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Congress Financial Reform

  • South Africa's Competition Commission said last week that it had found more than a dozen local and foreign banks had colluded to coordinate trading in the rand and the U.S dollar using an instant chat room called ZAR Domination, a reference to the rand's official currency market code. Local lender Standard Bank, which is also among the 17 named in the...

  • NEW YORK, Feb 23- Interdealer broker NEX Group Plc, formerly known as Icap, has invested in a RSRCHXchange, a London- based startup that runs an online marketplace for research on stocks, as regulatory changes in Europe and pressure on asset management fees spur innovation in the equity research sector. The company will use the injection of cash develop the...

  • SHANGHAI, Feb 23- China's main stock indexes snapped a three-session winning streak to end lower on Thursday, as expectations of new asset management rules and property taxes weighed on the market. China's central bank and other financial regulatory bodies are creating a universal framework for the oversight of the asset management industry, Chen Wenhui, the...

  • A push by the Newark, New Jersey- based insurer for Wells to cover its costs could become another headache for the San Francisco- based bank, whose sales practices have been under a spotlight. Last year, federal regulators ordered Wells Fargo to pay $190 million in fines and restitution because they said its high pressure sales environment pushed employees to...

  • A push by the Newark, New Jersey- based insurer for Wells to cover its costs could become another headache for the San Francisco- based bank, whose sales practices have been under a spotlight. Last year, federal regulators ordered Wells Fargo to pay $190 million in fines and restitution because they said its high pressure sales environment pushed employees to...

  • JAKARTA, Feb 22- Indonesia's biggest banks must write up plans for recovering from potential insolvency, a measure to ensure that authorities do not have to bail them out, the chairman of the banking regulator said on Wednesday. Indonesia's parliament last year passed a law that lays out rigid, step-by-step protocols on how authorities should handle a...

  • SHANGHAI, Feb 22- China's financial regulators have circulated a draft framework of new rules aimed at curbing risks in the country's booming asset management industry, according to several Chinese news outlets and details of the draft seen by Reuters. The rules, formulated by the central bank in conjunction with China's securities, banking and insurance...

  • Feb 21- Wall Street is pushing back against a proposed rule to force U.S. banks like Goldman Sachs Group Inc to hold more capital against investments in commodities, placing what some see as an overly restrictive limit on banks' ties to the sector. The comment letter, filed by the Securities Industry and Financial Markets Association and the Institution of...

  • CAPE TOWN, Feb 21- South Africa's Competition Commission has granted Barclays Africa conditional immunity from prosecution in return for its continuing cooperation in the rand currency trading probe, the head of the Commission said on Tuesday. It recommended fines amounting to 10 percent of the banks' South African revenues in a scandal that has piled...

  • Rep. Jeb Hensarling, R-Texas.

    Instead of a director who can be fired, industry groups have called for a bipartisan five-member commission to lead the CFPB.

  • SYDNEY, Feb 13- Australian banks seeking permission from the country's competition regulator to bargain collectively with Apple Inc over its mobile payment system said on Monday they will focus on gaining access to the U.S. tech company's contactless payment function, removing the fees Apple charges as a bone of contention. Commonwealth Bank of Australia,...

  • WASHINGTON, Feb 10- The Federal Reserve Board's top bank regulator said on Friday he would resign, giving a boost to President Donald Trump's plans to ease reforms put in place after the 2007-09 financial crisis. Daniel Tarullo, a strong regulator who was dovish on monetary policy in his seven years on the board, said in his resignation letter to Trump he would...

  • Elderly, serious, reviewing informational papers

    The Trump administration is working on a proposal to delay the fiduciary rule, despite a court decision this week that upheld it.

  • WASHINGTON, Feb 10- The top Federal Reserve official charged with financial regulation said on Friday that he would resign, just a week after the new administration of President Donald Trump said it would undertake a review of what it sees as onerous bank rules. Daniel Tarullo, who had served at the Fed since 2009 and helped shape its response to the 2008-2009...

  • FRANKFURT, Feb 10- German exchange operator Deutsche Boerse warned on Friday the United States should be cautious in any revamp of banking regulations to ensure the lessons of the financial crisis are not forgotten. At a White House forum with U.S. business leaders, Trump said his administration expects "to be cutting a lot out of Dodd-Frank," the 2010 Dodd-Frank...

  • WASHINGTON, Feb 9- The Republican leader of the House Financial Services Committee plans to scale back banking reforms, curb the consumer finance agency and ease regulations on financial institutions and companies looking to raise capital, according to a proposal seen by Reuters on Thursday. In a four-page memo on the legislation he intends to introduce,...

  • Then-Sen. Chris Dodd (L) and then-Rep. Barney Frank at the signing of the Dodd-Frank act in 2010.

    The law designed to prevent another financial crisis may be on the chopping block, but some of its regulations were never put into effect.

  • WASHINGTON, Feb 8- A U.S. federal judge on Wednesday upheld an Obama-era rule designed to avoid conflicts of interests when brokers give retirement advice, in a possible setback for President Donald Trump's efforts to scale back government regulation. The stinging 81- page ruling comes just days after Trump ordered the Labor Department to review the "...

  • Michael Piwowar, acting chairman of the U.S. Securities and Exchange Commission

    The pay-ratio rule requires companies to report the median pay of their workers and compare it to the CEO's pay, The Wall Street Journal reports.

  • The results of the notice from the Securities and Exchange Commission and any enforcement action related to the outage are unknown at this time, NYSE owner Intercontinental Exchange Inc said following the release of its financial results. NYSE has sent the SEC a letter defending its actions before and during the outage, he said. The outage resulted from a...