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Congress Financial Reform

  • WASHINGTON, July 20- Republicans in the U.S. Congress are moving quickly to try to eliminate a new regulation that bars financial firms from forcing consumers into arbitration to settle disputes that otherwise may turn into class-action lawsuits. Top lawmakers in both the House and Senate introduced bills on Thursday to repeal the rule, finalized this week by...

  • WASHINGTON, July 20- Republicans in the U.S. Congress are moving quickly to try to eliminate a new regulation that bars financial firms from forcing consumers into arbitration to settle disputes. Top lawmakers in both the House and Senate introduced bills on Thursday to repeal the rule, finalized this week by the Consumer Financial Protection Bureau.

  • WASHINGTON, July 19- The new head of a U.S. banking regulatory agency on Wednesday defended his predecessor's efforts to explore granting special federal charters to startup online lenders. But Keith Noreika, who took over as the OCC's acting head in May, sounded like his predecessor, Tom Curry, in defending the agency initiative and billing it as good for the...

  • *New capital requirements to be met by January 2020. SYDNEY, July 19- Australia on Wednesday ordered the country's biggest banks to raise capital for the second time in two years and signalled further action to shore up their burgeoning mortgage books, potentially squeezing shareholder returns. The Australian Prudential Regulation Authority has now ordered...

  • Why markets may have to wait longer for Trump’s reforms

    Megan Greene, chief economist at Manulife Asset Management, takes a look at how effective President Donald Trump is for economic growth in the U.S.

  • SHANGHAI, July 18- China's banking regulator will tighten control over risks in the financial markets, work more closely with the central bank and other regulators, and "resolutely follow" the leadership of a newly-formed financial stability committee, it said late on Monday. The China Banking Regulatory Commission's comments come after President Xi Jinping...

  • MUMBAI, July 17- The new chief executive of India's embattled National Stock Exchange said on Monday his immediate priority was to resolve a regulatory investigation facing the country's largest bourse and improve relations with stakeholders. Vikram Limaye took over the NSE on Monday, with the exchange facing a probe from market regulator the Securities...

  • WASHINGTON, July 12- James Clinger, picked by President Donald Trump in June to head the Federal Deposit Insurance Corporation, announced on Wednesday he was withdrawing his name from consideration. I did so after concluding that the family-related obligations that prompted me to leave government service earlier this year- which have grown more challenging...

  • Bissada must also navigate the business through regulatory changes, which could make it harder for sub-prime lenders such as Home Capital to do business in Canada. Regulators have turned their focus on risky lending amid fears of housing bubbles in the cities of Toronto and Vancouver and are proposing tougher rules on some mortgages. Raymond James analyst...

  • RIO DE JANEIRO, July 11- Brazil's securities industry watchdog on Tuesday cleared Petroleo Brasileiro SA, former executives and advisers of wrongdoing over alleged irregularities in a $70 billion capital injection seven years ago that sparked a long decline in shares of the state-controlled oil producer. Three board members of the watchdog known as CVM...

  • President Donald Trump plans to nominate former Treasury official Randal Quarles to be the Federal Reserve's top banking regulator, the White House said on Monday. Quarles currently runs a private investment firm that he founded, the Cynosure Group, from Salt Lake City, Utah. In an opinion piece in The Wall Street Journal in March 2016, Quarles and Lawrence...

  • President Donald J. Trump (R) and Secretary of Treasury Steven Mnuchin (L) walk out of the Treasury Department after a financial services Executive Order signing ceremon on April 21, 2017 in Washington, DC.

    The Treasury Department is considering rewriting an Obama-era regulation dealing with earnings stripping.

  • WASHINGTON, July 10- A coalition that includes some of the largest U.S. pension funds want federal regulators to force big banks and other public companies to disclose details on how they manage, compensate and incentivize their employees. "The way you structure and pay a sales force... can definitely affect the business performance," said Meredith Miller, the chief...

  • LONDON, July 6- Emerging currencies stayed on the back foot on Thursday after the previous day's slides, with South Africa's rand holding near seven-week lows due to a scare caused by proposals to nationalise the central bank and expropriate land. Federal Reserve minutes kept the dollar near one-week highs and while some policymakers said weak inflation made...

  • The Federal Reserve and Federal Deposit Insurance Corporation posted the public portions of living wills submitted by banks including Bank of America Corp, JPMorgan Chase& Co and Goldman Sachs Group Inc. Introduced in the wake of the global financial crisis of 2007-2009, the plans outline how banks would go bankrupt without needing a taxpayer bailout.

  • NEW YORK, July 5- U.S. bank regulators on Wednesday posted plans submitted by eight of the nations largest banks for how they could be dissolved in a crisis and gave American International Group, Inc and Prudential Financial an extra year to submit their plans. The Federal Reserve and the Federal Deposit Insurance Corporation posted public portions of those...

  • LONDON, July 4- The decline in correspondent banking, a crucial channel for moving cash from one country to another, shows no sign of slowing despite measures agreed in 2015 to stem the slide, global regulators said on Tuesday. It said all regions had been hit to a varying degree, with the Caribbean and small states in the Pacific suffering the worst and Eastern...

  • LONDON, July 3- Global growth would suffer if regulators give into "reform fatigue" and fail to complete the overhaul of the world's banking system triggered by the financial crisis, Financial Stability Board Chairman Mark Carney said on Monday. The FSB coordinates financial regulations for the Group of 20 countries whose leaders meet in Germany this week.

  • LONDON, July 3- Global growth would suffer if regulators give into "reform fatigue" and fail to complete the overhaul of the world's banking system triggered by the financial crisis, Financial Stability Board Chairman Mark Carney said on Monday. The FSB coordinates financial regulations for the Group of 20 countries whose leaders meet in Germany this week.

  • BERLIN, June 23- Adyen, one of Europe's biggest fintech companies, has taken a pan-European banking license that allows it to bypass banks and process cross-border payments directly for its merchant customers, including many of the world's top ecommerce firms. Chief Executive Pieter van der Does said on Friday that his Amsterdam- based company was awarded a...