Tag: US financial system

• Wednesday, July 2nd 2014 - 07:45 UTC

  Main French bank agrees to 9bn dollars settlement with US prosecutors

  

  France's largest bank, BNP Paribas, has agreed to a record 9bn dollars settlement with US prosecutors over allegations of sanctions violations. As part of the deal, the bank will plead guilty to two criminal charges of breaking US sanctions against trade with Sudan, Iran and Cuba.

• Tuesday, December 17th 2013 - 17:10 UTC

  Volcker rule making banking 'boring' (and limiting speculation) enforced in US financial system

  

  All five US financial regulators have approved the Volcker rule, designed to restrict the finance industry in the wake of the 2008-09 financial collapse. Named after former Federal Reserve chairman Paul Volcker, it bans banks from using their own funds for trading activities and it is considered the centerpiece of the 2010 banking reform legislation known as Dodd-Frank.Banks will have until 21 July 2015 to comply with the rules.