Emily's Feed
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.

Feb 13, 2013

Democratic senators condemn move to block consumer bureau nominee

WASHINGTON (Reuters) – Three Democratic senators defended the new consumer watchdog on Wednesday and said Republicans who have vowed to block President Barack Obama’s choice to lead the bureau would hinder its work protecting consumers from financial scams.

Senators Jack Reed of Rhode Island, Sherrod Brown of Ohio and Elizabeth Warren of Massachusetts said Republicans oppose Richard Cordray’s nomination to lead the Consumer Financial Protection Bureau for political reasons and called for them to allow a confirmation vote.

Feb 8, 2013

Postal Service loss narrows to $1.3 billion in October-December

WASHINGTON (Reuters) – The Postal Service cut its losses by more than half in its first quarter as mail tied to the November elections, and stronger revenue from holiday-related packages contributed to a better quarter.

The postal agency, which recently announced plans to cut back on Saturday deliveries because of financial problems, lost $1.3 billion in the October through December quarter compared with a year ago loss of $3.3 billion, officials said on Friday.

Feb 8, 2013

U.S. Postal Service loss narrows to $1.3 bln in Oct-Dec

WASHINGTON, Feb 8 (Reuters) – The U.S. Postal Service cut
its losses by more than half in its first quarter as mail tied
to the November elections, and stronger revenue from
holiday-related packages contributed to a better quarter.

The postal agency, which recently announced plans to cut
back on Saturday deliveries because of financial problems, lost
$1.3 billion in the October through December quarter compared
with a year ago loss of $3.3 billion, officials said on Friday.

Feb 6, 2013

Postal Services will end Saturday mail delivery

WASHINGTON (Reuters) – The Postal Service plans to drop Saturday delivery of first-class mail by August in its latest effort to cut costs after losing nearly $16 billion last fiscal year, the cash-strapped mail agency said on Wednesday.

The plan would save about $2 billion a year, the Postal Service said. The mail agency will still deliver packages six days a week and will not change post office operating hours.

Feb 1, 2013

Republicans pledge to block Obama consumer finance pick

WASHINGTON, Feb 1 (Reuters) – U.S. Senate Republicans on
Friday pledged to block President Barack Obama’s choice to lead
the consumer finance watchdog until Democrats agree to
restructure it, ramping up an expected fight this year over the
controversial new bureau.

The group of 43 Republicans, led by minority leader Mitch
McConnell of Kentucky and Mike Crapo, an Idaho senator who is
the top Republican on the banking committee, said the Consumer
Financial Protection Bureau lacks congressional oversight.

Feb 1, 2013

Republicans pledge to block Obama’s pick to head consumer bureau

WASHINGTON (Reuters) – Senate Republicans on Friday pledged to block President Barack Obama’s choice to lead the consumer finance watchdog until Democrats agree to restructure it, ramping up an expected fight this year over the controversial new bureau.

The group of 43 Republicans, led by minority leader Mitch McConnell of Kentucky and Mike Crapo, an Idaho senator who is the top Republican on the banking committee, said the Consumer Financial Protection Bureau lacks congressional oversight.

Feb 1, 2013

Consumer bureau looks to broaden its agenda

WASHINGTON (Reuters) – The consumer watchdog is considering broadening its reach beyond mortgages and credit cards, including a potentially controversial push into retirement savings accounts.

The Consumer Financial Protection Bureau has checked off its list many of the steps the 2010 Dodd-Frank law required it to take. Now the bureau could expand its authority to new products, despite pressure from Republican lawmakers to scale back its powers and questions surrounding its director’s validity.

Feb 1, 2013

U.S. consumer bureau looks to broaden its agenda

WASHINGTON, Feb 1 (Reuters) – The U.S. consumer watchdog is
considering broadening its reach beyond mortgages and credit
cards, including a potentially controversial push into
retirement savings accounts.

The Consumer Financial Protection Bureau has checked off its
list many of the steps the 2010 Dodd-Frank law required it to
take. Now the bureau could expand its authority to new products,
despite pressure from Republican lawmakers to scale back its
powers and questions surrounding its director’s validity.

Jan 31, 2013

US lawmakers seek mortgage settlement documents from regulators

WASHINGTON, Jan 31 (Reuters) – U.S. lawmakers on Thursday
asked bank regulators to turn over documents related to the $8.5
billion settlement that ended a government-mandated review of
crisis-era foreclosures, saying transparency was needed to boost
confidence in the settlement.

Senator Elizabeth Warren and Representative Elijah Cummings,
both Democrats, said the Federal Reserve and the Office of the
Comptroller of the Currency (OCC) must address concerns that
financial institutions have not been held accountable for
misdeeds during the 2007-2009 U.S. financial crisis.