WASHINGTON (Reuters) – The head of the top U.S. consumer financial watchdog said his agency is committed to going after individuals, not just companies, when it punishes wrongdoers, reflecting a broader effort among enforcement officials to ensure penalties have real bite.
Richard Cordray, director of the Consumer Financial Protection Bureau, told the Reuters Washington Summit on Wednesday that the agency also is seeking admissions of wrongdoing from bad actors who commit egregious violations.
WASHINGTON (Reuters) – Three of the world’s most powerful bankers warned of terrible consequences if the United States defaults on its debt, with Deutsche Bank chief executive Anshu Jain claiming default would be “utterly catastrophic.”
“This would be a very rapidly spreading, fatal disease,” Jain said on Saturday at a conference hosted by the Institute of International Finance in Washington.
WASHINGTON (Reuters) – Big banks hoping for a break from the U.S. Federal Reserve’s tough line on regulation will be disappointed by Janet Yellen, President Barack Obama’s choice to lead the central bank.
Yellen’s primary focus will likely be monetary policy and getting Americans back to work, banking experts said, but she is not expected to divert the Fed from its current course of insisting on robust bank capital levels and risk reduction.
WASHINGTON (Reuters) – U.S. financial regulators discussed the federal debt ceiling and the effect of the government shutdown on market monitoring during a phone conversation on Tuesday, a Treasury Department spokesman said.
The Financial Stability Oversight Council might meet again as October 17 approaches. That is the date on which Treasury expects to exhaust its borrowing authority, spokesman Anthony Coley said in a statement.
WASHINGTON (Reuters) – Tourism sagged near U.S. national parks, Washington-area workers filed more unemployment claims and futures markets grappled with a lack of data as the government shutdown, now in its second week, stretched across the nation and upset many aspects of American life.
On the national seashores along North Carolina’s Outer Banks islands, business owners compared the financial magnitude of closed beaches and waterways to that of a hurricane-forced evacuation. Scott Geib, who sells photographs near the closed Cape Hatteras lighthouse, said sales were way down last week from what would normally be a good week for him in early fall.
WASHINGTON, Oct 3 (Reuters) – The U.S. consumer watchdog
said on Thursday it fined payment processor Meracord for helping
to collect illegal debt-settlement fees, part of a broader
crackdown on companies that offer to help borrowers get rid of
The Consumer Financial Protection Bureau said
debt-settlement companies, which negotiate with creditors to
help borrowers eliminate credit card or other debt, often use
outside processing companies to collect payments from consumers.
WASHINGTON, Sept 30 (Reuters) – The U.S. Securities and
Exchange Commission would continue reviewing IPO applications
and monitoring markets as normal in the early weeks of a
government shutdown, but market players are increasingly anxious
about the prospect of a prolonged funding gap.
The U.S. Securities and Exchange Commission expects to stay
open on Oct. 1 and to continue operating fully for a few weeks,
a spokesman said, even if the rest of the federal government
starts shutting down when funding runs out at midnight.
WASHINGTON (Reuters) – If a budget stalemate in the U.S. Congress leads to an extended federal government shutdown, investors can expect potential interruptions to financial product approvals and new rules, though market oversight would not grind to a halt.
Most U.S. agencies would start shuttering all but the most critical operations, keeping only skeleton staffs at work, if lawmakers cannot reach a deal on a spending bill by midnight.
WASHINGTON (Reuters) – Insurer Prudential Financial Inc said on Thursday that U.S. regulators had voted to designate the company as systemically risky, bringing it under stricter regulatory oversight.
A group of regulators known as the Financial Stability Oversight Council had been weighing whether Prudential was so big that its failure could threaten U.S. financial markets.
WASHINGTON (Reuters) – U.S. regulators are nearing a final decision on whether to bring mega insurer Prudential Financial under the tougher oversight usually reserved for Wall Street’s largest banks.
If regulators decide a non-bank firm is so big and risky that its failure could threaten the financial system, they can vote to bring it under the scrutiny of the Federal Reserve and subject it to a host of new restrictions.