WASHINGTON, Oct 19 (Reuters) – The new U.S. risk council has
moved closer to deciding whether Prudential Financial is
“systemically important,” a Prudential spokesman said on Friday,
a tag that would translate into greater regulatory scrutiny for
the second-largest U.S. life insurer.
The 2010 Dodd-Frank law gave the Financial Stability
Oversight Council (FSOC), which is chaired by Treasury Secretary
Timothy Geithner, the power to name large non-bank financial
firms with the “systemically important” tag if it feels their
collapse could send shock-waves through the U.S. financial
WASHINGTON/CHICAGO, Oct 10 (Reuters) – The top U.S. futures
regulator said he would support appealing a court ruling last
month that struck down his agency’s attempt to place limits on
speculation in commodity markets.
Gary Gensler, chairman of the U.S. Commodity Futures Trading
Commission, said on Wednesday that his agency drafted the
original rule at the direction of U.S. Congress. The rule, which
was to have taken effect this month, limited the number of
contracts traders can hold in 28 commodities, including oil,
coffee and gold.
(Reuters) – U.S. regulators on Tuesday approved a plan that would give smaller banks an extra year before they must begin conducting annual stress tests to determine if they can withstand a financial shock.
Stress tests are intended to demonstrate how banks would cope with a crisis and are part of more rigorous testing required by the 2010 Dodd-Frank financial oversight law. The largest U.S. banks face several such regulatory tests.
WASHINGTON (Reuters) – State Street Corp and Bank of New York Mellon Corp have submitted their living wills to banking regulators, the Federal Reserve announced on Thursday.
The plans give regulators a road map for dismantling the firms if they become insolvent and are aimed at easing concerns that some banks are so big and complex that their failure could destabilize the financial system.
WASHINGTON (Reuters) – American Express will refund $85 million to customers to resolve charges that three subsidiaries broke consumer protection laws across the credit card business, U.S. regulators said on Monday.
Subsidiaries misrepresented the perks consumers would receive if they enrolled in a credit card program, charged certain consumers higher late fees than were legally permissible, misled consumers about debt collection and committed other violations, the U.S. Consumer Financial Protection Bureau said.
WASHINGTON, Sept 28 (Reuters) – The struggling U.S. Postal
Service expects to default this weekend, the second time in
recent months the cash-strapped agency will have missed a
deadline to set aside funds for future retiree health benefits.
The mail agency, which relies on its own revenue from the
sale of stamps and other products rather than taxpayer funds,
has lost billions of dollars each quarter as Americans move to
online communications. It has struggled for years to make the
massive annual payments.
(Reuters) – Hours before the Postal Service’s expected first-ever default on an obligation, senators blasted the Republican-led House of Representatives for not advancing legislation to overhaul the cash-strapped service before a month-long recess.
The mail agency, which relies on the sale of stamps and other products rather than taxpayer dollars, confirmed this week that it could not make a $5.5 billion payment for future retiree health benefits that is due by midnight on Wednesday.
WASHINGTON, July 30 (Reuters) – Mail industry companies are
concerned about a looming default by the U.S. Postal Service on
a $5.5 billion payment for future retiree health benefits,
saying it adds to uncertainty about agency and helps speed the
movement away from traditional mail.
The Postal Service has said for months that it could not
afford to make the massive payment, which was originally due in
2011 but was delayed by Congress until Aug. 1.
WASHINGTON (Reuters) – The Postal Service is set this week to default on a giant payment, the latest blow illustrating Congress’ slow progress toward fixing the agency’s deep financial woes and one that could damage some customers’ confidence.
The Postal Service has said for months that it could not afford to make the $5.5 billion payment for future retiree health benefits, which was originally due in 2011 but was delayed by Congress until August 1.
(Reuters) – Borrowers who took out private student loans in the run-up to the financial crisis are facing higher levels of default, reflecting the risky lending practices at the time, the Obama administration said in a new report.
The Department of Education and the Consumer Financial Protection Bureau said private lenders have since cleaned up some of the worst activities, but lawmakers should still work to improve the private loan market and enhance protections for students.