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Congress Financial Reform

  • BOSTON/ NEW YORK, Aug 15- Massachusetts' top securities regulator said on Tuesday that his office is examining whether brokerages route orders to stock exchanges that pay them additional fees regardless of whether investor clients are getting the best price. The regulator, William Galvin, the secretary of the Commonwealth of Massachusetts, has sent inquiry...

  • NEW YORK, Aug 14- JPMorgan Chase& Co has begun trading on a new private stock trading venue, or "dark pool," that lets its clients use the bank's algorithms to buy or sell stocks at a benchmark price reached over a period of time. Trading in the new dark pool, known as JPBX, began the week of July 17, according to data from the Financial Industry Regulatory Authority.

  • Aug 8- Mortgage company PHH Corp will pay nearly $74.5 million to resolve claims it generated defective loans that the federal government then insured and Fannie Mae and Freddie Mac bought, The U.S. Justice Department said on Tuesday. The deal with Mount Laurel, New Jersey- based PHH follows settlements between the Justice Department and financial companies...

  • Aug 8- The U.S. Justice Department on Tuesday said mortgage company PHH Corp will pay nearly $74.5 million to resolve claims it generated defective loans that the government then insured and Fannie Mae and Freddie Mac bought. The deal with Mount Laurel, New Jersey- based PHH follows prior settlements between the Justice Department and financial companies over...

  • BEIJING/ SHANGHAI, Aug 7- China's banking regulator has extended by two months a June deadline for banks to submit risk assessments over concerns it was putting strain on the lenders, two sources with direct knowledge of the matter said. Under the leadership of Chairman Guo Shuqing, the China Banking Regulatory Commission started the year promising a "windstorm"...

  • Thats because unleashing banks will likely bring on future rounds of boom and bust on Wall Street, creating the kind of volatile, low-quality earnings shareholders dislike and punish with lower valuations. Randal Quarles, President Donald Trumps nominee for Federal Reserve Vice Chair of Regulation, is thought to be sympathetic to the view that regulation is...

  • TORONTO, Aug 3- Home Capital Group Inc said on Thursday it expected tougher new rules on mortgage lending proposed by Canada's financial regulator to have a material impact on its business. Shares in Home Capital, Canada's biggest non-bank lender, were down 4.2 percent to C $13.19. Regulators are looking to rein in risky lending, amid fears of housing bubbles in...

  • NEW YORK/ SINGAPORE, Aug 2- Standard Chartered is planning to launch an energy trading business in New York, two sources familiar with the matter said, in what appears to be the first major bank move into the sector in the United States after years of retreat on Wall Street due to cutbacks and stricter regulation. The British bank has hired Matthew Hastings, a former...

  • WASHINGTON, Aug 2- Big banks say tight U.S. financial regulation forces them to sit on capital and not put money to work by making loans, but in truth they choose to distribute all of their earnings to investors instead of lending them, a long-time regulator said in a letter to two powerful senators released on Wednesday. Federal Deposit Insurance Corporation Vice...

  • WASHINGTON, Aug 2- Oil and gas loans are weighing down bank balance sheets and they could cost Wall Street even more if the economy sours, according to a study released on Wednesday by U.S. regulators. A drop in oil prices in 2014 exposed risky credits that still exist for leading lenders, according to the Shared National Credit review of loans held among several...

  • WASHINGTON, Aug 2- Big banks say tight U.S. financial regulation forces them to sit on capital and not put money to work by making loans, but in truth they choose to distribute all of their earnings to investors instead of lending them, a long-time regulator said in a letter to two powerful senators released on Wednesday. Federal Deposit Insurance Corporation Vice...

  • Aug 1- Goldman Sachs Group Inc plans to open an online deposits business in Europe, the bank's treasurer Robin Vince said on Tuesday. On Goldman's fixed income earnings call, Vince said Goldman had added $5 billion of online deposits since it acquired General Electric Co's online deposits business in 2016. Regulators have been pushing big Wall Street banks to...

  • DUBAI/ RIYADH, Aug 1- Several banks have submitted bids to Saudi Arabia's Saline Water Conversion Corporation to advise on the privatization of its $7.2 billion Ras Al Khair desalination and power plant, banking sources said, as the kingdom gears up for several state asset sales. Mizuho, BNP Paribas and GIB Capital were among banks to have submitted bids to act as...

  • DUBAI/ RIYADH, Aug 1- Several banks have submitted bids to Saudi Arabia's Saline Water Conversion Corporation to advise on the privatisation of its $7.2 billion Ras Al Khair desalination and power plant, banking sources said, as the kingdom gears up for several state asset sales. Mizuho, BNP Paribas and GIB Capital were among banks to have submitted bids to act as...

  • ABUJA/ LAGOS, July 25- 9 mobile, formerly Etisalat Nigeria, has appointed advisers to manage the process of attracting investors to take over the telecoms company and has seen strong interest, the central bank governor said on Tuesday. The central bank and telecoms industry regulator intervened this month to save Nigeria's fourth-largest mobile operator from...

  • *Says recently got $300 mln unsecured loan from Morgan Stanley. LONDON, July 24- Chinese conglomerate HNA Group has pushed back against media reports that it faces mounting pressure from bankers and regulators, even as it announced a shareholding shake-up in a bid to quash concerns over its ownership. "I think we are operating our company legally, we have nothing...

  • *CEO Tan says HNA has strong r'ship with its main Wall St banks. LONDON, July 24- HNA Group CEO Adam Tan has pushed back against media reports that the Chinese aviation-to-financial services conglomerate faces mounting pressure from its bankers and regulators, even as the pace of its acquisitions slows. Tan told Reuters in a wide-ranging interview on Monday that...

  • WASHINGTON, July 21- The U.S. regulator of credit unions will soon close some regional and agency offices and reorganize others, as it works to cut costs and respond to changes in the industry, according to an announcement released on Friday. "Months of very hard work by agency staff have produced a solid, commonsense plan that will help the agency respond to a new...

  • WASHINGTON, July 21- U.S. financial regulators announced on Friday they would review Volcker Rule regulations to ensure foreign funds that should be exempt from the ban on proprietary trading by U.S. commercial banks do not face regulatory scrutiny. The agencies charged with enforcing the ban on proprietary trading, including the Federal Reserve, the Federal...

  • WASHINGTON, July 21- U.S. financial regulators announced Friday that they would review Volcker Rule regulations to ensure that foreign funds that should be exempt from the ban on proprietary trading by U.S. commercial banks do not face regulatory scrutiny. The banking agencies charged with enforcing the ban on proprietary trading, including the Federal...