Emily's Feed
Nov 29, 2012

Lawmakers, state regulators call for changes to Basel rules

By Emily Stephenson

(Reuters) – U.S. lawmakers and state financial regulators on Thursday called on federal officials to revamp proposed rules that would force financial firms to hold much more capital, asking them to consider the impact on small banks and insurance companies.

U.S. bank regulators are writing rules to implement an international accord known as Basel III. The agreement is seen as one of the key reform efforts after the 2007-2009 financial crisis to make the global banking system more resilient.

Nov 29, 2012

U.S. lawmakers, state regulators call for changes to Basel rules

Nov 29 (Reuters) – U.S. lawmakers and state financial
regulators on Thursday called on federal officials to revamp
proposed rules that would force financial firms to hold much
more capital, asking them to consider the impact on small banks
and insurance companies.

U.S. bank regulators are writing rules to implement an
international accord known as Basel III. The agreement is seen
as one of the key reform efforts after the 2007-2009 financial
crisis to make the global banking system more resilient.

Nov 27, 2012

Consumer bureau to ease money transfer disclosure rules

By Emily Stephenson

(Reuters) – The U.S. consumer finance watchdog plans to relax rules requiring firms that provide foreign money transfers to disclose more about fees and exchange rates after industry groups said the requirements could lead some banks to halt the service.

The Consumer Financial Protection Bureau said it will issue a proposal next month to ease some of the fee and tax disclosure requirements and to ensure that banks are not liable when a sender provides the wrong account number for a money transfer.

Nov 27, 2012

U.S. consumer bureau to ease money transfer disclosure rules

Nov 27 (Reuters) – The U.S. consumer finance watchdog plans
to relax rules requiring firms that provide foreign money
transfers to disclose more about fees and exchange rates after
industry groups said the requirements could lead some banks to
halt the service.

The Consumer Financial Protection Bureau said it will issue
a proposal next month to ease some of the fee and tax disclosure
requirements and to ensure that banks are not liable when a
sender provides the wrong account number for a money transfer.

Nov 19, 2012

Regulators warn companies on misleading mortgage advertising

WASHINGTON (Reuters) – Regulators have begun investigating 19 companies whose advertisements for mortgage products may mislead consumers, the Federal Trade Commission and the Consumer Financial Protection Bureau said on Monday.

Regulators also have sent letters to an additional 32 mortgage lenders, brokers, home builders and other companies warning that their ads may violate federal prohibitions against misleading mortgage-related claims.

Nov 16, 2012

Federal Reserve releases scenarios for bank stress tests

WASHINGTON (Reuters) – The Federal Reserve released on Thursday the economic scenarios, including a hypothetical sharp slowdown in China, that the biggest banks will use in the next round of stress tests to determine how they would withstand a financial shock.

Regular stress tests are part of a more rigorous regime required by the 2010 Dodd-Frank financial oversight law. They are designed to that ensure banks have enough capital cushions and are not being overly aggressive in returning cash to shareholders.

Nov 15, 2012

US Postal Service has record loss, sees ‘fiscal cliff’

WASHINGTON, Nov 15 (Reuters) – The U.S. Postal Service
reported a record annual loss on Thursday and warned that,
without congressional action, it could face a cash shortfall
next fall.

The mail service said it lost $15.9 billion in the fiscal
year that ended on Sept. 30. That is more than triple its $5.1
billion loss last year.

Nov 15, 2012

Postal Service reports $15.9 billion annual loss

WASHINGTON (Reuters) – The Postal Service posted a record net loss of $15.9 billion in fiscal 2012, much of it due to massive payments the mail agency could not make but still must account for in financial statements.

That is more than triple its $5.1 billion loss last year.

The USPS, which relies on the sale of stamps and other products rather than taxpayer dollars, has been grappling for years with high costs and tumbling mail volumes as consumers communicate more online.

Nov 14, 2012

U.S. regulators say listening to small banks’ Basel concerns

WASHINGTON, Nov 14 (Reuters) – U.S. bank regulators sought
to reassure lawmakers on Wednesday that they will incorporate
community banks’ concerns as regulators finish up new rules
requiring financial firms to hold more capital.

Officials from the Federal Reserve, Federal Deposit
Insurance Corp and Office of the Comptroller of the Currency
told a U.S. Senate Banking Committee hearing that they are
considering industry comments on rules proposed to implement an
international capital agreement.

Nov 13, 2012

Risk council proposes new money fund rules

WASHINGTON (Reuters) – The financial risk council rolled out a framework of new rules for the $2.5 trillion money market fund industry on Tuesday, saying current regulations are not enough to prevent runs in a time of crisis.

The Financial Stability Oversight Council’s proposal largely mirrors a plan championed this summer by Securities and Exchange Commission Chairman Mary Schapiro, but it failed to garner enough support from three of her colleagues.