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Mar 12, 2013

SEC nominee White says her legal work no barrier to job

WASHINGTON, March 12 (Reuters) – Mary Jo White, President
Barack Obama’s choice to lead the U.S. Securities and Exchange
Commission, told lawmakers considering her candidacy that her
past legal work for big Wall Street clients would not impede her
job at the agency.

White, a former U.S. Attorney for the Southern District of
New York, has said she would step aside from work related to
clients in her most recent job representing big financial firms
as an attorney at Debevoise & Plimpton.

Mar 12, 2013

SEC nominee White to tackle questions on her work for NFL, banks

WASHINGTON (Reuters) – Mary Jo White will likely face questions about her work for big Wall Street clients when senators on Tuesday consider her nomination to head the Securities and Exchange Commission, but one lawmaker wants to huddle about a field of another sort: football.

Senator David Vitter, a Louisiana Republican and big New Orleans Saints fan, plans to ask White about legal work she performed while at Debevoise & Plimpton for the National Football League in the infamous “Bountygate” scandal.

Mar 8, 2013

Major U.S. banks pass Fed’s health test

March 7 (Reuters) – The biggest U.S. banks have enough
capital to withstand a severe economic downturn, the Federal
Reserve said on Thursday, with all but one passing the annual
health check of the financial sector.

Banks’ efforts to boost their capital since the 2007-2009
U.S. financial crisis helped all 18 participating lenders except
Ally Financial meet the minimum hurdle of a 5 percent capital
buffer in the Fed’s “stress test.”

Mar 7, 2013

All but one major U.S. bank pass Fed’s stress test

By Emily Stephenson and Rick Rothacker

(Reuters) – U.S. banks have enough capital to withstand a severe economic downturn, the Federal Reserve said on Thursday, with all but one major bank passing the annual health check of the financial sector.

A stronger economy and banks’ efforts to boost their capital since the 2007-2009 U.S. financial crisis helped all 18 participating lenders except Ally Financial meet the minimum hurdle of a 5 percent capital buffer in the Fed’s “stress test.”

Mar 1, 2013

Financial stability group eyes non-bank firms as Lew takes helm

WASHINGTON (Reuters) – New Treasury Secretary Jack Lew on Thursday praised a council of financial regulators for its work on Wall Street reform, but an influential former regulator later said that the group should do more to boost oversight of big, non-bank financial firms.

Lew, in his first official meeting as head of the Financial Stability Oversight Council, said the group “has made significant progress to promote market stability by taking actions to issue rules, identify risks and increase oversight.”

Feb 26, 2013

Consumer watchdog meeting with states on offshore lenders

WASHINGTON (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. 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.