WASHINGTON (Reuters) – The U.S. Federal Reserve granted Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) two more years to push risky swaps trading into a separate unit, in line with similar delays for other big Wall Street banks.
The Dodd-Frank law, aimed at preventing future taxpayer bail-outs, bans investment banks that trade derivatives from using government backstops such as deposit insurance or access to the Federal Reserve’s discount window.
WASHINGTON, July 2 (Reuters) – The U.S. Federal Reserve
pledged to draft tough rules for Wall Street while shielding
smaller banks from some of the harshest impact of the global
Basel III capital rules it adopted on Tuesday.
The central bank voted in favor of the long-awaited U.S.
version of the global rules that require banks to use more
equity capital to fund their business, to make them more robust
after the 2007-09 credit meltdown.
WASHINGTON (Reuters) – The U.S. Federal Reserve on Tuesday laid out plans for future U.S. bank reforms that go beyond an international agreement, ahead of a board vote to adopt the base Basel III capital rules in the United States.
Daniel Tarullo, the Fed board member in charge of financial supervision, said bank regulators are working on four new rules for the country’s biggest banks in the coming months.
WASHINGTON (Reuters) – The U.S. Federal Reserve will vote on Tuesday on long-awaited international rules for banks to use more equity capital to fund their business, a critical part of a global drive to make banking safer after the 2007-09 financial crisis.
Small U.S. banks will be scrutinizing the rules – known as Basel III – to see if they are getting the exemptions they lobbied for, and all will be keen to know the deadline for complying with the complex framework.
WASHINGTON (Reuters) – Jill Sommers said she would step down as a top swaps regulator next week after the agency she works for sued former MF Global chief Jon Corzine over the collapse of his firm, an investigation she had overseen.
“I’ve had the opportunity to wrap things up in the last week,” Sommers, a member of the Commodity Futures Trading Commission, told Reuters in a telephone interview, adding that she would leave on July 8.
WASHINGTON (Reuters) – A former Swiss banker faces up to five years in jail after pleading guilty to dodging U.S. taxes and paying a $1.5 million fine before being sentenced, the U.S. Department of Justice said on Friday.
Pius Kampfen, who worked for Switzerland’s Julius Baer BAERN.VX for 40 years and worked in California as the bank’s senior West Coast representative of San Francisco, kept accounts at a number of Swiss-based banks until long after he retired in 2001, but failed to report those on his U.S. tax returns.
WASHINGTON (Reuters) – A top U.S. regulator charged former MF Global chief Jon Corzine over the collapse of the futures brokerage, placing the former New Jersey governor firmly at the heart of one of the country’s 10 biggest bankruptcies.
The Commodity Futures Trading Commission said on Thursday it will seek to ban Corzine and former Assistant Treasurer Edith O’Brien from the industry in a civil case, and also seek penalties against the two.
WASHINGTON (Reuters) – A group of Senate Democrats on Wednesday expressed concern to Treasury Secretary Jack Lew about a lack of coordination on new derivatives rules by two key regulatory agencies and urged more cooperation with their foreign counterparts.
The Commodity Futures Trading Commission and the Securities Exchange Commission should harmonize rules stating how U.S. laws apply to foreign banks, they said, an issue that has sparked anger among politicians abroad.
WASHINGTON, June 25 (Reuters) – The top U.S. swaps regulator
won a legal victory on Tuesday when a U.S. appeals court
rejected a plea by the mutual funds industry to block a
requirement that its members register with the agency.
The U.S. Chamber of Commerce and the Investment Company
Institute had argued that registration with the Commodity
Futures Trading Commission duplicated the already existing
requirement that they register with the U.S. Securities and
WASHINGTON (Reuters) – Two top bank regulators are pushing to double capital requirements for the country’s largest banks, Bloomberg reported on Friday, as the debate about banks that are “too big to fail” heats up.
The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) aim to raise the amount of shareholder capital banks must hold to 6 percent of their total assets, twice the internationally agreed-upon level, Bloomberg said.