WASHINGTON (Reuters) – Former Federal Reserve Chairman Ben Bernanke said on Friday on that prior to the 2008 bailout of American International Group (AIG.N: Quote, Profile, Research, Stock Buzz), he was concerned that the insurer “was on the brink of default” and not about punishing AIG.
Bernanke’s comments came in a fifth day of testimony by former top government officials, who mean to convince a federal judge that their actions in rescuing the insurance company were legal.
WASHINGTON (Reuters) – When the Obama administration clamped down last month on companies that reincorporate abroad to escape high U.S. taxes, it did not address a tax-dodging technique known as “earnings stripping,” leaving some to wonder if it is the next target.
Earnings stripping is widely practiced and covers a range of financial dealings that shrink the taxable U.S. profits of multinationals, including those that have moved their tax domiciles abroad in “inversion” deals and others.
WASHINGTON (Reuters) – The U.S. Federal Reserve on Tuesday announced plans to study the potential effects of forcing big insurance companies to meet tough funding restrictions required by the 2010 Dodd-Frank law.
The Wall Street oversight law directed regulators to identify big non-bank financial firms that could pose risks to the U.S. financial system. Those companies are regulated by the Fed and must meet capital requirements comparable to those for big U.S. banks.
WASHINGTON, Sept 29 (Reuters) – The U.S. consumer watchdog
on Monday said Flagstar Bancorp would pay $37.5 million
over allegations that it broke new mortgage servicing rules and
hurt struggling borrowers’ efforts to stay in their homes.
The U.S. Consumer Financial Protection Bureau (CFPB) said
Michigan-based Flagstar failed to notify borrowers when their
applications for foreclosure relief were incomplete, denied loan
modifications to eligible people and took too long to finalize
NEW YORK/WASHINGTON (Reuters) – An influential U.S. senator wants to hold hearings into “disturbing” issues raised by secretly taped conversations between Federal Reserve supervisors and officials at Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz), a bank the Fed was tasked with policing.
Elizabeth Warren, a Democrat on the Senate Banking Committee, on Friday called for hearings after portions of the recordings from 2011 and 2012 were made public. Fellow Democrat Sherrod Brown, also a committee member, called for a “full and thorough investigation” into the allegations they raised.
WASHINGTON (Reuters) – U.S. financial regulators said on Thursday that US Bank will pay about $57 million to resolve allegations it charged consumers for services they did not actually receive.
The U.S. Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau said the bank, a unit of US Bancorp, would pay a total of $9 million in fines and about $48 million in restitution to harmed borrowers.
WASHINGTON, Sept 23 (Reuters) – Backers of the U.S.
Export-Import Bank may push again for a long-term extension of
its charter as early as November after a nine-month renewal left
the bank’s future undecided.
Congress last week extended the export credit agency’s
mandate through June 2015, the middle ground between
conservative critics’ bid to close Ex-Im and supporters’ calls
for a multi-year or even permanent extension.
WASHINGTON (Reuters) – Two Senate Democrats want to force U.S. companies to pay an exit tax on any profits held overseas if the companies decide to reincorporate abroad to cut their tax bills, the latest in a slew of proposals to stem such “inversion” deals.
Senators Sherrod Brown and Dick Durbin on Friday released details of a bill that would require foreign earnings that have not been repatriated, or brought into the United States, to be taxed as income at the point when a U.S. company inverts.
WASHINGTON, Sept 18 (Reuters) – A U.S. Republican lawmaker
on Thursday told bankers that Congress would extend a federal
terrorism risk insurance backstop created after the 2001
attacks, but conservatives would insist that the private sector
shoulder more of the burden.
The U.S. Senate voted overwhelmingly in July to extend the
program, which expires at the end of the year, by another seven
years. The program is used by big businesses, owners of sports
stadiums and other groups that insure against terrorist attacks.
WASHINGTON (Reuters) – The U.S. consumer watchdog on Wednesday announced plans to scrutinize big non-bank auto finance companies for the first time, citing concerns about how the lenders market car loans and collect on debts.
The U.S. Consumer Financial Protection Bureau already oversees banks that issue car loans and has raised concerns about their lending practices, such as potential discriminatory pricing that has harmed minority borrowers.