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Jun 16, 2015

Exclusive: Fed talks with insurers proceed on new capital rules

WASHINGTON (Reuters) – The U.S. Federal Reserve is considering a proposal for new nationwide insurance capital standards that would rely heavily on the current system of state-based regulations, according to a copy of the plan seen by Reuters and people familiar with the deliberations.

The plan, which a group of the largest U.S. insurers discussed with the Fed on May 20, would avoid a fundamental overhaul of how state-based insurance firms are regulated, and be based on accounting methods already in use.

Jun 16, 2015

U.S. Fed talks with insurers proceed on new capital rules

WASHINGTON, June 16 (Reuters) – The U.S. Federal Reserve is
considering a proposal for new nationwide insurance capital
standards that would rely heavily on the current system of
state-based regulations, according to a copy of the plan seen by
Reuters and people familiar with the deliberations.

The plan, which a group of the largest U.S. insurers
discussed with the Fed on May 20, would avoid a fundamental
overhaul of how state-based insurance firms are regulated, and
be based on accounting methods already in use.

Jun 9, 2015

U.S. regulator plans to close swaps trading loophole

WASHINGTON, June 9 (Reuters) – The top U.S. derivative
markets regulator on Tuesday launched a plan to close a loophole
Wall Street banks may have used to duck new trading rules by
shifting business abroad.

Under the plan, the Commodity Futures Trading Commission
would make U.S. banks’ derivatives operations comply with its
rules for uncleared swaps, even if the units are located abroad.

Jun 8, 2015

Alcoa queries US regulator over bid to reform LME policy

WASHINGTON, June 8 (Reuters) – Metals producer Alcoa Inc
on Monday challenged the U.S. commodities regulator’s
authority to intervene in a contentious overhaul of the London
Metal Exchange’s warehouse policy that has caused an
unprecedented drop in aluminum prices.

In March, the Commodity Futures Trading Commission deferred
a decision about the LME’s 2012 application to be registered as
a “foreign board of trade,” telling the exchange it should do
more to address concerns about long waiting queues.

Jun 4, 2015

Fed’s Tarullo, BlackRock’s Fink cite bond market liquidity concerns

NEW YORK (Reuters) – Financial regulators are paying close attention to liquidity concerns surfacing across the U.S. bond market, a top Federal Reserve official said on Thursday.

Fed Governor Daniel Tarullo, the U.S. central bank’s top financial regulation official, said that while bond liquidity is a concern, the behavior of the market is not yet showing significant fluctuations in pricing.

Jun 3, 2015

Insight – Banks wary of doing FIFA business in wake of bribery scandal

LOUIS/WASHINGTON (Reuters) – The disclosure that some of the world’s largest banks had been used as a conduit for bribes allegedly paid to football officials has prompted the banks to scrutinize their ties with FIFA, and could make it more difficult for the sport’s powerful governing body to move money around the world.

    Major U.S. and European banks say they are stepping up scrutiny of FIFA-related accounts, and are wary in particular of ties to two regional member organizations that feature prominently in the U.S. Department of Justice’s indictment.

Jun 3, 2015

Banks wary of doing FIFA business in wake of bribery scandal

LOUIS/WASHINGTON (Reuters) – The disclosure that some of the world’s largest banks had been used as a conduit for bribes allegedly paid to soccer officials has prompted the banks to scrutinize their ties with FIFA, and could make it more difficult for the sport’s powerful governing body to move money around the world.

    Major U.S. and European banks say they are stepping up scrutiny of FIFA-related accounts, and are wary in particular of ties to two regional member organizations that feature prominently in the U.S. Department of Justice’s indictment.

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.

    • 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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