Finance Brief: Fed Fines Deutsche Bank $41 Million for Anti-Money Laundering Shortcomings
The Federal Reserve said it fined Deutsche Bank AG $41 million for failings in the German lender’s anti-money laundering controls between 2011 and 2015.
The Federal Reserve said it fined Deutsche Bank AG $41 million for failings in the German lender’s anti-money laundering controls between 2011 and 2015.
President Donald Trump on Tuesday indicated he wants to fast-track tax legislation through the Senate with 51 votes, signaling support for using the procedural vehicle known as reconciliation.
Securities and Exchange Commission Chairman Jay Clayton plans to hire Steven Peikin, who worked for years at Clayton’s former law firm Sullivan & Cromwell LLP, to co-direct the agency’s enforcement division alongside Acting Director Stephanie Avakian.
The decision to remove a repeal of debit card swipe-fee limits from the House Republican plan to overhaul the 2010 Dodd-Frank Act has, for the most part, put the measure on a fast-track to House passage once Congress returns from its recess in early June.
Vice President Mike Pence urged House Republican Study Committee Chairman Mark Walker (N.C.) to poll the group’s members on whether they’d support the White House tax outline over the House GOP blueprint, a move that spurred criticism from members. Some RSC members oppose the idea of breaking from the House leadership’s tax plan, which differs in key ways from President Donald Trump’s proposal.
Two consecutive days of Capitol Hill testimony from Treasury Secretary Steven Mnuchin made it clear that White House policy still differs in key places from the House GOP tax overhaul plan.
Speaker Paul Ryan (R-Wis.) said it’s possible the House could pass tax overhaul legislation that doesn’t include the border adjustment provision, a controversial centerpiece of the House GOP plan. He also said he hopes the final bill will be ready for President Donald Trump’s signature by Dec. 23.
An intra-party dispute over a proposed repeal of debit card swipe-fee limits may delay a House vote on the the Dodd-Frank replacement bill sponsored by Financial Services Committee Chairman Jeb Hensarling (R-Texas), who urged colleagues to support the measure during a conference meeting Tuesday. GOP Reps. David Young (Iowa) and Dennis Ross (Fla.) want the repeal language removed from the bill.
The border adjustment tax came into focus at a House Ways and Means Committee hearing Tuesday that illuminated the challenge it faces as a politically fraught linchpin of the House GOP tax overhaul effort.
Labor Secretary Alexander Acosta said he won’t extend the delay of the Obama-era fiduciary rule beyond June 9. He said the Labor Department “found no principled legal basis” to change the implementation date while it seeks public comment.
Information never stops. We help you start your day by making sense of it all. Over 150,000 government and industry executives rely on Morning Consult to stay informed. Our original reporting and morning email briefings make it possible for you to know everything you need to know, every day, at the intersection of Wall Street and business strategy, policy and politics.