News That Matters

Tag: watchdog

Deutsche Bank reportedly ignored employees’ calls to report Trump transactions to federal watchdog

Deutsche Bank reportedly ignored employees’ calls to report Trump transactions to federal watchdog

Finance
President Donald Trump and his senior advisor Jared Kushner arrive for a meeting with manufacturing CEOs at the White House in Washington, DC, U.S. February 23, 2017.Kevin Lamarque | ReutersDeutsche Bank ignored employees' calls to report transactions made by legal entities controlled by President Donald Trump and Jared Kushner to the Treasury Department's financial crimes unit, according to The New York Times.Transactions in 2016 and 2017 triggered automated controls at Deutsche Bank meant to catch illicit activity, and compliance workers then prepared what's known as suspicious activity reports that they believed should be sent to the Treasury, according to the Times, which cited five current and former bank employees. But the reports were never filed with the government, the article sta...
Consumer watchdog sues law firm that filed 99,000 debt-collection suits

Consumer watchdog sues law firm that filed 99,000 debt-collection suits

Finance
Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019.Andrew Harrer | Bloomberg | Getty ImagesThe nation's consumer watchdog agency on Friday filed suit against a debt-collection law firm, accusing it of using deceptive practices to get consumers to pay money that they may or may not have owed.The complaint, filed by the Consumer Financial Protection Bureau in U.S. District Court, alleges that Forster & Garbus, of Commack, New York, violated federal law by falsely representing to consumers that its attorneys were meaningfully involved in preparing the collection lawsuits against them — more than 99,000 were filed by the firm between 2014 and 2016.The suit also claims that the debt collector violated
Web watchdog warns over knee-jerk regulation of social networks

Web watchdog warns over knee-jerk regulation of social networks

Technology
Government regulation of social media and the internet could have "unintended consequences" for victims of sexual abuse, a charity has warned.The Internet Watch Foundation said that "knee-jerk regulation" in response to a string of data and privacy scandals could come at a "heavy cost".The UK government is expected to publish a White Paper that will lay out how it plans to tackle "online harms".Culture Minister Jeremy Wright said it would be published in the coming weeks. He told the BBC's Dave Lee: "We are taking our time to get it right".What will the White Paper say?The White Paper will detail new rules that the government wants introduced for social networks and web giants if they want to operate in the UK, or target services at British citizens.Mr Wr...
Watchdog probes 'City bond market cartel'

Watchdog probes 'City bond market cartel'

Business
The competition watchdog is probing a suspected cartel among bond traders at a group of international banking giants, posing a renewed risk to the City's reputation a decade after the financial crisis. Sky News has learnt from senior banking industry figures that a Competition and Markets Authority (CMA) investigation into "certain types of financial product", revealed in a brief statement on Friday, is focused on activity in London's multibillion pound bond markets.The inquiry, which the CMA said had been launched earlier this week, relates to "suspected anti-competitive arrangements in the financial services sector which may infringe Chapter 1 of the Competition Act 1998 and/or Article 101 of the Treaty on the Functioning of the European Union".London's bond markets, whic...
Musk mocks US financial watchdog after settlement

Musk mocks US financial watchdog after settlement

Technology
Elon Musk has hit out at the US financial regulator just days after they reached a deal on fraud charges against him. The Tesla boss agreed to pay a fine of $ 20m (£15m) to the Securities and Exchange Commission regarding a tweet he had written boasting that he had funding to take his firm private.The SEC had alleged that Musk did not have the estimated $ 25-50bn needed to make that deal happen.After initially refusing an offer to settle the case, Mr Musk backed down, agreeing that he and his company would each pay a $ 20m fine, he would step down as Tesla's chairman (but remain chief executive), and that he would allow oversight of his communications about company news.But in a tweet late on Thursday, Mr Musk described the SEC as the "Shortseller Enrichment Commission...