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...JPMorgan Chase is aiming to recover millions of dollars from an insurance policy that protected the US bank against fraud after its botched $175mn acquisition of financial aid start-up Frank, according to...
...Additional reporting by Joshua Franklin in New York...
...Javice founded Frank in 2017 to help customers apply for financial aid for their studies....
...Wall Street veterans say the open and fierce opposition eclipses even the pushback against the Dodd-Frank Act, a package of rules passed after the financial crisis that heralded far bigger changes to the...
...The Fed, together with other US regulators, has faced strong criticism from the banking industry over what would constitute the biggest change to capital requirements since the Dodd-Frank act was introduced...
...He has chosen today’s restaurant and says he’s sure that Apple TV+, which is screening Franklin, his new mini-series about Benjamin Franklin, will pick up the tab....
...“Frankly speaking, the rules, as proposed, go way too far and do not account for the vast array of improvements made by the largest banks as a result of Dodd-Frank and other reforms,” Solomon told analysts...
...Javice founded Frank in 2017....
...“The one [non-US bank] that came close was Credit Suisse when Frank Quattrone was around in the early 2000s,” they added, referring to the Credit Suisse First Boston executive who almost single-handedly...
...Frank helped college students apply for financial aid for their education....
...Read more about the Frank case here...
...US authorities allege that Javice represented to JPMorgan that Frank had 4.25mn customers when in fact it had only 300,000....
...“The reforms of the post-Dodd-Frank period have achieved the goals of a stronger, safer banking system,” the FSF said in a statement....
...While Frank never officially registered as a lobbyist, he had publicly argued that Dodd-Frank’s $50bn threshold for triggering greater regulatory oversight was too low....
...Frank’s founder Charlie Javice was this week formally indicted on charges that she defrauded the bank, but the episode has raised questions about JPMorgan’s due diligence....
...LionTree served as Frank’s bankers while Sidley Austin acted as Frank’s legal counsel. LionTree declined to comment and Sidley Austin did not respond....
...In a call with analysts, chief executive Frank Holding described the SVB acquisition as a “home run financially”....
...As CFTC chair, Gensler had a “real mission” rooted in the Dodd-Frank Act, his former colleague says. “But there is no Dodd-Frank regulatory push at the SEC now.”...
...Fried Frank has hired Monica Thurmond as a partner in its finance practice in New York. She joins from Paul Weiss. ICONIQ Growth has appointed Rob Bernshteyn as a general partner....
...Those reforms followed bipartisan legislation passed in 2018 that rolled back portions of the post-crisis Dodd-Frank law for small and midsize lenders....
...Barney Frank, the former congressman who was a member of Signature’s board, told the FT he thinks the bank did not need to be closed, and was punished for its foray into crypto....
...The paradox is that Biden has done more than anyone since Franklin D Roosevelt to move in that direction....
...The 2018 rollback of the Dodd-Frank act, the biggest deregulatory effort since the 2007-08 financial crisis, raised the threshold for financial institutions to be considered systemically important to $250bn...
...It believed that the financial engineering would have required government assistance that would have been inconsistent with the spirit of the Dodd-Frank reform law passed after the financial crisis, people...
...First Republic’s spending peaked in 2018 when it shelled out $150,000 to lobby lawmakers as they were considering whether to water down parts of the 2010 Dodd-Frank reforms enacted after the financial crisis...
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