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Jul 24, 2013

U.S. regulators may weaken plan to rein in mortgage underwriting-sources

WASHINGTON, July 24 (Reuters) – U.S. regulators will soon
unveil a new proposal that is seen as softening rules to prevent
the type of shoddy underwriting practices that fueled the
housing bubble, according to two sources familiar with the
matter.

The rules, prompted by the 2007-09 financial crisis and
first proposed in 2011, require lenders and bond issuers to keep
a stake in mortgages that they securitize, with the exception of
basic loans.

Jul 16, 2013

Consumer agency chief Cordray heads toward confirmation

WASHINGTON (Reuters) – The Senate on Tuesday moved toward confirming a director of the Consumer Financial Protection Bureau, ending a two-year standoff in Congress and putting the new agency on sounder legal footing.

Democrats overcame long-held Republican objections to end debate over Richard Cordray’s nomination to head the bureau, which was created by the 2010 Dodd-Frank Wall Street reform law.

Jul 9, 2013

Risk council designates AIG, GE Capital for tougher oversight

WASHINGTON (Reuters) – The U.S. financial risk council on Tuesday said it has designated American International Group (AIG.N: Quote, Profile, Research, Stock Buzz) and GE Capital (GE.N: Quote, Profile, Research, Stock Buzz) as systemically risky, bringing them under stricter regulatory oversight.

The Financial Stability Oversight Council’s decision to name its first set of “systemically important” non-bank firms had been long expected by the financial services industry.

Jul 9, 2013

U.S. risk council designates AIG, GE Capital for tougher oversight

WASHINGTON, July 9 (Reuters) – The U.S. financial risk
council on Tuesday said it has designated American International
Group and GE Capital as systemically risky,
bringing them under stricter regulatory oversight.

The Financial Stability Oversight Council’s decision to name
its first set of “systemically important” non-bank firms had
been long expected by the financial services industry.

Jul 9, 2013

Big US banks face tougher lending rules than global rivals

WASHINGTON, July 9 (Reuters) – The eight biggest U.S. banks
will need to hold twice as much equity capital as required
globally under a new plan proposed by regulators on Tuesday
intended to protect taxpayers from any future costly bailouts.

The rule would impose a so-called leverage ratio, a hard cap
on how much banks can borrow to fund their business, requiring
them to hold equity capital equal to 6 percent of total assets.

Jul 9, 2013

U.S. regulators plan tough borrowing caps for big banks

WASHINGTON, July 9 (Reuters) – U.S. regulators on Tuesday
launched a plan to force the country’s largest banks to hold
twice as much equity capital as required globally and protect
taxpayers against any future costly bailouts.

The proposed new rule would subject the country’s eight
largest banks to a hard cap on how much they can borrow to fund
their businesses. It imposes a so-called leverage ratio that
would require them to hold equity capital equal to 6 percent of
total assets, regulators said.

Jul 9, 2013

U.S. bank regulators propose 6 percent leverage ratio

WASHINGTON (Reuters) – U.S. regulators on Tuesday are set to propose a plan that would force the country’s largest banks to hold twice as much equity capital than required by the global Basel III bank capital standards.

The eight largest banks would be subject to a leverage ratio of 6 percent, the three regulators said, representing a hard cap on how much a bank can borrow to fund its business.

Jul 9, 2013

US bank regulators propose 6 pct leverage ratio

WASHINGTON, July 9 (Reuters) – U.S. regulators on Tuesday
are set to propose a plan that would force the country’s largest
banks to hold twice as much equity capital than required by the
global Basel III bank capital standards.

The eight largest banks would be subject to a leverage ratio
of 6 percent, the three regulators said, representing a hard cap
on how much a bank can borrow to fund its business.

Jun 27, 2013

U.S. Bank, partner to refund $6.5 million over auto lending

WASHINGTON (Reuters) – U.S. Bancorp’s (USB.N: Quote, Profile, Research, Stock Buzz) U.S. Bank and a nonbank partner will refund about $6.5 million to U.S. military personnel over auto lending practices regulators said were deceptive, the Consumer Financial Protection Bureau said on Thursday.

U.S. Bank and its partner, Dealers’ Financial Services of Lexington, Kentucky, failed to properly disclose all of the fees associated with auto loans made through a program targeted at military personnel, the bureau said.

Jun 19, 2013

U.S. banks failed to follow mortgage standards -monitor

WASHINGTON, June 19 (Reuters) – Four of the largest U.S.
mortgage servicers failed to adhere to some of the new standards
set out in a landmark settlement meant to help consumers facing
foreclosure, a court-appointed monitor said on Wednesday.

Bank of America, Citigroup, JPMorgan Chase
and Wells Fargo need to make improvements in
handling loan modifications, said Joseph Smith, who oversees the
$25 billion settlement between banks and the U.S. government.