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Congress Financial Reform

  • SYDNEY, Aug 28- Commonwealth Bank of Australia, the nation's biggest lender, has been hit with a public inquiry into its governance and culture- the second regulatory probe to be launched this month after it was accused of massive breaches of money-laundering rules. The move represents the first time that the Australian Prudential Regulation Authority will...

  • SYDNEY, Aug 28- Australia's prudential regulator said on Monday it will establish an inquiry into governance, culture and accountability at the country's biggest bank in the wake of alleged breaches of money-laundering and counter-terrorism financing rules. Australia's corporate regulator, the Australian Securities and Investment Commission, has also...

  • It's going to be tough for Trump to sell tax reform

    Trump needs to harness his communications skills - and the ear of the public - to sell it, writes CNBC's Jake Novak.

  • WASHINGTON, Aug 22- U.S. bank regulators proposed on Tuesday holding off on implementing stricter capital rules for smaller banks while the agencies review ways to simplify requirements for less complex institutions. The Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency signed off on the action.

  • *Chairman of FDIC warns of risks ahead amid rate rises. WASHINGTON, Aug 22- U.S. banks kept a lid on costs and booked higher interest income in the second quarter, boosting profits by 10.7 percent on the year-ago period, the Federal Deposit Insurance Corporation said on Tuesday. The $48.3 billion in profits during the second quarter indicate the U.S. banking sector...

  • Aug 18- After paying customers millions of dollars for opening phony accounts they did not want, Wells Fargo& Co has said it is now grappling with the possibility it harmed customers by closing real accounts they needed, leaving them without access to funds. Wells, the third-largest U.S. bank, disclosed in a regulatory filing on Aug. 4 that the Consumer Financial...

  • Steven Peikin, the new co-head of enforcement at the SEC, held as much as $9 million worth of stock in dozens of blue-chip companies as of Aug. 8, according to a disclosure filing obtained through a public records request. Should those companies come before the SEC, potential conflicts of interest could arise. Having such conflicts is not unusual for senior SEC...

  • 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...