Congress Financial Reform

  • 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...

  • WASHINGTON, May 5- New rules proposed on Thursday by a U.S. consumer watchdog would block credit card companies, banks and other firms from forcing customers to waive their rights to join class action lawsuits and settle disputes only through arbitration. The Consumer Financial Protection Bureau said financial firms should be barred from using fine print in...

  • WASHINGTON, May 5- A U.S. consumer watchdog on Thursday proposed new rules to block credit card companies, banks and other companies from forcing customers to waive their rights to join class action lawsuits and settle disputes only through arbitration. The Consumer Financial Protection Bureau proposed barring financial firms from including fine print in...

  • WASHINGTON, May 5- A U.S. consumer watchdog on Thursday proposed new rules to block credit card companies, banks and other companies from forcing customers to waive their rights to join class action lawsuits and only settle disputes through arbitration. The Consumer Financial Protection Bureau proposed barring financial firms from including fine print in...

  • LONDON, May 4- U.S. exchange and clearing house operator Intercontinental Exchange Inc said on Wednesday it did not intend to make a rival offer for London Stock Exchange Group Plc, which has agreed to merge with German peer Deutsche Boerse. However there were concerns about whether European regulators would have approved such a deal, and how attractive the...

  • BEIJING, May 3- China's banking regulator, in a move to rein-in the rapidly growing' shadow loans' industry, has told commercial lenders to properly account for lending products that may appear on their balance sheets as lower-risk investments. The size of China's' shadow loan' book rose by a third to $1.8 trillion in the first half of 2015, equivalent to 16.5...

  • May 2- Bank of America Corp reached a $190 million settlement with a federal home loan bank over four mortgage-related complaints, according to a securities filing on Monday. The bank had accrued "substantially all" of the settlement amount previously, Bank of America said in a filing with the U.S. Securities and Exchange Commission. The litigation was started by...

  • May 2- Bank of America settled four mortgage-related complaints brought against it by the Federal Home Loan Bank of Seattle, Bank of America disclosed in its quarterly earnings filing on Monday with the Securities and Exchange Commission. "Substantially all" of the $190 million settlement was previously accrued, the bank stated in its filing.

  • April 27- The head of a brokerage industry watchdog says he will leave behind at least one piece of unfinished business when he retires this year: improving access to data so that regulators can more quickly halt problem brokers, and investors can avoid them. In an interview with Reuters on Wednesday, Richard Ketchum, chairman and chief executive of the Financial...

  • LONDON/ FRANKFURT, April 27- The London Stock Exchange Group and Deutsche Boerse said their planned $30 billion merger was on track and steadily winning support, despite a looming UK vote on continued membership in the European Union. The two companies have been working intensively on preparations to obtain all regulatory approvals since unveiling their...

  • NEW YORK, April 27- Nasdaq Inc may launch a new marketplace aimed at improving trading in exchange-traded funds using one of the exchange licenses from its $1.1 billion purchase of International Securities Exchange, the head of the company said on Wednesday. The acquisition of U.S. options exchange operator ISE from Deutsche Boerse AG was approved by the U.S....