDIC watchdog planning 'special inquiry' on agency leadership, sexual harassment
▼ + stars: | 2023-11-28 | by ( Douglas Gillison | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +2 min

A "new evaluation project" will also review FDIC reform efforts since a 2020 investigation found its handling of sexual harassment complaints was deficient, according to Caitlin Savino, spokesperson for the FDIC Office of Inspector General. Previously, FDIC officials said the agency had satisfied recommendations from that investigation. Gruenberg has expressed personal alarm at the accounts and vowed to address the matter as a top agency priority. Republican lawmakers on the House Financial Services Committee have announced the start of a "rigorous" congressional probe into the matter. Reporting by Douglas Gillison; editing by Franklin Paul, Jonathan Oatis and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Sheila Bair, Jason Reed, Caitlin Savino, Martin Gruenberg, Gruenberg, Douglas Gillison, Franklin Paul, Jonathan Oatis, David Gregorio Our Organizations: Federal Deposit Insurance Corp, REUTERS, Companies United, U.S . Federal Deposit Insurance Corp, Republican, Financial Services, Thomson Locations: Washington, Companies United States, America

WASHINGTON (AP) — While the scandals in the cryptocurrency industry seem to never end, Washington policymakers appear to have little interest in pushing through legislation to codify the structure of the industry. The latest shoe to drop is Binance’s multibillion dollar settlement with U.S. authorities and the resignation of its CEO this week. When cryptocurrencies collapsed and a number of companies failed last year, Congress considered multiple approaches for how to regulate the industry in the future. Brown has been highly skeptical of cryptocurrencies as a concept and he’s been generally reluctant to put Congress’ blessing on them through legislation. Yesterday’s development marks the same inflection point that we saw earlier at the intersection of the .com and post-.com eras.”

Persons: Sam Bankman, cryptocurrencies, Janet Yellen, Changpeng Zhao, Zhao, Binance, General Merrick Garland, — Binance, Debbie Stabenow, John Boozman, Sen, Sherrod Brown, Brown, He’s, ” Brown, Fried, can’t, ”, Dennis Kelleher, Yiannis Giokas Organizations: WASHINGTON, Treasury, White, Biden Administration, Binance, U.S . Treasury, U.S, Securities and Exchange Commission, Coinbase, SEC, PayPal, Futures Trading Commission, Agriculture Committee, U.S ., Financial Services, Senate, Consumer, Better, Moody’s Analytics, U.S . Authorities Locations: Washington, United States, Cayman Islands, Ohio, stablecoins, U.S

☆ US lawmakers pressure FDIC chief over misconduct allegations
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

Friday's announcements suggest lawmakers will continue to pile pressure on Gruenberg over revelations about a key agency in the Biden administration's financial reform agenda. In a letter, Republican members of the House Financial Services Committee on Friday publicly notified Gruenberg of a probe announced earlier this week. An FDIC spokesperson told Reuters the agency would be "fully transparent and cooperative" with the committee's investigation. An FDIC OIG representative told Reuters on Friday the office had received the Senate Democrats' request and was reviewing it. "Chairman Gruenberg, the viability of your leadership is in question," wrote House Financial Services Committee Chair Patrick McHenry and senior members Bill Huizenga and Andy Barr, all Republicans.

Persons: Martin Gruenberg, Yuri Gripas, Gruenberg, Patrick McHenry, Bill Huizenga, Andy Barr, Douglas Gillison, Matthew Lewis Organizations: Federal Deposit Insurance Corporation, REUTERS, Companies U.S . House, U.S . Federal Deposit Insurance Corporation, Biden, Financial, FDIC, Reuters, Democratic, Banking, FDIC's, Democrats, Thomson Locations: Washington

☆ Pressure mounts on FDIC chief amid calls for recusal, congressional probe
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters as Chairman Sheila Bair announces the bank and thrift industry earnings for the fourth quarter 2010, in Washington, February 23, 2011. In a statement, FDIC Vice Chairman Travis Hill and board member Jonathan McKernan said that "at a minimum" Gruenberg and FDIC General Counsel Harrel Pettway should recuse themselves from the internal review of workplace conduct at the agency. "It is clear Mr. Gruenberg never should have been reappointed or confirmed in the first place," McHenry said. McHenry also said Gruenberg had "initially misled" the committee during testimony on Wednesday, at first claiming he had not been the subject of an investigation to his workplace conduct before acknowledging that he had. Reporting by Douglas Gillison; Editing by Chizu Nomiyama and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sheila Bair, Jason Reed, Martin Gruenberg, Gruenberg, Travis Hill, Jonathan McKernan, Harrel Pettway, Patrick McHenry, McHenry, Douglas Gillison, Chizu Nomiyama, Nick Zieminski Organizations: Federal Deposit Insurance Corp, REUTERS, Republican, U.S, U.S . Federal Desposit Insurance Corporation, Financial Services, Thomson Locations: Washington, U.S .

