Weekly Global News Wrap: UBS shoulders US$388m payment over CS’s Archegos ties; UK to meet with banks on account closures

US authorities tell banks to fix inaccurate financial statements.

From Reuters:
UBS has been ordered to pay $388m to British and US regulators over Credit Suisse’s dealings with private investment firm Archegos Capital Management, the Swiss bank announced on 24 July.

The settlement is the first of several that UBS could have to pay after it last month closed its takeover of Credit Suisse, inheriting the collapsed bank's legal battles.

Under the agreement, UBS said Credit Suisse, now a subsidiary of the bank, has agreed to pay the U.S. Federal Reserve $269m.

ALSO READ: SG incumbent banks unlikely to take hit from neobanks' deposit cap raise: Fitch

From Reuters:
Britain’s finance ministry will request a meeting with major lenders to discuss concerns that some banks have closed customer accounts over their political views, according to a draft of the letter due to be sent on Monday and seen by Reuters.

This comes after a public spat between Brexit party leader Nigel Farage and NatWest.

Financial services minister Andrew Griffith will reportedly meet with banks and fintechs, including NatWest, Lloyds, HSBC, and Barclays, over the issue.

ALSO READ: Australia unveils new standards for banks, insurers’ operational risk management

From Reuters:
The US Federal Deposit Insurance Corporation (FDIC) said that it has directed banks to fix financial statements that "incorrectly" reduced uninsured deposits, restatements that preceded a proposed special fee tied to the size of those deposits.

The warning came as banks complained about a fee the FDIC plans to impose, mainly on large firms to recover its losses from the failures of Silicon Valley Bank and others. 

The banks could owe billions of dollars.