Congress Financial Reform

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  • SAO PAULO, June 6- Brazil's antitrust watchdog Cade wants the nation's five biggest commercial banks to detail better their plan to set up a credit research company to collect data on borrowers' bill-paying history, on concern the deal could hamper competition. In January, state-controlled Banco do Brasil SA and Caixa Econômica Federal teamed up with...

  • WASHINGTON, June 3- Major insurers American International Group Inc and Prudential Financial Inc would be required to hold enough capital to head off risks to the U.S. financial system as part of a regulatory shakeup of the insurance industry proposed by the Federal Reserve on Friday. The U.S. central bank gained regulatory authority over the two systemically...

  • June 2- The National Retail Federation asked the Federal Trade Commission to investigate an organization founded by credit card companies to set data security standards, saying the group's practices raise antitrust concerns. The Payment Card Industry Security Standards Council "fails to meet any of the principles adopted by the federal government for...

  • WASHINGTON/ NEW YORK, June 2- The U.S. government's move on Thursday to restrict payday lenders' ability to profit from high-interest loans marks its first crackdown on an industry accused of preying on desperate consumers but also viewed as a last-ditch source of money. The Consumer Financial Protection Bureau unveiled a proposal that would require lenders...

  • Payday loans

    Regulators are proposing a significant clampdown on payday lenders and other providers of high-interest loans.

  • Difficult to advise states to loosen policy: Jyrki Katainen

    Jyrki Katainen, vice president of the European Commission, says it is difficult to get members of the European Union to loosen their fiscal policies.

  • WASHINGTON, June 1- Souring loans to energy companies drove down the net income of U.S. banks for the first time in two years in the first quarter, with a 2 percent decrease from a year earlier to $39.1 billion, the head of the Federal Deposit Insurance Corporation said on Wednesday. "Low energy prices have led to a sharp increase in non-current loans to oil and gas...

  • HONG KONG, June 1- Regulators in Hong Kong and Singapore have asked banks doing business there to disclose if they have dealings with entities and individuals named in the leaked' Panama Papers', which contained details on thousands of shell firms, people familiar with the requests said. The leaked documents from Panama law firm Mossack Fonseca, which contained...

  • The legislation, which covers funding for the Securities and Exchange Commission, the Treasury Department, the judiciary branch and others, passed the House of Representatives Financial Services Subcommittee and now goes to the full Appropriations Committee. "We cut funding for nearly two dozen agencies that can operate with a little less," said Republican...

  • This is why French workers are protesting

    Emmanuel Martin, research fellow at IREF, explains why French trade unions have gone on strike and are protesting against labor reforms.

  • NEW YORK, May 20- A group of global banks and clearing houses, working with U.S. regulators, said on Friday it has identified two possible replacements for Libor, the benchmark interest rate for $160 trillion worth of credit for everything from home mortgages to corporate loans. ARRC said the two rates it identified as replacements represent "robust" markets, each...

  • NEW YORK, May 20- A group of global banks and clearing houses, working with U.S. regulators, said on Friday it has identified two possible replacements for Libor, the benchmark interest rate for $160 trillion worth of credit for everything from home mortgages to corporate loans. ARRC said the two rates it identified as replacements represent "robust" markets, each...

  • *Regulators start to look at fintech innovation. LONDON/ HONG KONG, May 20- The' fintech' sector hoping to revolutionize finance with the adoption of blockchain, or distributed ledger technology, is forcing global financial regulators to start looking at whether they need to change the rules governing markets and banking. Andrew Bailey, deputy governor of the...

  • WASHINGTON, May 18- Five U.S. regulators on Wednesday put banks on notice about discrepancies in customers' deposits, saying they could take action against institutions that do not reconcile differences that may arise between amounts customers put into bank accounts and amounts that are credited. The joint statement from the Federal Reserve, Consumer...

  • SHANGHAI, May 18- China is stepping up its crackdown on risky shadow banking with plans to rein in explosive growth of fund houses' subsidiaries- a $1.5 trillion business widely used by banks to move their loans off balance sheet to skirt regulatory oversight. The Asset Management Association of China will raise the thresholds for fund houses to establish...

  • May 13- New York's financial regulator sent subpoenas on Friday to both a unit and an affiliate of Apollo Global Management, LLC, New York Mortgage Trust and Battery Point Financial for details about seller-financed home sales, a person familiar with the matter said. The New York Department of Financial Services wants information about the terms of a type of...

  • May 11- New York State's financial regulator has asked Goldman Sachs and three foreign banks for information about shell companies set up through a Panamanian law firm, a person familiar with the matter said on Wednesday. The New York Department of Financial Services also requested the same type of shell company information from BNP Paribas SA, Canadian...

  • *Lending Club said it sold on loans improperly. LONDON, May 10- The online U.S. lender Lending Club would be in breach of financial rules had it knowingly sold on loans in Britain that an investor did not want, industry and legal experts said on Tuesday. The company's founder and chief executive Renaud Laplanche resigned, and three other senior managers were fired or...

  • SHANGHAI, May 9- Zhangjiagang Rural Commercial Bank has received the regulatory nod for an initial public offering, the China Securities Regulatory Commission said in a statement. The offering is set to raise at least 2.3 billion yuan, the China Securities Times newspaper said, adding that it is the fifth China rural bank to have its IPO plans approved this year.

  • BEIJING, May 6- China will step up regulations on interbank bill business as risks connected with bills of exchange cannot be underestimated, the central bank said on Friday. The People's Bank of China said this in a statement jointly released with the China Banking Regulatory Commission. The statement comes after a series of alleged multi-million dollar bill...