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Financial Reform

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  • Lloyds bank to cut 9,000 jobs: Sources Thursday, 23 Oct 2014 | 1:24 AM ET

    Lloyds will next week announce plans to cut 9,000 jobs over the next three years, sources familiar with the matter told Reuters.

  • UPDATE 3-Brazil's JBS Foods to delay IPO Tuesday, 21 Oct 2014 | 5:46 PM ET

    SAO PAULO, Oct 21- JBS SA received regulatory approval to delay an initial public offering of its JBS Foods unit in Brazil, according to a securities filing on Tuesday, putting off a plan to raise 4 billion reais for a few more weeks or until next year. The request to make JBS Foods a public company was removed from securities industry watchdog CVM's website, but the...

  • Top mortgage firm accused of abuses Tuesday, 21 Oct 2014 | 1:01 PM ET

    One of the nation's largest servicers of home loans may have denied struggling borrowers the chance to fix loan problems and avoid foreclosures, New York's financial regulator has alleged. An investigation by the state's Department of Financial Services found that Ocwen Financial Corp. inappropriately backdated foreclosure warnings and letters that...

  • WASHINGTON, Oct 21- The U.S. Federal Deposit Insurance Corp unveiled a final rule on Tuesday that requires banks to retain at least 5 percent of the risk on their books when they bundle loans, securitize them and sell them to investors. The rule, expected to be adopted by the FDIC later on Tuesday, aims to prevent a repeat of the 2007-2009 financial crisis, when banks'...

  • New rules adopted in hopes of spurring home loans Tuesday, 21 Oct 2014 | 10:32 AM ET

    WASHINGTON— Buying a home may have gotten a little easier this week. With the financial crisis and subprime mortgage bust receding further into history, the government is loosening some financial rules, hoping to inject more life into the country's still-recovering housing market. The board of the Federal Deposit Insurance Corp. voted 4-1 Tuesday to adopt...

  • Oct 20- Banks should defer bonus payments for 10 years and tap the bonus pool to pay any regulatory fines, a top Federal Reserve official said on Monday, taking aim at continued lapses across the industry even after the 2007-9 financial crisis. New York Federal Reserve Bank President William Dudley said banks should move toward paying employees in debt...

  • Regulators close small Maryland bank Friday, 17 Oct 2014 | 8:04 PM ET

    The Federal Deposit Insurance Corp. said Friday that it has taken over NBRS Financial Bank of Rising Sun, Maryland. Howard Bank of Ellicott City, Maryland, has agreed to pay the FDIC a premium of 1.19 percent to assume all of the failed bank's deposits. Depositors of NBRS Financial will automatically become depositors of Howard Bank, the FDIC said.

  • NEW YORK, Oct 17- A slowdown in stock quote updates to the trading platform of OTC Markets on Friday led brokerage watchdog the Financial Industry Regulatory Authority to halt trading for almost two hours. OTC Markets is a marketplace for about 10,000 securities, some of them foreign, that are not listed on the New York Stock Exchange or Nasdaq.

  • NEW YORK, Oct 16- Wells Fargo is closing down its alternative trading system, or "dark pool," due to decreased customer demand, the company said on Thursday. The move by Wells Fargo comes as regulatory scrutiny over dark pools has intensified over concerns about the lack of transparency in the trading venues. Wells Fargo's dark pool ranks 32nd out of 41 alternative...

  • MUMBAI, Oct 16- India's state-owned banks, weighed down by bad loans and lackluster profits, could within months begin the sale of billions of dollars of unwanted assets to help raise cash needed to meet tougher regulation. IDBI Bank Ltd- another state-owned lender which owns stakes in the country's top stock exchange and rating agency Credit Analysis and...

  • WASHINGTON, Oct 15- The U.S. The Fed said it will meet on Oct. 22 to adopt the final version of the credit risk retention rule, a requirement of the 2010 Dodd-Frank law to reform Wall Street. The rule must also be adopted by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the Department of...

  • Oct 14- A UBS AG unit will pay $5.2 million in a settlement with Puerto Rico's financial institutions regulator over the firm's practices involving sales of Puerto Rico closed-end bond funds whose values later plunged. UBS Financial Services Inc of Puerto Rico has agreed to pay $1.7 million in restitution to 34 Puerto Rico residents who invested in the funds...

  • *Access Bank seeks funds to bolster core capital. LAGOS, Oct 14- Nigeria's Access Bank has filed for regulatory approval to raise up to 68 billion naira through a rights issue after shareholders backed the plan, its chief executive said on Tuesday. At a shareholder meeting on Monday, Access Bank, Nigeria's fourth-biggest lender by market capitalisation, said it...

  • Reuters Business News Schedule at 1800 GMT/4 PM ET Sunday, 12 Oct 2014 | 4:06 PM ET

    NEW YORK- For Federal Reserve officials already worried about a persistent lack of U.S. wage and price growth, one corner of the bond market may be suggesting even more reason for alarm. The Treasury Inflation Protected Securities market is suggesting price stagnation may be just around the corner. NEW YORK- U.S. regulators are asking banks for more detail on...

  • Balances remaining on auto loans have risen by about a third since April 2011, reaching an all-time high of $924.2 billion in August, according to credit reporting bureau Equifax. The Consumer Financial Protection Bureau said in September that it is taking steps to oversee auto lenders that have previously been less regulated, and companies like GM Financial...

  • PARIS, Oct 12- Health checks on Europe's banks may reveal takeover targets, but because protectionist regulation across the region has yet to be addressed, any post- "stress test" tie-ups are likely to be along national lines and could make a splintered industry more so. The European Central Bank takes direct authority over the currency area's 120 top banks on Nov. 4...

  • NEW YORK, Oct 10- ConvergEx Group LLC is revamping its two alternative trading systems, or "dark pools," due in part to expectations of tighter industry regulations, Eric Noll, chief executive of the brokerage and trading services provider, said on Friday. Several regulators are probing how the venues operate, and New York's attorney general has filed a lawsuit...

  • LONDON, Oct 9- Britain is unlikely to sell any more of its remaining 25 percent stake in Lloyds Banking Group until the bailed-out lender is cleared to pay dividends again, banking and political sources told Reuters. Without regulatory approval to pay dividends, Lloyds shares are not expected to rise to a level that would enable UK Financial Investments, which...

  • TORONTO, Oct 1- Royal Bank of Canada has decided not to divest its U.S. proprietary trading arm in its current form but will work to comply with new regulations there, the lender said on Wednesday. Canada's largest bank by market capitalization said it has been actively working to restructure the proprietary trading business- which uses the bank's own funds- to...

  • Sept 19- For-profit college operator ITT Educational Services Inc disclosed on Friday that it may face civil charges by the U.S. securities regulator following investigations related to two private education loan programs for its students.