NEW YORK/WASHINGTON, April 23 (Reuters) – A former lawyer
with the American Bankers Association is being considered by the
White House as a possible nominee to the board of the Federal
Reserve, according to sources familiar with the efforts
The lawyer’s name emerged as the White House weighs
candidates with community banking backgrounds to fill gaps on
the Federal Reserve’s powerful but depleted board, the sources
WASHINGTON/NEW YORK (Reuters) – The U.S. Federal Reserve’s drive to wean Wall Street off risky funding sources is expected to bring more financial pain to the biggest U.S. banks in the coming months, analysts warned on Wednesday.
They said bank regulators’ release this week of tough new limits on debt funding is just a preview of other rules that may have even more bite.
WASHINGTON, April 9 (Reuters) – A U.S. regulatory agency on
Wednesday issued tips for bankers and examiners on potential
risks involved with loans for oil and natural gas production, as
the domestic energy boom continues.
The U.S. Office of the Comptroller of the Currency (OCC)
published on its website a bulletin laying out supervisors’
expectations for energy production lending and spelling out new
examination procedures for banks issuing the loans.
WASHINGTON, April 9 (Reuters) – Bank of America
agreed to pay nearly $800 million in fines and restitution to
settle allegations of deceptive marketing and unfair billing
involving credit card products, U.S. regulators said on
The Consumer Financial Protection Bureau and Office of the
Comptroller of the Currency said they had ordered the bank to
pay $727 million in relief to consumers to resolve problems with
add-on products providing identity theft and payment protection
WASHINGTON (Reuters) – Financial regulators will vote Tuesday to finalize tough limits on how much U.S. banks can borrow to fund their business that would be stricter than the rules firms abroad must follow.
The rules by the Federal Reserve, Federal Deposit Insurance Corp (FDIC) and Office of the Comptroller of the Currency (OCC), would force banks to fund part of their business through less risky sources such as shareholder equity, rather than by borrowing money.
WASHINGTON (Reuters) – The U.S. consumer financial watchdog plans to ramp up diversity training and is teaching hiring managers to spot unconscious biases, the agency said in a report on Friday amid concerns over its treatment of women and minority employees.
The Consumer Financial Protection Bureau (CFPB) said in its annual diversity report to Congress that officials took seriously recent revelations of racial disparities in employees’ performance ratings and other complaints of unfair treatment.
WASHINGTON (Reuters) – Bank of America Corp is close to settling with a U.S. consumer regulator over the sale of services sold as add-ons to credit cards, sources familiar with the talks said.
The second-largest U.S. bank said in an August securities filing that it had been in discussions with regulators to address concerns over the sale and marketing of credit card debt cancellation products and identity theft protection services that it offered alongside its credit cards.
WASHINGTON (Reuters) – U.S. bank regulators will meet next week to vote on final rules that would force the biggest U.S. banks to rely less on debt to fund their businesses, the Federal Reserve said on Tuesday.
The Fed’s board of governors will meet on April 8 to finalize the so-called leverage requirements, seen as much tougher than the rules crafted by international regulators when U.S. officials first proposed them in July 2013.
WASHINGTON/NEW YORK (Reuters) – The Federal Reserve on Wednesday rejected Citigroup Inc’s plans to buy back $6.4 billion of shares and boost dividends, saying the bank is not sufficiently prepared to handle a potential financial crisis.
The decision marks the second time in three years that Citigroup has failed to win the Fed’s approval for its plan to return money to shareholders, known as the “capital plan.”
WASHINGTON (Reuters) – The U.S. Federal Reserve on Wednesday rejected Citigroup’s planned payout to shareholders because of shortcomings found in its annual check-up of the financial health of the country’s biggest banks, the second time Citi was dealt a blow in the so-called stress tests.
Citi was among five banks that the Federal Reserve blocked from going through with planned payouts because of results from the stress tests.