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Congress Financial Reform

  • FORD'S CREDIT ARM FCE SAYS CONDUCTING STUDY AND MAY APPLY FOR BANKING LICENSE IN GERMANY IN ADDITION TO CURRENT UK LICENCE DUE TO BREXIT.

  • NEW YORK, March 6- A top U.S. banking regulator is plowing ahead with a plan to grant special banking charters to online lenders and other financial technology companies, despite criticism that the charters would usurp power from states. Thomas Curry, the comptroller of the currency, told an industry conference on Monday that his office plans to publish details...

  • WASHINGTON, March 3- A U.S. Justice Department probe into a phony accounts scandal at Wells Fargo& Co is asking whether executives hid details from the company board and regulators as the problem grew over years, sources familiar with the review said. The Justice Department this week was due to interview federal bank examiners in Charlotte, North Carolina, and ask...

  • March 2- Banks across the world have paid about $321 billion in fines since the 2007-2008 financial crisis as regulators stepped up scrutiny, according to a note by the Boston Consulting Group. North American banks accounted for nearly 63 percent of the total fines, or about $204 billion, during 2009-2016, the consultancy firm said. While U.S. regulators have...

  • BEIJING, March 2- China's newly appointed banking regulator vowed on Thursday to strengthen supervision of the lending sector, underscoring Beijing's determination to fend off financial risks and push reforms this year. The 60- year-old Guo, in his third day on the job, said he is determined to remove "chaos" from the regulatory system to "safeguard" the health of...

  • BEIJING, March 2- China's newly appointed banking regulator vowed on Thursday to strengthen supervision of the lending sector, underscoring Beijing's determination to fend off financial risks and push reforms this year. The 60- year-old Guo, in his third day on the job, said he is determined to remove "chaos" from the regulatory system to "safeguard" the health of...

  • BEIJING, March 2- China's newly appointed banking regulator vowed on Thursday to strengthen supervision of the lending sector, underscoring Beijing's determination to fend off financial risks and push forward with reforms this year. Risk prevention is expected to be a key theme at a meeting of China's parliament starting on Sunday, after years of...

  • WASHINGTON, Feb 28- A leading U.S. regulator has given Santander Bank NA a failing grade for its performance in community lending, but sources said a similar move against Wells Fargo& Co was stalled. Wells Fargo faces a similar downgrade but its appeal is still pending, according to industry and regulatory sources. Wells Fargo appealed, and the OCC ombudsman was due...

  • Net income rose 4.9 percent to $171 billion in 2016, an all-time high, according to Federal Deposit Insurance Corp figures, which are not inflation-adjusted. Net income at U.S. banks increased by $3.1 billion, or 7.7 percent, in the fourth quarter of 2016 compared with a year ago, while the number of struggling lenders fell, the FDIC said in its quarterly report.

  • 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,...