WASHINGTON/NEW YORK (Reuters) – Quarantines imposed on travelers coming from Ebola-affected countries in West Africa who have had contact with the disease could discourage American health workers from going there to help fight the epidemic, a senior U.S. medical official warned on Sunday.
“I don’t want to be directly criticizing the decision that was made but we have to be careful that there are unintended consequences,” Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said of the measures imposed by New York, New Jersey and Illinois.
WASHINGTON, Oct 21 (Reuters) – The U.S. Federal Deposit
Insurance Corp unveiled a final rule on Tuesday that requires
banks to retain at least 5 percent of the risk on their books
when they bundle loans, securitize them and sell them to
The rule, expected to be adopted by the FDIC later on
Tuesday, aims to prevent a repeat of the 2007-2009 financial
crisis, when banks’ lending standards became sloppy and they
securitized toxic subprime mortgage loans.
WASHINGTON, Oct 20 (Reuters) – Wall Street’s top trade group
is calling for the creation of a new inter-agency working group
of regulators and the White House that would be tasked with
developing consistent cybersecurity rules for the financial
The recommendation by the Securities Industry and Financial
Markets Association (SIFMA) was one of several unveiled on
Monday as part of a new paper that lays out proposed “principles
for effective cybersecurity regulatory guidance.”
WASHINGTON, Oct 17 (Reuters) – Banks’ reliance on poor risk
models is among the problems the Federal Reserve found in its
health check of the largest U.S. financial institutions, as the
Fed explained for the first time on Friday what it thinks of
this year’s industry submissions.
The Fed’s list of flaws that come with banks’ disclosures
for the so-called stress test show that while progress has been
made, the two sides are still a ways off in their expectations.
WASHINGTON, Oct 17 (Reuters) – Fresh from a court win in
Britain, the London Metal Exchange now faces one of its biggest
hurdles yet in its years-long crisis over its warehousing policy
that consumers say has inflated prices: convincing U.S.
lawmakers its reforms are enough.
When Britain’s Court of Appeal handed a victory to the LME
last week, knocking out a challenge to the reforms by Russian
aluminum giant Rusal last week, the LME’s head of
business development, Matt Chamberlain, was in Washington, a
source familiar with the matter said.
WASHINGTON, Oct 11 (Reuters) – Downside risks to the global
economy are a factor the Federal Reserve will have to consider
even as the U.S. economy recovers from the 2007-2009 financial
crisis, Fed Governor Daniel Tarullo said on Saturday.
Tarullo, a voting member of the Fed’s policymaking
committee, also said the U.S. economy is facing deep problems
from decaying infrastructure to a polarized income distribution
that could weaken demand in the future.
WASHINGTON (Reuters) – Regulators from the United States and the United Kingdom will get together in a war room next week to see if they can cope with any possible fall-out when the next big bank topples over, the two countries said on Friday.
Treasury Secretary Jack Lew and the UK’s Chancellor of the Exchequer, George Osborne, on Monday will run a joint exercise simulating how they would prop up a large bank with operations in both countries that has landed in trouble.
WASHINGTON (Reuters) – A much-needed pruning of banks across the world could stifle lending and dampen economic recovery, the International Monetary Fund said on Wednesday.
To boost profits, banks need to raise prices in certain business lines, pull out of others altogether, and put their money where it yielded more, the Fund said.
WASHINGTON (Reuters) – The U.S. top financial risk council may tweak the way in which it identifies insurers and other companies that are not banks as systemically important, a process the industry and politicians have fiercely criticized.
The Financial Stability Oversight Council, a group of the nation’s main financial regulators, has named three such companies as being so important that their demise could pose risks to the global system, subjecting them to tougher oversight.
WASHINGTON (Reuters) – Insurer MetLife said on Friday it would fight a plan by the U.S. risk council to designate it as a firm whose demise could risk global finance, a tag that brings far greater regulatory scrutiny.
The company had asked the Financial Stability Oversight Council (FSOC) to call a meeting at which it could give written and oral evidence of why it disagreed with the proposed determination, it said in a regulatory filing.