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New rules meant to ward off bank crisis
WASHINGTON — Federal regulators are set to require big banks to keep enough high-quality assets on hand to survive during a severe downturn, the latest move under congressional mandate to lessen the likelihood of another financial meltdown. The Federal Reserve adopted rules on a 5-0 vote Wednesday that will subject big U.S. banks for the […]
State: Bank didn’t lend to blacks in Buffalo
BUFFALO — A bank purposely avoided giving mortgages to African-Americans by locating all of its branches outside black neighborhoods and directing advertising and loan products toward largely white communities, New York’s attorney general said in a lawsuit filed Tuesday as part of a wider investigation into an illegal practice known as redlining. Evans Bank is […]
Ukrainian Federal Credit Union opens Webster branch
Ukrainian Federal Credit Union is opening a new branch office in Webster.
State gets $800M in Bank of America settlement
NEW YORK (AP) — New York state will get $800 million as its share of a national $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis. Attorney General Eric Schneiderman announced the settlement Thursday. He said the bank has agreed to […]
BofA, US reach $17B settlement
WASHINGTON — Bank of America has reached a record $17 billion settlement to resolve an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis, officials directly familiar with the matter said Wednesday. One of the officials, who spoke with The Associated Press on condition of anonymity because the announcement […]
Regulators sanction Standard Chartered Bank
ALBANY (AP) — New York regulators have reached agreement for Standard Chartered Bank to pay a $300 million penalty and suspend dollar exchanges through its New York branch for high-risk retail business clients at its SCB Hong Kong subsidiary. The Department of Financial Services says the order signed Tuesday follows the bank’s failure to fix […]
PriceWaterhouseCoopers to pay $25M in bank case
ALBANY — PriceWaterhouseCoopers will pay $25 million and face a two-year suspension from consulting for new bank clients under an agreement with New York regulators following an investigation that showed the company improperly altered a report about Bank of Tokyo Mitsubishi laundering money. Monday’s agreement followed a $250 million settlement between the bank and the […]
Citigroup to pay $7B in subprime probe
WASHINGTON — Citigroup agreed Monday to pay $7 billion to settle a federal investigation into its handling of risky subprime mortgages, admitting to a pattern of deception that Attorney General Eric Holder said “shattered lives” and contributed to the worst financial crisis in decades. The settlement represents a moment of reckoning for one of the […]
Emerging nations plan own World Bank, IMF
WASHINGTON — Fed up with U.S. dominance of the global financial system, five emerging market powers this week will launch their own versions of the World Bank and the International Monetary Fund. Brazil, Russia, India, China and South Africa —the so-called BRICS countries — are seeking “alternatives to the existing world order,” said Harold Trinkunas, […]
Court limits judge’s say over $285M Citigroup deal
NEW YORK — A judge overstepped his authority when he blocked a $285 million settlement between Citigroup Inc. and government regulators over toxic mortgage securities, a federal appeals court panel said Wednesday. The 2nd U.S. Circuit Court of Appeals in Manhattan reversed a decision by Judge Jed S. Rakoff to set a trial date for […]
Report: Growing risk of cyber attacks on banks
ALBANY (AP) — A yearlong survey of New York bank security found that cyber thieves are using increasingly sophisticated methods to breach bank accounts. The report, issued Monday by Gov. Andrew Cuomo and the state’s Department of Financial Services, found that a majority of the 154 New York banks surveyed reported being the target of […]
Yellen: Mega-banks might need to hold more capital
WASHINGTON (AP) — Federal Reserve Chair Janet Yellen said Tuesday that the largest U.S. banks might need to hold additional capital to withstand periods of financial stress. Yellen told a banking conference in Atlanta that current rules on how much capital banks must hold to protect against losses don’t address all threats. She said the […]
Case Digests
- Second Circuit – Plea agreements: Cook v. United States
- Fourth Department: Statute of limitations: Marino v. Weiler
- Fourth Department – Nail and mail service: Rebutting presumption of service L&W Supply Corporation v. Built-Rite Drywall Corp, et al
- Fourth Department – Mental Hygiene Law: Charles L. v. State of New York
- Second Circuit – Medicaid and Medicare certification: U.S. ex rel. Quartararo v. Cath. Health Sys. Of Long Island Inc.
- Fourth Department – Waiver of indictment: People v. King
- Fourth Department – Speedy trial: People v. Jordan
- Fourth Department – Rosario material: People v. Dennard
- Second Circuit – Magnuson-Stevens Act: State of New York v. Raimondo
- Fourth Department – Plea: People v. Davis
- Second Circuit – Revocation of minimum sentence: Bangs v. Walter William Smith, et al.
- Fourth Department – Relation-back doctrine: CHS Inc. v. Land O’Lakes Purina Feed, et al.
Law News
- Split court affirms gun conviction
- N.Y. Court of Appeals reverses gun conviction
- NY board approves cannabis lawsuit settlements, paves way for retail dispensaries
- NY Court of Appeals reverses murder conviction because of illegal police search
- NY Court of Appeals reverses gun conviction over ineffective counsel
- Split court affirms gun conviction, finding search and arrest were legal
- NY appeals court vacates drug conviction over illegal police search
- Split Court of Appeals strips Police Accountability Board of disciplinary power
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