NY’s top regulator eyeing move to private sector: source
Wall Street’s revolving regulatory door is about to start spinning again. Benjamin Lawsky, the superintendent of the New York Department of Financial Services, which oversees banks and insurance...
View ArticleBenjamin Lawsky lassoes $315M for misleading DFS
It was a fine so nice, the state got it twice. Top New York financial regulator Benjamin Lawsky socked the Bank of Tokyo-Mitsubishi UFJ with a second, stiffer fine of $315 million for misleading his...
View ArticleAnalyst compares regulation to Garner chokehold death
Pity the bankers. A UK bank that aided terrorism sponsor Iran through money laundering is as much a victim as Eric Garner, the Staten Island man whose alleged chokehold death at the hands of police has...
View ArticleLawsky probes discrimination allegations against auto lenders
Ben Lawsky wants to put the brakes on shady car loans. New York’s top financial regulator is investigating the financing arms of Ford, Honda, Hyundai, Nissan and Volkswagen over allegations of...
View ArticleBeleaguered Bill Erbey exiting Ocwen Financial after 27 years
Bill Erbey is walking toward the exit. The chairman of Ocwen Financial, the beleaguered mortgage servicing company, is expected to step down from his position Friday after more than 27 years on the job...
View ArticleLawsky cracks down on lender backed by Montel Williams
Money talks — unless you’re Montel Williams. The former talk show host will stop endorsing MoneyMutual’s payday loans in the Empire State after the company was slapped for illegally marketing the...
View ArticleUS slaps Germany’s Commerzbank with $1.45B money-laundering fine
Another money-laundering bank is getting hung out to dry. German bank giant Commerzbank has agreed to pay $1.45 billion — its biggest fine ever — and fire an employee to settle investigations into its...
View ArticleNew York foreclosure laws must be fixed: regulator
New York’s foreclosure laws are “broken,” and it’s time to change them, the state’s top banking regulator said Tuesday. Ben Lawsky, superintendent of the Department of Financial Services, slammed the...
View ArticleBanks eye less aggressive superintendent to lead DFS
It’s the Wall Street equivalent of speaker of the House. Regulating the big banks — a task that falls to the superintendent of New York’s Department of Financial Services — is getting a rep as one of...
View ArticleCuomo nominates ex-aide to keep big banks in line
Wall Street is getting a new overlord. Gov. Andrew Cuomo has nominated Maria T. Vullo, a former aide and a lawyer at white shoe law firm Paul Weiss, to be superintendent of the state’s Department of...
View ArticleRoyal Bank of Scotland to pay $100M in settlement
The state’s top financial services regulator, Ben Lawsky, settled a civil case with the Royal Bank of Scotland for $100 million. Former employees of the Scottish bank faced charges of money laundering...
View ArticleNY clamping down on bitcoin
Freewheeling virtual currency bitcoin is about to get a babysitter. Ben Lawsky, New York’s top financial watchdog, told a panel of high-profile tech investors on Tuesday that he’s moving full steam...
View ArticleNY’s top regulator halts Ocwen-Wells Fargo deal
New York’s top financial regulator has dumped cold water on the mortgage-servicing industry’s consolidation fever. Benjamin Lawsky’s Department of Financial Services on Thursday stopped Ocwen Financial...
View ArticleLawsky: Ocwen will stop silencing homeowners
Let the people speak! New York’s top bank regulator has declared victory over a mortgage servicer that tried to keep some homeowners from bad-mouthing the company. Embattled Ocwen Financial will stop...
View ArticleLawsky proposes new Bitcoin rules
Beware the bitcoin. Ben Lawsky, New York’s top financial sheriff, released new rules to take some of the Wild West out of the cyber currency. But the proposal by the Department of Financial Services...
View ArticleNY’s Lawsky slaps Standard Chartered with $300M fine
Maybe this time, it’ll stick. British bank Standard Chartered is getting fined for a second time over lapses in its anti-money-laundering controls after promising to do a better job in 2012. The firm...
View ArticleOcwen’s backdated letters burned borrowers: Lawsky
One of the country’s largest mortgage servicers backdated “hundreds of thousands” of letters offering home-loan modifications — thus robbing imperiled homeowners of a chance to rework their troubled...
View ArticleNo licenses that will kill bitcoin: Lawsky
New York is bending over backward for bitcoin. Individuals, software engineers, currency converters and so-called miners will not need a license to deal with the digital currency under a transitional...
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