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Financial Reform

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  • But a U.S. regulator cited the email as evidence that Nomura Holdings Inc and RBS made false statements about mortgage securities they sold to Fannie Mae and Freddie Mac. The FHFA's case is the first to reach trial out of 18 lawsuits the regulator filed in 2011 over some $200 billion in mortgage-backed securities that various banks sold Fannie Mae and Freddie...

  • BIRMINGHAM, Ala.— Embracing proposed new rules aimed at payday lenders, President Barack Obama on Thursday said working families need protections from heavy debt burdens and warned Republicans that he would veto attempts to unravel regulations that govern the financial industry. Obama praised the Consumer Financial Protection Bureau for its proposal to...

  • U.S. business groups have already complained about the new rules, which China announced in December, and senior officials including Secretary of State John Kerry have written to their Chinese counterparts about them. Japan and the European Union have echoed U.S. concerns about the regulations, which China says aim to promote cybersecurity.

  • GENEVA, March 26- The United States is concerned about China's restrictions on the use of foreign information technology equipment by the banking sector, the United States said in a filing published by the World Trade Organization on Thursday. U.S. business groups have already complained about the regulations, and senior officials, including Secretary of...

  • China quietly drops limit on foreign fund investments Thursday, 26 Mar 2015 | 8:55 AM ET

    SHANGHAI, March 26- China's foreign exchange regulator granted a foreign fund management company a quota of more than $1 billion on inbound portfolio investment for the first time on Thursday, in a move toward increasing international use of the yuan currency. Hitherto, only foreign central banks, monetary authorities and sovereign wealth funds had been...

  • WASHINGTON, March 26- The U.S. consumer financial watchdog on Thursday outlined its plans for cracking down on the payday lending industry and ensuring that borrowers can repay their loans. The framework unveiled by the U.S. Consumer Financial Protection Bureau was a key step toward new rules for various types of loans that regulators say trap borrowers in...

  • WASHINGTON, March 26- The U.S. consumer financial watchdog on Thursday outlined its plans for cracking down on the payday lending industry and ensuring that borrowers can repay their loans. The framework unveiled by the U.S. Consumer Financial Protection Bureau was a key step toward new rules for various types of loans that regulators say trap borrowers in...

  • WASHINGTON, March 23- U.S. bank regulators faulted crisis plans submitted by three foreign banks on Monday, saying they needed to improve the so-called living wills this year or face regulatory repercussions. The plans by BNP Paribas, Royal Bank of Scotland and HSBC showed shortcomings, and "significant progress" was needed, the U.S. Federal Reserve and the...

  • BOSTON, March 23- Bank of America's Merrill Lynch brokerage unit agreed to pay a $2.5 million fine in Massachusetts to settle charges that it failed to follow its own compliance rules, the state's top securities regulator said on Monday. Secretary of the Commonwealth William Galvin accused Merrill, Lynch, Pierce, Fenner& Smith of failing to supervise employees...

  • Another Fannie Freddie bailout? No way: Dick Bove Monday, 23 Mar 2015 | 10:09 AM ET
    Richard Bove

    The buzz about another possible bailout of Fannie Mae and Freddie Mac doesn't make any sense, says Dick Bove. Here's why.

  • Why is the SEC still so low-tech? Friday, 20 Mar 2015 | 4:49 PM ET
    Michael Douglas as Gordon Gekko in the 1987 Oliver Stone film, "Wall Street."

    The SEC's entire corporate-disclosure operation is based on the written document. That's a huge problem, says this watchdog.

  • LONDON, March 20- The Bank of England said on Friday that it would apply new European Union insurance regulations "proportionately", following industry fears that the central bank might seek to add extra rules for companies based in Britain. The so-called Solvency II rules, which take effect in 2016, aim to ensure that insurers such as Britain's Prudential and...

  • Refaeli hopes for change with Israel   Wednesday, 18 Mar 2015 | 12:40 PM ET
    Refaeli hopes for change with Israel

    Supermodel, Bar Refaeli says she hopes for a change in Israel following the Likud victory in yesterday's elections.

  • Leadsom: UK growth not down to luck   Wednesday, 18 Mar 2015 | 12:00 PM ET
    Leadsom: UK growth not down to luck

    The last U.K. budget speech before the U.K. general election has taken place. Andrea Leadsom, Economic Secretary to the Treasury of the Conservative Party, gives her reactions.

  • Leslie: Labour party has a better plan   Wednesday, 18 Mar 2015 | 12:00 PM ET
    Leslie: Labour party has a better plan

    After the UK budget meeting, Chris Leslie, Shadow Chief Secretary to the Treasury, gives his reaction, explaining why the Labour plan is better for certain sectors.

  • UK budget: The real shock factor   Wednesday, 18 Mar 2015 | 12:00 PM ET
    UK budget: The real shock factor

    Talking about the UK budget, Dr. Brian Hilliard, chief UK economist at Societe Generale, says that the UK is "doing pretty well, but there's more to be done."

  • WASHINGTON, March 18- U.S. housing finance companies Fannie Mae and Freddie Mac could require more bailouts from U.S. taxpayers as risks are rising due to shrinking reserves, an internal watchdog for the firms' regulator said on Wednesday. Taxpayers pumped $116.1 billion into Fannie Mae following the U.S. housing market collapse, while Freddie Mac was propped up...

  • WASHINGTON/ LONDON, March 17- The British units of foreign banks could be required by UK regulators to submit to annual health exams for the first time, banking and industry sources said, potentially bringing Britain's policies into line with those of the U.S. The UK's Prudential Regulation Authority has recently started asking foreign banks to submit data, the...

  • White's announcement, made at a Securities Industry and Financial Markets Association conference in Arizona, mark the first time she has articulated a position on the controversial subject since taking over the helm of the SEC in the spring of 2013.. The SEC and the Labor Department are each governed by different laws and are able to act independently of one...

  • LONDON, March 17- Watchdogs leading a crackdown on mis-sold products across the financial services industry could find a case against a breed of high-fee investment funds known as "index huggers" difficult to prove. Now financial watchdogs in Europe are turning their attention to investment funds. "It is mis-selling if a manager is perfectly conscious of...