WASHINGTON (Reuters) – A U.S. bank regulator on Wednesday fined three top banks a total of $950 million for failing to prevent employees’ misconduct in foreign exchange trading.
The Office of the Comptroller of the Currency said Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz) agreed to pay $250 million, and JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) and Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) would each pay $350 million.
WASHINGTON (Reuters) – Richard Shelby appears poised to retake his old job as head of the Senate Banking Committee after big Republican electoral wins, likely bringing tougher scrutiny of the Federal Reserve, big banks and housing finance giants Fannie Mae and Freddie Mac.
But his ability to drastically revamp financial regulation or eliminate the two government-controlled mortgage companies would be limited with Washington still closely divided even after the elections handed control of the Senate to the Republicans.
WASHINGTON (Reuters) – Democrats hoped women voters would help them weather a tough election year, but weariness with President Barack Obama and disgust with relentless partisan warfare in Washington prompted many to abandon the party they had backed two years earlier.
In a bitter election marked by record spending, Obama’s Democrats battled a powerful headwind of frustration among women voters who said they had grown tired of the relentless attack ads on TV and unceasing warfare between Democratic and Republican lawmakers.
WASHINGTON, Oct 13 (Reuters) – Wall Street donors are
opening their wallets to back the Republican fight for control
of the U.S. Senate in November’s election, and financial
services has emerged again as the highest spending sector,
according to campaign finance reports.
But widespread skepticism about accomplishing various
financial sector policy priorities, such as scaling back the
2010 Dodd-Frank law or enacting business-friendly tax reforms,
amid Washington’s paralysis has dampened the excitement of some
traditional financial industry donors, such as big banks.
WASHINGTON (Reuters) – Former Federal Reserve Chairman Ben Bernanke said on Friday on that prior to the 2008 bailout of American International Group (AIG.N: Quote, Profile, Research, Stock Buzz), he was concerned that the insurer “was on the brink of default” and not about punishing AIG.
Bernanke’s comments came in a fifth day of testimony by former top government officials, who mean to convince a federal judge that their actions in rescuing the insurance company were legal.
WASHINGTON (Reuters) – When the Obama administration clamped down last month on companies that reincorporate abroad to escape high U.S. taxes, it did not address a tax-dodging technique known as “earnings stripping,” leaving some to wonder if it is the next target.
Earnings stripping is widely practiced and covers a range of financial dealings that shrink the taxable U.S. profits of multinationals, including those that have moved their tax domiciles abroad in “inversion” deals and others.
WASHINGTON (Reuters) – The U.S. Federal Reserve on Tuesday announced plans to study the potential effects of forcing big insurance companies to meet tough funding restrictions required by the 2010 Dodd-Frank law.
The Wall Street oversight law directed regulators to identify big non-bank financial firms that could pose risks to the U.S. financial system. Those companies are regulated by the Fed and must meet capital requirements comparable to those for big U.S. banks.
WASHINGTON, Sept 29 (Reuters) – The U.S. consumer watchdog
on Monday said Flagstar Bancorp would pay $37.5 million
over allegations that it broke new mortgage servicing rules and
hurt struggling borrowers’ efforts to stay in their homes.
The U.S. Consumer Financial Protection Bureau (CFPB) said
Michigan-based Flagstar failed to notify borrowers when their
applications for foreclosure relief were incomplete, denied loan
modifications to eligible people and took too long to finalize
NEW YORK/WASHINGTON (Reuters) – An influential U.S. senator wants to hold hearings into “disturbing” issues raised by secretly taped conversations between Federal Reserve supervisors and officials at Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz), a bank the Fed was tasked with policing.
Elizabeth Warren, a Democrat on the Senate Banking Committee, on Friday called for hearings after portions of the recordings from 2011 and 2012 were made public. Fellow Democrat Sherrod Brown, also a committee member, called for a “full and thorough investigation” into the allegations they raised.
WASHINGTON (Reuters) – U.S. financial regulators said on Thursday that US Bank will pay about $57 million to resolve allegations it charged consumers for services they did not actually receive.
The U.S. Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau said the bank, a unit of US Bancorp, would pay a total of $9 million in fines and about $48 million in restitution to harmed borrowers.