Emily's Feed
Apr 2, 2013

U.S. SEC says companies may announce key data on social media

WASHINGTON (Reuters) – U.S. regulators said on Tuesday that companies can use Twitter, Facebook and other social media to make key announcements as long as they tell investors which sites they will use, an effort to help companies navigate the new media age.

The guidance from the U.S. Securities and Exchange Commission seeks to clarify disclosure rules after the agency opened an inquiry into a post made last July on the personal Facebook page of Netflix’s chief executive, Reed Hastings.

Mar 28, 2013

Washington law firm sues bank regulator over foreclosure reviews

WASHINGTON, March 28 (Reuters) – A top Washington law firm
is suing regulators to hand over information about how it
selected consulting firms to participate in a
multi-billion-dollar review of banks’ past foreclosures.

The reviews, mandated by regulators in 2011 after widespread
foreclosure shortcuts came to light, proved slow and expensive,
and earlier this year 13 banks agreed to pay $9.3 billion to end
them and compensate foreclosed borrowers.

Mar 19, 2013

Senate banking panel approves Obama’s SEC, CFPB choices

WASHINGTON (Reuters) – A Senate panel voted to move forward two of President Barack Obama’s choices to lead financial regulatory agencies, but his pick of Richard Cordray to lead the new consumer bureau likely still faces a tough path to final confirmation.

Democrats who control the Senate Banking Committee had enough votes to move ahead with Cordray’s nomination to head the Consumer Financial Protection Bureau, but all 10 Republicans on the panel voted against him.

Mar 14, 2013

Fed tells JPMorgan, Goldman to improve capital plans

By Emily Stephenson and Rick Rothacker

(Reuters) – The Federal Reserve told Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) and JPMorgan Chase (JPM.N: Quote, Profile, Research, Stock Buzz) that they must fix flaws in how they determine capital payouts to shareholders, but still approved their plans for share buybacks and dividends.

In the second phase of the Fed’s annual stress tests of the 18 largest U.S. banks, the regulator said on Thursday that it had approved 14 firms’ capital plans without any strings attached.

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.