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Feb 26, 2013

U.S. consumer watchdog meeting with states on offshore lenders

WASHINGTON, Feb 26 (Reuters) – The U.S. Consumer Financial
Protection Bureau is working with the states to crack down on
payday lenders that are located offshore and operating online,
the agency’s director Richard Cordray said on Tuesday.

Payday lenders are regulated differently in each state, with
some states regulating the industry more loosely and others
banning the practice outright.

Feb 26, 2013

U.S. banks in 2012 post highest profits since ’06 -FDIC

WASHINGTON, Feb 26 (Reuters) – The U.S. banking industry in
2012 recorded its highest earnings since before the 2007-2009
financial crisis, according to data released on Tuesday by the
Federal Deposit Insurance Corp.

The FDIC said the industry’s full-year earnings were the
second-highest on record at $141.3 billion, an increase over
2011 of $22.9 billion, or 19.3 percent. But the head of the
agency said growth would probably slow this year, and warned
that bank profits could dive if Congress does not reach a
federal budget agreement that prevents automatic cuts.

Feb 19, 2013

U.S. regulators to require testing after trading glitches

WASHINGTON (Reuters) – Exchanges and other trading platforms would have to perform tests to prevent software errors from unleashing havoc on the market under proposed rules being crafted by regulators, U.S. Securities and Exchange Commission Chairman Elisse Walter said.

Walter offered details for the first time on the rules, which are being developed in response to a string of high-profile technology errors last year, in a speech Tuesday at American University’s Washington College of Law.

Feb 14, 2013

Watchdogs to update Senate on global bank failure plans

WASHINGTON, Feb 13 (Reuters) – U.S. and European regulators
will plan out how to cope with any future failure of a global
bank, a U.S. official will say at a congressional hearing to
assess regulators’ progress on overhauling Wall Street
oversight.

A U.S. and European Commission working group will meet later
this month to discuss how to wind down massive firms as part of
ongoing efforts to prevent governments from having to bail out
banks, Federal Deposit Insurance Corp (FDIC) Chairman Martin
Gruenberg will say on Thursday.

Feb 13, 2013

Democratic senators condemn move to block consumer bureau nominee

WASHINGTON (Reuters) – Three Democratic senators defended the new consumer watchdog on Wednesday and said Republicans who have vowed to block President Barack Obama’s choice to lead the bureau would hinder its work protecting consumers from financial scams.

Senators Jack Reed of Rhode Island, Sherrod Brown of Ohio and Elizabeth Warren of Massachusetts said Republicans oppose Richard Cordray’s nomination to lead the Consumer Financial Protection Bureau for political reasons and called for them to allow a confirmation vote.

Feb 8, 2013

Postal Service loss narrows to $1.3 billion in October-December

WASHINGTON (Reuters) – The Postal Service cut its losses by more than half in its first quarter as mail tied to the November elections, and stronger revenue from holiday-related packages contributed to a better quarter.

The postal agency, which recently announced plans to cut back on Saturday deliveries because of financial problems, lost $1.3 billion in the October through December quarter compared with a year ago loss of $3.3 billion, officials said on Friday.

Feb 8, 2013

U.S. Postal Service loss narrows to $1.3 bln in Oct-Dec

WASHINGTON, Feb 8 (Reuters) – The U.S. Postal Service cut
its losses by more than half in its first quarter as mail tied
to the November elections, and stronger revenue from
holiday-related packages contributed to a better quarter.

The postal agency, which recently announced plans to cut
back on Saturday deliveries because of financial problems, lost
$1.3 billion in the October through December quarter compared
with a year ago loss of $3.3 billion, officials said on Friday.

Feb 6, 2013

Postal Services will end Saturday mail delivery

WASHINGTON (Reuters) – The Postal Service plans to drop Saturday delivery of first-class mail by August in its latest effort to cut costs after losing nearly $16 billion last fiscal year, the cash-strapped mail agency said on Wednesday.

The plan would save about $2 billion a year, the Postal Service said. The mail agency will still deliver packages six days a week and will not change post office operating hours.

Feb 1, 2013

Republicans pledge to block Obama consumer finance pick

WASHINGTON, Feb 1 (Reuters) – U.S. Senate Republicans on
Friday pledged to block President Barack Obama’s choice to lead
the consumer finance watchdog until Democrats agree to
restructure it, ramping up an expected fight this year over the
controversial new bureau.

The group of 43 Republicans, led by minority leader Mitch
McConnell of Kentucky and Mike Crapo, an Idaho senator who is
the top Republican on the banking committee, said the Consumer
Financial Protection Bureau lacks congressional oversight.

Feb 1, 2013

Republicans pledge to block Obama’s pick to head consumer bureau

WASHINGTON (Reuters) – Senate Republicans on Friday pledged to block President Barack Obama’s choice to lead the consumer finance watchdog until Democrats agree to restructure it, ramping up an expected fight this year over the controversial new bureau.

The group of 43 Republicans, led by minority leader Mitch McConnell of Kentucky and Mike Crapo, an Idaho senator who is the top Republican on the banking committee, said the Consumer Financial Protection Bureau lacks congressional oversight.