Beleaguered US lender First Republic Bank has been taken over by JPMorgan in a deal brokered by regulators on Tuesday.
The American Banking Association (ABA) has withdrawn its support for a key proposal from the US Treasury, designed to help prevent the use of shell companies for fraud.
This time last year, with Covid restrictions lifted in most areas and the global pandemic still visible in the metaphorical rearview mirror, firms were optimistic about the year ahead. But then Russia’s tanks crossed the border with Ukraine, and all hell subsequently broke loose. Tensions between Russia and the West have been almost at breaking point, with thousands killed, a European energy crisis and the threat of nuclear war dragging geopolitical risk into the fore.
Fintechs and large technology companies should receive greater focus from regulators and are at risk of triggering the next financial crisis, according to Michael Hsu, Acting Comptroller of the Currency in the US.