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Aug 21, 2014

Fund firms demand greater say in U.S. risk designations

WASHINGTON (Reuters) – A heavyweight coalition of asset managers and insurers demanded a greater say in future decisions by the top U.S. risk council that would subject them to tougher regulation, the groups said in a letter to the U.S. Treasury.

The groups asked that the Financial Stability Oversight Council (FSOC) change its rules by which it designates firms as “systemically important,” a tag that subjects them to far tougher capital and risk management requirements.

Aug 20, 2014

U.S. risk council takes next step in MetLife systemic review

WASHINGTON (Reuters) – The top U.S. financial risk council has gathered enough evidence to decide whether insurer MetLife should be designated as a systemically important firm, a source familiar with the situation said.

Closing the evidentiary record is the last formal step before the Financial Stability Oversight Council can vote on whether to designate MetLife with the tag.

Aug 20, 2014

Fund firms demand greater say in U.S. risk council designations

WASHINGTON, Aug 20 (Reuters) – A heavyweight coalition of
asset managers demanded a greater say in future decisions by the
top U.S. risk council that would subject them to tougher
regulation, the groups said in a letter to the U.S. Treasury.

The groups asked that the Financial Stability Oversight
Council (FSOC) change its rules by which it designates firms as
“systemically important”, a tag that subjects them to far
tougher capital and risk management requirements.

Aug 15, 2014

Exclusive: AIG boosting Washington lobbying effort as hiatus prompted by crisis ends

WASHINGTON (Reuters) – Insurer American International Group (AIG.N: Quote, Profile, Research, Stock Buzz) is ramping up its lobbying team in Washington, almost six years after it halted such efforts following its rescue by the U.S. government during the financial crisis.

Many large companies deploy a handful of staff to provide access to Capitol Hill and the White House, but AIG has employed no officially registered lobbyists since 2009. Some of its government relations positions in Washington, which companies typically use to influence policymaking by regulators and other government officials, have been left vacant.

Aug 15, 2014

AIG boosting Washington lobbying effort as hiatus prompted by crisis ends

WASHINGTON, Aug 15 (Reuters) – Insurer American
International Group is ramping up its lobbying team
in Washington, almost six years after it halted such efforts
following its rescue by the U.S. government during the financial
crisis.

Many large companies deploy a handful of staff to provide
access to Capitol Hill and the White House, but AIG has employed
no officially registered lobbyists since 2009. Some of its
government relations positions in Washington, which companies
typically use to influence policymaking by regulators and other
government officials, have been left vacant.

Aug 13, 2014

FDIC’s Hoenig tells banks to quickly change derivatives contracts

WASHINGTON (Reuters) – Banks need to urgently change a provision in derivatives contracts that prevents them from smoothly winding down their business if they start failing during a crisis, a top U.S. regulator told Reuters on Wednesday.

Thomas Hoenig, second in command at the Federal Deposit Insurance Corp, said the so-called early termination rights were the most pressing problem regulators found last week with documents that show how banks can go through bankruptcy court during a crisis that threatens their solvency.

Aug 11, 2014

U.S. watchdog calls bitcoin ‘Wild West’ of finance

WASHINGTON, Aug 11 (Reuters) – Virtual currencies such as
bitcoin are the “Wild West” of financial products because of
risks including huge swings in exchange rates, the U.S. Consumer
Financial Protection Bureau said on Monday.

“Virtual currencies are not backed by any government or
central bank, and at this point consumers are stepping into the
Wild West when they engage in the market,” CFPB Director Richard
Cordray said in a statement.

Aug 8, 2014

Republicans sue SEC to block political donations rule

WASHINGTON, Aug 8 (Reuters) – Republican politicians sued
the U.S. Securities and Exchange Commission, seeking to throw
out a rule that limits political donations by investment
advisers.

The Republican state committees from New York and Tennessee
said the federal securities regulator had flouted due procedure
when adopting its Political Contribution Rule, which they said
also violated the constitutional right to freedom of speech.

Aug 5, 2014

U.S. regulators set ultimatum for banks to improve crisis plans

WASHINGTON (Reuters) – U.S. regulators on Tuesday told banks to come up with better living wills, inching a step closer to taking action if these plans to avoid taxpayer bailouts during a future crisis were still deficient next year.

The plans submitted by the banks last year showed important shortcomings, the Federal Reserve and Federal Deposit Insurance Corp. said, telling them to show in 2015 that they had made “significant progress” to address a range of issues.

Jul 31, 2014

U.S. financial risk council to review asset management

WASHINGTON, July 31 (Reuters) – The top U.S. regulatory
panel tasked with policing the safety of the financial system
said on Thursday it is launching a review of potential risks in
the asset management industry.

But the Financial Stability Oversight Council was unlikely
to designate any asset management firm as “systemically
important” as part of the review, a source familiar with the
council said, a tag that carries more regulatory scrutiny and
oversight by the Federal Reserve.

    • 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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