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Financial Reform

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  • China approves 2 IPOs amid volatile stock market Wednesday, 1 Jul 2015 | 6:28 AM ET

    BEIJING, July 1- China's stock regulator said on Wednesday it has approved initial public offering plans by mid-sized lender Bank of Jiangsu Co Ltd and Zhoushan Port Co..

  • The report by the World Economic Forum, the Swiss-based corporate think-tank which runs the Davos summit of world leaders each January, says major disruptions are in store for many once highly profitable financial services businesses. Exemplifying the trend, UK regulators last week granted a banking license to Atom, a "branch-free, paper-free" institution...

  • June 26- Digicel Group Ltd, which offers communications services in the Caribbean and South Pacific regions, filed with U.S. regulators on Friday to raise up to $200 million in an initial public offering of Class A common stock. J.P. Morgan, UBS Investment Bank and Citigroup were among the underwriters for the IPO, the company told the U. S Securities and Exchange...

  • CHICAGO, June 25- U.S. regulators will likely allow CME Group Inc to close most of its open outcry futures pits as planned next month, despite last-minute calls from a handful of traders and brokers for an extended review, industry lawyers said on Thursday. "This controversy is best addressed during an open comment period in which all interested parties can...

  • WASHINGTON— The Consumer Financial Protection Bureau released thousands of complaints Thursday from disgruntled customers of banks, credit card companies and other providers of financial services. The targets of the complaints vary widely, and include small debt collection companies as well as Wall Street giants. Among the complaints: U.S. Bank...

  • LONDON, June 25- A leading banking lobby group has submitted 90 proposals to regulators to improve consistency in how banks assess the riskiness of their loans, which is building into one of the biggest concerns among industry supervisors. So-called' risk weightings' are applied to banks' assets, which should reflect how risky the asset is and determine how much...

  • LONDON, June 23- Top bankers in Britain could have their bonuses clawed back a decade after they were awarded under proposals from regulators on Tuesday that would make industry pay curbs the toughest in the world. For chief executives and chairmen, a bonus could be clawed back for up to 10 years if misconduct is uncovered, the Bank of England's Prudential...

  • TOKYO, June 23- Lawmakers from Japan's ruling Liberal Democratic Party have proposed tripling deposit limits on Japan Post's banking unit to 30 million yen per account, as the state-owned group prepares to go public later this year. Similarly, even Japan Post President Taizo Nishimuro is skeptical, people familiar with the matter said, as the bank struggles to...

  • George Osborne ready to sell off RBS at a loss Wednesday, 10 Jun 2015 | 4:00 PM ET

    George Osborne aims to start selling the state's £32 billion stake in Royal Bank of Scotland at a loss.

  • U.S. consumer watchdog widens oversight on auto financing Wednesday, 10 Jun 2015 | 3:53 PM ET

    WASHINGTON, June 10- The top U.S. consumer protection regulator is expanding its oversight to include large non-bank auto financing companies. A new rule issued on Wednesday by the Consumer Financial Protection Bureau means that companies such as Ford and Toyota which operate lending arms that make, acquire or refinance 10,000 or more loans or leases per year...

  • REUTERS SUMMIT-Regulators close in on bond-markup rules Wednesday, 10 Jun 2015 | 3:34 PM ET

    NEW YORK, June 10- U.S. securities industry regulators are close to proposing final rules requiring brokerage firms and bond dealers to disclose how much they mark up the price of most bonds they sell to retail customers. The controversial rules, proposed in November by the Financial Industry Regulatory Authority and the Municipal Securities Rulemaking...

  • NEW YORK, June 10- Wall Street's self-funded watchdog said on Wednesday it may cut the fees it charges to professional users, like banks, of its weekly report on off-exchange trading volumes in order to make the information more accessible following industry complaints. "We are looking hard at reducing or eliminating those fees," Richard Ketchum, chief executive...

  • The Consumer Financial Protection Bureau has been flagging its concerns about overdraft practices since 2012 and said in July that it would address the issue with new regulations. The data shows that lenders including Atlanta- based SunTrust Banks Inc and Birmingham-based Regions Financial Corp could be hit if, as analysts expect, the CFPB caps fees and...

  • Apple Pay on route to the UK Tuesday, 9 Jun 2015 | 11:45 AM ET
    Apple Pay on route to the UK

    Tony Prestedge, chief operating officer of Nationwide, discusses Apply Pay, which comes to the U.K. in July, and why banks are supporting it.

  • WASHINGTON, June 1- First Tennessee Bank agreed to pay $212.5 million to resolve a case involving Federal Housing Administration- insured mortgage lending, the U.S. Justice Department said on Monday. Benjamin Mizer of the Justice Department's Civil Division said First Tennessee's "reckless underwriting has resulted in significant losses of federal funds...

  • May 29- Bank of America Corp agreed with U.S. regulators to improve its compliance practices and pay a fine for violations in lending rules toward military personnel. The Office of the Comptroller of the Currency asked the No. 2 U.S. bank by assets to pay a penalty of $30 million due to non-home loan compliance with the Servicemembers Civil Relief Act and unsafe...

  • BEIJING/ SHANGHAI, May 25- China's top banking regulator, Shang Fulin, said he expects the amount of non-performing loans at commercial banks to continue to rise, and warned of increased risk from real estate finance, local government fundraising vehicles and unconventional forms of debt, sources with direct knowledge told Reuters. The sources cited a speech...

  • WASHINGTON, May 21- The largest overhaul of U.S. financial industry reform since the 2008 crisis hit a roadblock on Thursday, as a regulation relief bill passed a Senate committee with zero Democrats in support. Wall Street dodged a tough provision as Republican Senator David Vitter withdrew his amendments, the most significant being a minimum 10 percent...

  • May 21- The Kuala Lumpur- based Islamic Financial Services Board is preparing guidelines for Islamic capital market products, retakaful and stress testing, as the industry body tightens oversight of market practices. IFSB guidelines allow national financial regulators to have the final say on how they apply standards, but its prescriptive approach is...

  • *Ex-regulator Sants to lead review of UK competitiveness. FRANKFURT/ LONDON, May 19- Deutsche Bank is considering cutting its UK operations should the country pull out of the European Union and an industry lobby group said several other banks are mothballing investments until the outcome of Britain's EU referendum is known. It is not the only one to rethink...