Emily's Feed
Mar 17, 2014

Big banks need point person for money-laundering lapses: regulator

HOLLYWOOD, FL/WASHINGTON (Reuters) – Big banks should designate senior managers to oversee efforts to police transactions for criminal activity and take responsibility when lapses occur, a top U.S. financial regulator said on Monday.

Comptroller of the Currency Thomas Curry said “murky” lines of accountability at the biggest banks in the United States have prevented regulators from determining who was to blame for major anti-money laundering compliance failures.

Mar 12, 2014

U.S. consumer bureau probing firms that link borrowers, payday lenders

WASHINGTON (Reuters) – The U.S. consumer watchdog is investigating companies that link cash-strapped wage earners to payday lenders, according to a document on the Consumer Financial Protection Bureau’s (CFPB) website.

The bureau is looking into whether those firms “have engaged or are engaging in unlawful acts or practices in connection with the marketing, selling or collection of payday loans,” according to the document, which was dated February 18 and posted on the bureau’s website on Wednesday.

Mar 11, 2014

U.S. Senator Collins says bill would tweak capital rules for insurers

WASHINGTON (Reuters) – A U.S. senator who backed tougher capital rules for nonbank financial firms said on Tuesday that regulators misread how that requirement applied to insurance companies, and she has proposed new legislation to clear up the confusion.

Senator Susan Collins, a Republican from Maine, introduced an amendment to the 2010 Dodd-Frank Wall Street oversight law that said large nonbank firms should meet leverage limits that are at least as stringent as the rules that banks follow.

Mar 3, 2014

Hundreds of Keystone protesters arrested at White House

WASHINGTON (Reuters) – Police arrested hundreds of young people protesting the Keystone XL project on Sunday, as demonstrators fastened themselves with plastic ties to the White House fences and called for U.S. President Barack Obama to reject the controversial oil pipeline.

Participants, who mostly appeared to be college-aged, held signs reading: “There is no planet B” and “Columbia says no to fossil fuels,” referring to the university in New York City.

Mar 2, 2014

Dozens of young Keystone protesters arrested at White House

WASHINGTON, March 2 (Reuters) – Police arrested dozens of
young people protesting the Keystone XL project on Sunday, as
demonstrators fastened themselves with plastic ties to the White
House fences and called for U.S. President Barack Obama to
reject the controversial oil pipeline.

Participants, who mostly appeared to be college-aged, held
signs reading “There is no planet B” and “Columbia says no to
fossil fuels,” referring to the university in New York.

Feb 27, 2014

Bill to revamp consumer agency passes U.S. House, unlikely to become law

WASHINGTON (Reuters) – The Republican-led U.S. House of Representatives passed a bill on Thursday to overhaul the U.S. consumer financial watchdog, although the politically charged legislation stands little chance of becoming law.

The Consumer Financial Protection Bureau, or CFPB, was created as part of the 2010 Dodd-Frank law to help protect Americans from financial scams.

Feb 27, 2014

Fed’s Lockhart sees low interest rates for ‘quite a while’

ATLANTA, Feb 27 (Reuters) – The Federal Reserve will
probably keep benchmark interest rates low for “quite a while”
even as the U.S. central bank begins to raise them from their
current near-zero level, a top Fed official said on Thursday.

Atlanta Fed President Dennis Lockhart told a conference in
Atlanta that he expects the Fed to begin raising rates in
mid-2015 but to do so slowly. Lockhart is a policy centrist
whose views often reflect those at the core of the central bank.

Feb 13, 2014

Financial services, retail groups form cyber partnership

WASHINGTON, Feb 13 (Reuters) – U.S. banks and retail groups
announced on Thursday that they are joining forces to work on
cybersecurity, a sign they might be moving past recent squabbles
over who is to blame for data breaches.

The Financial Services Roundtable, Retail Industry Leaders
Association and several other trade associations said the new
partnership would focus on sharing more information on cyber
threats, developing technology to protect consumers and
discussing areas of disagreement between banks and merchants.

Feb 13, 2014

Financial services, retail groups form cybersecurity partnership

WASHINGTON (Reuters) – Banks and retail groups announced on Thursday they are joining together to work on cybersecurity issues, a sign the groups may be moving past recent squabbles over who deserves the blame for data breaches.

The Financial Services Roundtable, Retail Industry Leaders Association and several other trade associations said the new partnership would focus on sharing more information about cyber threats, developing technology to protect consumers and discussing areas of disagreement between banks and merchants.

Feb 12, 2014

Critics claim Volcker rule skirts cost-benefit laws

WASHINGTON, Feb 12 (Reuters) – Opponents of the Volcker
rule, which bans U.S. banks from proprietary trading, are
exploring whether regulators violated two obscure laws that
require them to study the costs to business, a move that could
lead to a possible legal challenge.

The U.S. Chamber of Commerce says bank regulators appear to
have failed to meet their obligation to fully study the Volcker
rule’s cost to the financial industry and the economy.