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackRock files spot Ethereum ETF application with the SEC: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Jonathan Levin, co-founder and chief strategy officer at Chainalysis, discusses his testimony before the House Financial Services Committee on crypto's role in illicit finance.

Persons: explainers, Jonathan Levin Organizations: SEC, CNBC Crypto, CNBC, Financial

☆ FDIC Chairman Denies Being Investigated, Then Changes Testimony
▼ + stars: | 2023-11-15 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: +1 min

Federal Deposit Insurance Corp. Chairman Martin Gruenberg denied being subject to investigations for inappropriate workplace conduct at a House hearing, but later recanted his testimony, citing a 2008 investigation. Photo: Alex Wong/Getty ImagesFederal Deposit Insurance Corp. Chairman Martin Gruenberg testified before a House panel Wednesday that he had never been investigated for inappropriate conduct. But the FDIC tapped an external investigator more than a decade ago to examine complaints about his temperament, former officials said. In a previously scheduled hearing before the House Financial Services Committee that followed a Wall Street Journal report that found a toxic workplace culture at the agency, the panel’s chairman asked Gruenberg, “Since you’ve run the agency, you’ve been there for 20 years, have you ever been investigated for inappropriate conduct during your time at the FDIC?”

Persons: Martin Gruenberg, Alex Wong, Gruenberg, you’ve Organizations: Deposit Insurance Corp, Getty, FDIC, Financial Services Committee, Journal

☆ US lawmakers demand FDIC watchdog briefing on workplace culture
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jason Reed/File Photo Acquire Licensing RightsNov 14 (Reuters) - Republican lawmakers on the House Financial Services Committee said Tuesday they were calling for an urgent briefing from a government watchdog to address reported allegations of pervasive sexual harassment at the Federal Deposit Insurance Corporation (FDIC). FDIC Chairman Martin Gruenberg was likely to face questioning on the matter during Congressional hearings with other top banking regulators this week, including a Wednesday appearance before the House Financial Services Committee. Gruenberg on Monday told staff the agency would not tolerate sexual harassment and announced that the agency had hired an outside law firm to review its internal practices. The FDIC Office of Inspector General (OIG) reported in 2020 that the FDIC's efforts to prevent sexual harassment were inadequate. "As is our practice, we will continue to monitor management challenges at the FDIC as they are brought to the attention of the OIG, including matters related to sexual harassment," said FDIC Chief of Staff Jon Lebruto.

Persons: Sheila Bair, Jason Reed, Patrick McHenry of, Martin Gruenberg, Tyler Smith, Jon Lebruto, Douglas Gillison, Anna Driver Organizations: Federal Deposit Insurance Corp, REUTERS, Republican, Financial, Federal Deposit Insurance Corporation, Street Journal, Financial Services Committee, FDIC, Monday, Reuters, Thomson Locations: Washington, Patrick McHenry of North Carolina

☆ FDIC Chair takes heat over stunning allegations of sexual harassment and discrimination at agency
▼ + stars: | 2023-11-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Federal Deposit Insurance Corporation Chair Martin Gruenberg testified Tuesday that he was unaware of the allegations of widespread sexual harassment and discrimination at the agency detailed in a Wall Street Journal investigation. “I did not know about the individual cases,” Gruenberg told him. Martin Gruenberg, chair of the Federal Deposit Insurance Corporation, told senators on Tuesday he was troubled by the allegations detailed in a Wall Street Journal investigation. The report also referenced a 2019 survey conducted by the inspector general that found 8% of the 2,376 respondents experienced sexual harassment between January 2015 to April 2019. The 2020 inspector general report made 15 recommendations to prevent and address sexual harassment at the agency, which Gruenberg said in his testimony on Tuesday had been implemented but acknowledged “didn’t change the culture” at the FDIC.

Persons: Martin Gruenberg, Gruenberg, “, we’ve, ”, Mike Rounds, Thom Tillis, ” Gruenberg, Michael Barr, Michael Hsu, Urban Affairs Gruenberg, Jelena McWilliams Organizations: New, New York CNN, Federal Deposit Insurance, Street, Senate, Street Journal, FDIC, Federal Reserve, Federal Deposit Insurance Corporation, Banking, Housing, Urban Affairs, Financial Locations: New York, South Dakota, North Carolina, “, U.S

☆ House Financial Services Cmte. vice chair Rep. Hill on ICBC cyberattack, looming government shutdown
▼ + stars: | 2023-11-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHouse Financial Services Cmte. vice chair Rep. Hill on ICBC cyberattack, looming government shutdownHouse Financial Services Committee vice chairman Rep. French Hill (R-Ark.) joins 'Squawk Box' to discuss protecting U.S. financial infrastructure, after news of a cyberattack on the American arm of China's largest commercial lender ICBC, looming government shutdown, and more.

Persons: ICBC cyberattack Organizations: House, Services, Financial Locations: ICBC

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