GO
Loading...

Financial Reform

More

  • Nov 6- Bank of America Corp tripled its third-quarter loss to $232 million as it faced additional legal costs related to global investigations into foreign exchange trading at major banks. Bank of America said it was in advanced discussions with U.S. banking regulators to resolve matters related to the business. JPMorgan Chase& Co, Citigroup Inc, HSBC Holdings...

  • Nov 6- Bank of America Corp tripled the size of its third-quarter loss to $232 million as it faced additional legal expenses related to its foreign exchange business. The bank said it was in advanced discussions with some U.S. banking regulators to resolve matters related to the business. The company recorded a $400 million non-deductible charge that widened...

  • NEW YORK, Nov 5- Wells Fargo& Co said on Wednesday it is in discussions with the U.S. government to resolve a lawsuit accusing the nation's largest mortgage lender of cheating taxpayers by submitting ineligible home loans to a federal insurance program. Wells Fargo, the fourth-largest U.S. bank by assets, disclosed the talks in a quarterly filing with the U.S....

  • WASHINGTON, Nov 5- The U.S. Wednesday's rule applies to banks and to large financial firms who are designated as "systemic" by the Financial Stability Oversight Council, a federal government panel of regulators that polices for emerging market threats. The FSOC has already designated General Electric Co's GE Capital, American International Group Inc and...

  • LONDON, Nov 4- The over-zealous application of anti-money laundering rules is hampering British banks abroad and cutting off poorer countries from global financial markets, a top Bank of England regulator said on Tuesday. British banks including HSBC, Standard Chartered and RBS have been fined hundreds of millions of dollars by U.S. regulators in recent...

  • Nov 3- An investor who alleges he lost more than $400,000 in Puerto Rico closed-end bond funds sold by a UBS AG unit has sued Puerto Rico's financial regulator, challenging the transparency of its $5.2 million settlement with the firm. Manuel Martínez-Umpierre, a client of UBS Financial Services Inc of Puerto Rico, asked a local court on Friday to order the...

  • HONG KONG, Nov 1- Chinese regulators will allow foreign firms access to the yuan-denominated credit card clearing business from August next year, Hong Kong's South China Morning Post newspaper reported on Saturday. The paper quoted a source from China's largest credit card supplier, Goldpac Group, saying People's Bank of China (PBOC officials had informed...

  • Oct 28- New York state's financial regulator is seeking more than $300 million from Bank Leumi as part of a probe of whether the Israeli bank assisted U.S. citizens in evading taxes, according to a person familiar with the matter. The penalty from New York state's Department of Financial Services, which regulates certain banks in the state, is separate from...

  • LAGOS, Oct 28- Nigeria's central bank has cut the limit on banks' foreign currency borrowings to 75 percent of shareholders' funds from 200 percent, according to a central bank circular seen by Reuters on Tuesday. The regulation replaces a 2001 rule capping foreign borrowings, including Eurobonds, at 200 percent of shareholders' funds as Nigeria tries to manage...

  • Fed Governor Daniel Tarullo, who oversees bank regulation, invited CEOs from a group of banks with between roughly $50 billion and roughly $150 billion of assets, the sources said this week. Under the 2010 Dodd-Frank regulatory reform law, banks that have more than $50 billion of assets must show how they would fare in stressful situations before they can...

  • 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...

  • 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'...

  • 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...

  • 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...