Magazine article American Banker

JPM Settles with CFPB; CBOE Looks to Trade Bitcoin Futures

Magazine article American Banker

JPM Settles with CFPB; CBOE Looks to Trade Bitcoin Futures

Article excerpt

Byline: George Yacik

Breaking News This Morning ...The Whale speaks: Bruno Iksil, the infamous "London Whale" that cost JPMorgan Chase more than $6 billion in trading losses in 2012, says CEO Jamie Dimon and other top executives deserve more of the blame for the fiasco than was previously believed. Two weeks ago, federal prosecutors dropped charges against two lower level traders because Iksil had changed his story.

"I mostly inferred that Dimon and his close lieutenants were responsible much, much more than my two colleagues could ever be," Iksil told the Wall Street Journal, his first comments since the case was dropped.

Receiving Wide Coverage ...Step one: As expected, the Office of the Comptroller of the Currency Wednesday formally asked for public comment on how the Volcker rule is working, the first step toward changing the "much-criticized" regulation that restricts proprietary trading by banks. The OCC asked a series of questions, including whether banks should be allowed to conduct "additional activities" and whether the rule creates an "unnecessary burden." Wall Street Journal, Financial Times

Wall Street JournalFined: JPMorgan Chase agreed to pay a $4.6 million to settle allegations from the Consumer Financial Protection Bureau that it didn't properly tell consumers why their checking account applications were denied. The agency said the bank kept customers "in the dark" about the screening process it uses to approve or deny applications. The alleged misdeeds took place between 2010 and 2014. (Also American Banker)

Bitcoin futures: The CBOE has entered into an agreement with Gemini Trust Co., a virtual-currency exchange founded by the Winklevoss brothers, to use bitcoin market data, potentially paving the way for the CBOE to list bitcoin derivatives. Pending regulatory approval, the CBOE plans to start trading bitcoin futures by the end of this year and to create indexes based on bitcoin. …

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