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May 31, 2015

Senate set to convene on future of U.S. telephone spying powers

WASHINGTON (Reuters) – The U.S. Senate is set to convene in a rare Sunday session in a last-ditch attempt to pass legislation to allow U.S. spy agencies to continue to sweep up information on Americans’ telephone calls and other business records.

    Failure to pass such legislation would mean that key provisions of the USA Patriot Act would expire and, facing a midnight (0400 GMT Monday) deadline, the National Security Agency would have to shut off a vast surveillance system.

May 28, 2015

FIFA brothers scrambled to deposit cash hoard at U.S. banks, U.S. court documents show

WASHINGTON, May 28 (Reuters) – Two brothers who pleaded guilty in the FIFA soccer bribery scandal deposited large sums of cash in a frenzied series of visits to U.S. banks, hoping to avoid detection by authorities, U.S. court documents released this week showed.

Daryan and Daryll Warner, sons of former FIFA Vice President Jack Warner, and their associates deposited more than $600,000 in cash at bank branches in New York, Miami and Las Vegas in the second half of 2011, according to a 2012 complaint in U.S. District Court in New York that was unsealed on Wednesday.

May 28, 2015

Questions arise about banks’ role in FIFA bribery case

WASHINGTON (Reuters) – A raft of banks could face tough questions in the sweeping U.S. crackdown on alleged corruption in global soccer as prosecutors review how much they knew about millions of dollars in bribes flowing through the U.S. banking system to accounts around the world.

More than a dozen banks are named in the U.S. Department of Justice’s indictment of nine officials at FIFA, the game’s powerful governing body, and five sports media and promotion executives, over charges involving more than $150 million in bribes.

May 15, 2015

Clearing houses are big risk, top U.S. federal researcher says

WASHINGTON (Reuters) – Clearing houses, whose role to guard financial stability was much praised after the 2007-09 crisis, now pose threats themselves, the head of the top U.S. financial research agency told Reuters on Friday.

The Office of Financial Research has looked at these firms, which are for instance run by CME Group Inc. (CME.O: Quote, Profile, Research, Stock Buzz), Deutsche Boerse’s (DB1Gn.DE: Quote, Profile, Research, Stock Buzz) Eurex, and Intercontinental Exchange Inc (ICE.N: Quote, Profile, Research, Stock Buzz), to see where risk is building up.

May 14, 2015

Swaps regulator slams House bill aimed at reforming agency

WASHINGTON, May 14 (Reuters) – The head of the U.S.
derivatives market regulator on Thursday slammed a bill in the
House of Representatives to reauthorize the agency, saying the
new mandate would make it harder for it to respond quickly to
market events.

The Commodity Futures Trading Commission has raised its
profile significantly after the 2007-09 financial crisis,
imposing billions of dollars of fines on large Wall Street banks
that rigged the Libor interest rate benchmark.

May 14, 2015

Swaps regulator lashes out at House bill aimed at reforming agency

WASHINGTON, May 14 (Reuters) – The head of the U.S.
derivatives market regulator on Thursday slammed a bill in the
House of Representatives to reauthorize the agency, saying the
new mandate would make it harder for it to quickly respond to
market events.

The Commodity Futures Trading Commission has raised its
profile significantly after the 2007-09 financial crisis,
imposing billions of dollars of fines on large Wall Street banks
that rigged the Libor interest rate benchmark.

May 13, 2015

Banks must get ‘serious’ about bankruptcy plans: FDIC’s Hoenig

WASHINGTON (Reuters) – The July deadline for U.S. banks to show regulators how they can go through bankruptcy without causing wider mayhem or risk being broken up is a crucial test for the industry, a top U.S. regulator said on Wednesday.

In a wide-ranging interview at the Reuters Financial Regulation Summit, Tom Hoenig, second-in-command at the Federal Deposit Insurance Corporation, said that he was broadly behind regulatory relief provided to smaller banks in a bill introduced this week by U.S. Senator Richard Shelby, the chairman of the Senate Banking Committee.

May 11, 2015

U.S. to issue bank pay rules soon, regulator says

WASHINGTON (Reuters) – U.S. regulators will soon issue a new plan to curb excessive Wall Street pay, a top regulator told Reuters on Monday, four years after the agencies first launched the proposal.

The six agencies will re-propose a rule first offered in April of 2011 that would prohibit rewarding overly risky practices, Comptroller of the Currency Thomas Curry told the Reuters Financial Regulation Summit.

May 8, 2015

Insurers step up lobbying to battle U.S. regulators

WASHINGTON (Reuters) – Insurance firms, already among Washington’s biggest donors, are securing powerful allies in Congress as the Federal Reserve draws up nationwide capital rules for the $1 trillion industry after years of delay.

Two members of the House of Representatives who received large industry donations for their election campaigns and one senator last month started the Financial Protection and Life Insurance Caucus, grouping lawmakers pledged to vie for the industry’s interests on Capitol Hill.

May 5, 2015

U.S. presidential hopeful Sanders: Break up the big banks

WASHINGTON (Reuters) – Bernie Sanders, a self-described socialist U.S. senator who has launched a bid for the 2016 Democratic presidential nomination, said on Tuesday he will introduce a bill to break up the biggest banks, a position far to the left of the party’s front runner, Hillary Clinton.

Calls for Wall Street’s largest firms to be cut down were numerous after taxpayers spent billions of dollars to prevent the financial system from collapse during the 2007-09 financial crisis, but they have since gradually died down.

    • About Douwe

      "I head up the Financial Services team in London. We're 20 journalists, covering M&A, IPOs, restructuring, banking, real estate, investment management, hedge funds and private equity. I've worked for Reuters in Zurich, Frankfurt and Amsterdam."
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