Congress Financial Reform

  • SHANGHAI, Aug 25- China should tighten its supervision of the micro-finance industry to guard against risks to financial stability, Chinese news outlet Caixin reported China central bank vice governor Chen Yulu saying at a Beijing conference on Thursday. Chen's comments come after the country's banking regulator on Wednesday released detailed rules to...

  • BEIJING, Aug 24- China's banking regulator issued tough new rules on Wednesday to tighten regulation of the country's $60 billion peer-to-peer lending sector, which has been dogged by scandals and fraud. Peer-to-peer lending platforms will not be able to take deposits, nor provide any forms of guarantee for lenders, according to a joint document issued by the...

  • TAIPEI, Taiwan— Taiwan's financial regulator is investigating Mega Financial Holding Co. after New York state ordered its banking unit to pay a $180 million penalty and install an independent monitor for violating the state's laws against money laundering. Taiwan's Financial Supervisory Commission said in a statement seen Tuesday that it was looking...

  • The relatively small settlement, disclosed in papers filed in federal court in Manhattan, resolves a 2011 lawsuit by the SEC accusing Mudd of misleading investors about Fannie Mae's exposure to risky mortgages before the crisis. Mudd was the last of six executives at mortgage funding giants Fannie Mae and Freddie Mac sued by the SEC in 2011 to reach a...

  • The relatively small settlement, disclosed in papers filed in federal court in Manhattan, resolves a 2011 lawsuit by the SEC accusing Mudd of misleading investors about Fannie Mae's exposure to risky mortgages before the crisis. Mudd was the last of six executives at mortgage funding giants Fannie Mae and Freddie Mac sued by the SEC in 2011 to reach a...

  • NEW YORK, Aug 22- Despite banks' nudging toward online tools, many U.S. customers are not ready to give up regular visits to their nearest branch, complicating the industry's efforts to slim down. U.S. banks have trimmed the number of branches by 6 percent since it peaked in 2009, according to Federal Deposit Insurance Corp data. The number of FDIC- insured banks has...

  • ALBANY, N.Y.— New York financial regulators say Mega International Commercial Bank of Taiwan will pay a $180 million penalty and install an independent monitor for violating the state's laws against money laundering. A consent order signed by bank officials commits Mega International to install compliance controls. The bank has about $103 billion in assets,...

  • The lawsuit was filed in New York state Supreme Court in Manhattan against Joseph Jiampietro, an ex-Goldman employee whom the Federal Reserve Board this month brought an enforcement case against. Goldman's lawsuit came after Jiampietro in July sued the bank in Delaware Chancery Court seeking to force it to cover at least $350,000 in legal expenses stemming...

  • SHANGHAI, Aug 18- China's state council has approved a 200 billion yuan venture capital fund to invest in innovative technology and industrial upgrading projects, the country's state assets regulator said on Thursday. The fund is financed by China Reform Holdings Corp Ltd, China Postal Savings Bank, China Construction Bank Corp and Shenzhen Investment...

  • ZURICH, Aug 17- Swiss private bank Falcon has been blocked from taking on new business in Singapore by the local central bank and financial regulator, Swiss newspaper Finanz und Wirtschaft said on Wednesday, citing information it had obtained. Falcon is one of the banks under investigation by the Monetary Authority of Singapore for a possible breach of...

  • Aug 15- ValueAct Capital Management LP took a 1.98 percent stake in Morgan Stanley, regulatory filings showed on Monday, drawn by the Wall Street bank's shift towards stable, fee-based businesses like wealth management.'. The San Francisco- based activist hedge fund said the market did not fully appreciate the transformation of Morgan Stanley's business since...

  • Aug 15- Jeff Ubben- run activist hedge fund ValueAct Capital Management LP took a 1.98 percent stake in Morgan Stanley, regulatory filings showed on Monday. ValueAct Holdings LP, a fund of ValueAct Capital Management, said it took a stake of 38 million shares in Morgan Stanley. ValueAct Capital Management played a key role in shaking up Microsoft Corp's...

  • China Banking

    Brookings Institution's Eswar Prasad says Beijing needs to reform its state-owned enterprises, which are the root cause of Chinese banks' bad debt.

  • SHANGHAI, Aug 10- China shares dipped on Wednesday, with property shares falling sharply as investors took profits from six days of gains. The checks by China's banking regulator will cover a wide range of business areas including deposits, lending, bills and wealth management, the National Business Daily reported on Wednesday. Separately, Caixin reported that...

  • SEOUL- South Korean Finance minister Yoo Il-ho speaks at a forum on easing regulations for corporations- 0500 GMT. NAIROBI- Central Bank of Kenya Governor Patrick Njoroge holds a joint news conference with CEOs of commercial banks- 0700 GMT. SEOUL- Bank of Korea holds its monetary policy meeting and will give its decision on interest rates- 0100 GMT.

  • *Bank says Asia Pacific remains important part of business. TAIPEI/ TORONTO, Aug 8- Bank of Nova Scotia, Canada's third-largest bank, has applied to Taiwan's financial regulator to exit the local market, the regulator and bank said on Monday, part of a revamp of its Asia strategy. Scotiabank said its Taiwan office is being closed as part of a recent review of its...

  • Aug 5- Regions Financial Corp has agreed on a payment to settle a U.S. Justice Department investigation of its mortgage loans, the bank said in a filing on Friday. The agreement resolves an investigation of the Birmingham, Alabama- based bank's origination, underwriting and quality control practices for loans insured by the Federal Housing Association.

  • Aug 5- Regions Financial Corp has agreed on a payment to settle a U.S. Justice Department investigation of its mortgage loans, the bank said in a filing on Friday. The agreement resolves an investigation of the Birmingham, Alabama- based bank's origination, underwriting and quality control practices for loans insured by the Federal Housing Association.

  • Aug 4- London Stock Exchange Group Plc, which has agreed to merge with German peer Deutsche Boerse to create a giant European trading house, reported a rise in first-half adjusted operating profit on Thursday and said it was working on securing regulatory approvals. The company, which owns Borsa Italiana and the London Stock Exchange, said adjusted operating...

  • WASHINGTON, Aug 2- Thirty-eight large financial companies will get an additional year to develop plans for how to unwind their business in an orderly way in the event of bankruptcy, U.S. banking regulators said on Tuesday. The lenders will have until the end of next year to present their resolution plans, or "living wills," to regulators, according to the Federal...