Daily Archives: July 24, 2017

Barclays bank and former bosses, charged with fraud, to stand trial in January 2019

John Varley, the former boss of Barclays, will stand trial alongside three former colleagues and the bank itself in January 2019, Southwark crown court was told on Monday.

Varley is charged along with Roger Jenkins, Tom Kalaris and Richard Boath over the way the bank raised billions of pounds from Qatar in 2008.

The four men sat alongside each other in the dock at Southwark crown court in London for their first appearance since the high-profile case was transferred there from Westminster magistrates’ court this month. They spoke to confirm their identities.

They are the first senior bankers to face criminal charges in relation to events dating back to the banking crisis almost a decade ago, when Barclays raised £11.8bn in emergency funds from a number of big investors, including Qatar.

Read on.

Pennsylvania AG’s new consumer financial protection unit’s watchdog is former CFPB enforcement lawyer

Housingwire:

According to Shapiro’s office, the state’s Consumer Financial Protection Unit will “focus on lenders that prey on seniors, families with students, and military service members, including for-profit colleges and mortgage and student loan servicers.”

While there is a serious push in Washington, D.C. to blunt, if not do away with the CFPB, Pennsylvania’s Consumer Financial Protection Unit will be led by one of the attorneys that helped found the agency.

According to Shapiro’s office, the state’s new financial watchdog will be run by Nicholas Smyth, who was the CFPB’s fourth employee and served as assistant director of the Office of Attorney General’s Bureau of Consumer Protection (the precursor to the CFPB).

Smyth also helped draft the Consumer Financial Protection Act of 2010 (Title X of the Dodd-Frank Act), which created the CFPB.