The big picture on the sorry state of restitution for aggrieved mortgage holders is that banks have paid less than half the $5.7 billion in cash owed to troubled homeowners under nearly 30 settlements brokered by the government since 2008, according to a Washington Post analysis.
If you were asked to name the world's strongest bank, you wouldn't likely pick a U.S. bank right now. Nor would you pick a European bank. You might pick one of the Canadian banks or Asian banks, which continue to appear quite strong.
Sallie Krawcheck, who has plenty of experience in the banking industry, has hit the nail on the head with her recent comments on what ails America's largest banks.
Mandatory auditor rotation really heated up as an issue last year, as the Public Company Accounting Oversight Board put the issue squarely on the auditing reform table. Over on FierceComplianceIT , I've noted that the response so far has been decidedly negative, and the drumbeat for this sort of reform has quieted down considerably. But the issue is alive and well for banks and their audit firms.
JPMorgan beat estimate for the first quarter, but it hardly dazzled the market.
Under the Bank Secrecy Act, financial institutions are required to implement AML compliance programs. Broker dealers must also heed the anti-money laundering rules in FINRA Rule 3310, which sets forth standards for such programs and requires written compliance policies that must be approved by senior management.
Richard Bove expects record earnings from banks when they report for the first quarter. In fact, he thinks it will go down as one of the best quarters in the history of American banking. He's...
By this point in the banking industry business cycle, one might have thought that banks would have their expenses in control and would be in prime position to lift their top lines. But that's not happening. The reality is that most of the top banks remain revenue-challenged, with little hope for a turnaround soon.
In another example of regulatory muscle flexing, the Consumer Financial Protection Bureau (CFPB) has charged four private mortgage insurers with paying kickbacks to mortgage companies in exchange for business.
The top banks have done yeoman's work in putting the financial crisis in their rear view mirrors.