Regulation

Financial advisors have a variety of objectives in working with their investment-planning clients. But when all is said and done, clients are usually mainly interested in a successful road map to growing and protecting their wealth to and through retirement. Risk management is a crucial part of that plan and how wealth managers can bring value to clients. In this session Michael Moriarty, Chief Investment of Wealthspire and Rick Bookstaber, Founder & Head of Risk of Fabric will discuss how investors and markets are changing and how advisors can position themselves to excel in this new landscape.

NatWest Group could face a fine of several hundred million pounds from the U.K.’s financial watchdog after pleading guilty to three criminal charges of money laundering.

The companies said they are still waiting for the Federal Reserve to approve the deal, which was announced nearly a year ago and was scheduled to close by Oct. 15. The new deadline is March 1.

Cornell University law professor Saule Omarova could be nominated as early as this week to lead the Office of the Comptroller of the Currency, according to sources. Her appointment would be a shot across the bow for Wall Street as she’s expected to pursue tougher oversight and stricter rules.

The agency organized a vehicle seeded with $120 million from anchor investors — including Truist and Microsoft — enabling minority-owned banks and community development financial institutions to seek capital for development projects in underserved areas.

Changes made in the waning days of the previous administration limited the government-sponsored enterprises’ purchases of certain loan types, which drew criticism from lenders and community groups alike.

The Office of the Comptroller of the Currency made good on a promise to rescind Community Reinvestment Act reforms finalized by ex-Comptroller Joseph Otting as part of talks with other regulators on an interagency overhaul of the law.

Some progressive lawmakers argue the Federal Reserve’s deregulatory moves under Jerome Powell should disqualify him for a second term as chair. But the Biden administration could let him keep his job because of monetary policies that helped low-income workers.

“As the CEO of one of America’s largest banks, Richard Fairbank repeatedly broke the law,” the acting director of the FTC’s Bureau of Competition said.

The agency proposed reporting standards for any institution that originates 25 or more small-business loans a year. The measure would be especially burdensome for very small lenders and could limit credit access in underserved communities, critics say.