WASHINGTON, Jan 28 (Reuters) – U.S. regulators who want
banks to sever ties to risky customers must inform the banks in
writing, the Federal Deposit Insurance Corp said on Wednesday, a
change sought by Republican lawmakers opposed to a probe known
as “Operation Choke Point.”
The U.S. Justice Department says the investigation is aimed
at cracking down on fraud by scrutinizing banks and payment
processors that work with businesses suspected of money
laundering and other illegal activities.
WASHINGTON, Jan 20 (Reuters) – The U.S. Supreme Court on
Tuesday declined to hear a challenge to controversial debit card
“swipe fee” rules, dealing a blow to retailers, grocers and
restaurant owners who argued the charges were unfairly high.
Businesses pay the fees to banks when customers use debit
cards to purchase goods or services. The fees reimburse banks
for costs involved in offering debit cards.
WASHINGTON, Jan 14 (Reuters) – Lawmakers in the U.S. House
of Representatives on Wednesday approved a bill scaling back the
2010 Wall Street financial reforms, an early victory that could
embolden Republicans to continue chipping away at the oversight
House Republicans view much of the Dodd-Frank law as
unworkable and an unnecessary burden on American businesses,
while many Democrats have vowed to defend it. In a mostly
party-line vote of 271 to 154, lawmakers voted to send the
measure to the U.S. Senate.
WASHINGTON, Jan 12 (Reuters) – Antonio Weiss, an investment
banker who was a controversial nominee for a top post at the
U.S. Treasury Department, has decided to withdraw from
consideration, the White House said on Monday.
Liberal lawmakers, led by Senator Elizabeth Warren of
Massachusetts, fiercely opposed Weiss’s nomination to the top
Treasury domestic finance job because of his work for investment
bank Lazard, which they viewed as proof of a revolving
door between Wall Street and the U.S. government.
WASHINGTON, Jan 12 (Reuters) – The White House warned on
Monday that President Barack Obama would veto Republican-backed
legislation in the U.S. House of Representatives that would
scale back financial reforms, including the Volcker rule.
Revamping the 2010 Dodd-Frank financial oversight law is a
top priority for Republican Party leaders, who took control of
both houses of the U.S. Congress this year following big wins in
November’s midterm elections.
WASHINGTON, Jan 7 (Reuters) – Republicans in the U.S. House
of Representatives failed on Wednesday to round up enough votes
for a bill scaling back various financial reforms, a surprising
defeat in an area conservatives hoped to prioritize this year.
Republican Party leaders brought forward numerous bills to
revamp financial reforms under President Barack Obama’s
Democratic administration and hoped to make more dramatic
changes after taking control of both houses of the U.S. Congress
in last November’s congressional elections.
WASHINGTON (Reuters) – The U.S. House of Representatives voted on Wednesday to reauthorize a federal terrorism insurance program sought by insurers and owners of sports stadiums and shopping malls, after lawmakers let it expire at the end of 2014.
Lawmakers were unable to agree last year on a plan to extend the program, which was created after the Sept. 11, 2001, attacks. The House bill would give the program six more years.
WASHINGTON (Reuters) – The House of Representatives expects to vote Wednesday on legislation retooling a series of financial regulations, an early sign that Republican leaders will attack President Barack Obama’s Wall Street reforms this year.
Scaling back reforms including the so-called Volcker rule on banks is a top Republican priority as stated on the website of House Majority Leader Kevin McCarthy of California.
WASHINGTON, Jan 6 (Reuters) – President Barack Obama on
Tuesday nominated former community banker Allan Landon to a seat
on the U.S. Federal Reserve’s board, responding to calls for a
greater voice for Main Street in the central bank’s
Landon, a partner at private investment fund Community
BanCapital, was chief executive of the Bank of Hawaii
from 2004 until 2010. Previously, he had worked as the bank’s
chief financial officer and as CFO at First American in
WASHINGTON (Reuters) – President Barack Obama plans to nominate community banker Allan Landon for a seat on the U.S. Federal Reserve’s Board of Governors, a source briefed by the White House said on Tuesday.
Landon, a partner with private investment fund Community BanCapital, served as chief executive officer of the Bank of Hawaii from 2004 until 2010. The source said the White House would announce the nomination later on Tuesday.