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Tuesday Express: CFTC OKs Volcker rule 2.0; Reliant Bancorp to buy in-state peer

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Tuesday Express: CFTC OKs Volcker rule 2.0; Reliant Bancorp to buy in-state peer

* The U.S. Commodity Futures Trading Commission approved the interagency revisions to the Volcker rule, which would simplify regulatory constraints in banks' ability to trade with their own money. CFTC Chairman Heath Tarbert and Commissioner Brian Quintenz expressed their support for the amendments, saying these would allow banks to serve their clients effectively. The CFTC is the latest regulatory agency that concurred with the Volcker rule revisions.

* In Tennessee, Reliant Bancorp agreed to acquire Tennessee Community Bank Holdings, the parent company of Community Bank & Trust, in a roughly 50-50 stock and cash transaction set to close in the first quarter of 2020.

* Stifel Nicolaus & Co. and BMO Capital Markets agreed to pay $2.7 million and $1.95 million, respectively, to settle charges from the Securities and Exchange Commission that they had, for years, filed with the agency incomplete and inaccurate securities trading information.

* The Financial Industry Regulatory Authority censured and fined J.P. Morgan Securities $1.1 million for failing to timely disclose 89 internal reviews or allegations of misconduct by its registered representatives and associates in a span of six years. FINRA also gave the company 60 days to take the appropriate measures to correct the slack.

* The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency are expected to recommend the scrapping of the Obama administration-approved rule that banks should set aside billions of dollars in margin when engaging in derivative transactions with their own affiliates, Bloomberg News reports, citing sources familiar with the matter.

* The American Bankers Association is recommending "a full and indefinite delay" of the current expected credit loss, or CECL, accounting standard to all companies. The ABA said the delay would provide adequate opportunity for the Financial Accounting Standards Board, the SEC, and the federal banking agencies to perform and evaluate a Quantitative Impact Study on the impact of CECL implementation on the general economy, the banking industry, and borrowers across an economic cycle.

* After consolidating his cases of alleged hacking in different courts, federal prosecutors have reached a deal with suspected Russian hacker Andrei Tyurin, whereby the latter is expected to plead guilty, Bloomberg News reports, citing a U.S. court filing. Tyurin is scheduled to appear at a plea hearing next week. Tyurin has been accused of playing a key role in a scheme to steal financial data of more than 80 million JPMorgan Chase customers and, separately, hacking online brokerage E*Trade.

* Morgan Stanley remained the top financial adviser in activist campaigns in the first six months of 2019, counseling 19 firms during the period, Reuters reports, citing Refinitiv data. Goldman Sachs and Spotlight Advisors tied for the second spot, each with 17 campaigns. Morgan Stanley was also number one in the first six months of 2018, counseling 23 firms.

* David Marcus, the Facebook executive leading the firm's Libra digital currency project, defended the proposed cryptocurrency in a Twitter thread, saying that it would not threaten the sovereignty of nations when it comes to money creation.

* Safety Insurance Group reached an agreement to settle a lawsuit over a liability claim seeking to recover extra-contractual damages against one of its personal umbrella policyholders.

* The SEC charged two Prudential Financial subsidiaries with failing to disclose conflicts of interests and making misleading disclosures to the boards for 94 insurance-dedicated mutual funds they advised.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.