Gary Gensler, Biden's pick to head SEC, has reputation as tough regulator

NBC

In nominating Gary Gensler to serve as chairman for the Securities and Exchange Commission, President-elect Joe Biden is likely to please progressives, who have been agitating for more bank oversight after four years of deregulatory policy under President Donald Trump’s SEC pick, Jay Clayton, who stepped down in December.

“Gensler is a terrific choice to head the agency," said Barbara Roper, director of investor protection at the Consumer Federation of America. "He’s as knowledgeable about the markets as anyone on Wall Street, so he can’t be intimidated. He’s a seasoned regulator who knows how to get things done.” read more »

Behind the Google-Facebook deal that is the focus of an antitrust suit.

NY TIMES

At the center of an antitrust lawsuit filed by 10 state attorneys general last month is a deal Google extended to Facebook to be a partner in the digital advertising space, according to court documents.

Details of the agreement, based on documents the Texas attorney general’s office said it had uncovered as part of the multistate suit, were redacted in the complaint filed in federal court in Texas last month. But they were not hidden in a draft version of the complaint reviewed by The New York Times. read more »

Credit card firm Capital One fined for violating U.S. anti-money laundering law

REUTERS

Credit card firm Capital One Financial Corp has been fined $390 million for engaging in what the U.S. government called willful and negligent violations of the Bank Secrecy Act, an anti-money laundering law, a Treasury Department bureau said on Friday.

The Treasury Department's Financial Crimes Enforcement Network (FinCEN) said in a statement that Capital One admitted to willfully failing to implement and maintain an effective program to guard against money laundering as required by law. read more »