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News >> Financial Integrity

The Australian Securities and Investments Commission (ASIC) has made available documents setting out additional licence conditions imposed on the following Commonwealth Bank of Australia Group (CBA) entities (both undated).

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The United States Senate Committee on Banking, Housing and Urban Affairs has made available the testimony of individuals on the first panel of witnesses for its hearing Examining the GAO Report on Expectations of Government Support for Bank Holding Companies held on 31 July 2014.

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The United States Securities and Exchange Commission (SEC) has announced charges (both dated 30 July 2014) under the Sarbanes-Oxley Act against the following individuals associated with computer equipment company QSGI:

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The United States District Court for the Southern District of New York has ordered Bank of America Corp (BofA) to pay a US$1.27 billion penalty for fraud. The ruling reportedly relates to a lending program of Countrywide Financial Corporation (Countrywide), which was acquired by BofA in 2008.

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Switzerland-based bank and financial services provider UBS has announced that it has resolved its "cross-border tax matter" with German authorities and agreed to pay €300 million to conclude the proceedings.

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The White House has made available Closing Corporate Tax Loopholes (26 July 2014), the text of United States President Barack Obama's latest weekly address at the White House.

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The United States Securities and Exchange Commission (SEC) has ordered (24 July 2014) three Morgan Stanley firms to pay a total of US$275 million comprising disgorgement, prejudgment interest and a civil penalty for "misleading investors in a pair of residential mortgage-backed securities (RMBS) securitizations that the firms underwrote, sponsored, and issued".

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Financial services provider Citigroup has announced that it has reached a US$7 billion settlement with several United States authorities in relation to "[residential mortgage-backed securities (RMBS)] and collateralized debt obligations (CDOs) issued, structured or underwritten by [Citigroup] between 2003 and 2008".

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The European Commission (EC) has made available Facilitating tax compliance, Tackling non-compliance (3 July 2014), the text of a speech delivered by European Taxation Commissioner Algirdas Šemeta at the Intra-European Organisation of Tax Administrations' 18th general assembly in Belgrade.

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The United States Securities and Exchange Commission (SEC) has announced that Regions Bank has agreed to pay US$51 million to resolve parallel investigations by the SEC, the Board of Governors of the Federal Reserve System and the Alabama State Banking Department into three of its former senior managers. According to the SEC, Jeffrey Kuehr and Michael Willoughby have been fined US$70,000 each and legal action against Thomas Neely is continuing in relation to the three individuals' alleged intentional misclassification of loans, which then led Regions Bank's publicly-traded holding company to "[overstate] its income and earnings per share in its financial reporting".

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