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May 8, 2014

Fed’s Tarullo calls for re-think of some new bank rules

WASHINGTON/CHICAGO (Reuters) – A top U.S. Federal Reserve official on Thursday called on regulators to revamp a variety of new bank rules, including the way capital minimums are set for big firms and exempting mid-sized banks from some rules.

Fed Governor Daniel Tarullo, the Fed’s point person on financial regulation, said a “rationalization” of some rules would reduce costs for banks but still achieve the goals of the 2010 Dodd-Frank Wall Street oversight law.

May 7, 2014

Insight: Washington delays big banks from writing wills before a collapse

WASHINGTON (Reuters) – Almost six years after Lehman Brothers collapsed, U.S. regulators still haven’t given Wall Street banks individual feedback on how to improve so-called “living wills” that detail how to go bankrupt without spending taxpayer dollars or causing a market panic.

The banks have already had to submit two versions of the documents, neither of which were up to the standards of the Federal Deposit Insurance Corp and the Federal Reserve. With the next draft of the documents due in July, banks say they can do little to improve the plans if there are no detailed instructions from the government, sources familiar with the process say.

May 7, 2014

U.S. risk council warns about asset managers, mortgage servicers

WASHINGTON, May 7 (Reuters) – The U.S. financial risk
council on Wednesday raised red flags about new, potentially
risky practices by asset managers and nonbank mortgage
servicers, which they said are not regulated as carefully as
banks.

The sectors were highlighted by the Financial Stability
Oversight Council in a report that is expected to be published
later on Wednesday, a government official who worked on the
study said during a public meeting.

May 7, 2014

U.S. financial risk council adopts new transparency measures

WASHINGTON, May 7 (Reuters) – The U.S. financial risk
council adopted new transparency measures on Wednesday, after
critics raised concerns the group was too secretive about its
decision-making process.

In a unanimous vote, the Financial Stability Oversight
Council agreed to give the public seven days’ notice about
upcoming meetings and agenda items. It also said it would start
publishing “read-outs” from closed-door sessions.

May 7, 2014

Washington delays big banks from writing wills before a collapse

WASHINGTON, May 7 (Reuters) – Almost six years after Lehman
Brothers collapsed, U.S. regulators still haven’t given Wall
Street banks individual feedback on how to improve so-called
“living wills” that detail how to go bankrupt without spending
taxpayer dollars or causing a market panic.

The banks have already had to submit two versions of the
documents, neither of which were up to the standards of the
Federal Deposit Insurance Corp and the Federal Reserve. With the
next draft of the documents due in July, banks say they can do
little to improve the plans if there are no detailed
instructions from the government, sources familiar with the
process say.

Apr 29, 2014

U.S. House OKs bill to exempt some securities from Volcker rule

WASHINGTON (Reuters) – The U.S. House of Representatives approved a bill on Tuesday that would scale back the Volcker rule to exempt a type of securities that banks want to keep on their books.

The Volcker rule, named for former Federal Reserve Chairman Paul Volcker, bars banks from making risky trades with their own money and limits their investments in certain funds. It was required by the 2010 Dodd-Frank law.

Apr 29, 2014

U.S. regulator says some banks still ‘too big to manage’

WASHINGTON (Reuters) – A top U.S. federal regulator said on Tuesday that it’s going to “take a lot of work” before officials can be confident that Wall Street banks are not too complex to manage.

Comptroller of the Currency Thomas Curry said his agency has a renewed focused on the issue, bolstering its supervision of the big banks and requiring them to get a better handle on how they manage risky activities across all units.

Apr 24, 2014

Senate panel to vote on Fischer, other Fed nominees on Tuesday

NEW YORK/WASHINGTON (Reuters) – The Senate Banking Committee will vote next week on three nominees to the Federal Reserve’s board, including Stanley Fischer for vice chairman, in a big step toward bulking up the U.S. central bank’s depleted ranks.

In addition to Fischer, the panel will vote on Tuesday on the nominations of former senior U.S. Treasury official Lael Brainard and current Fed Governor Jerome Powell, who has been nominated for another term.

Apr 23, 2014

Exclusive: White House considers former banking lawyer for Fed board – sources

NEW YORK/WASHINGTON (Reuters) – A former lawyer with the American Bankers Association is being considered by the White House as a possible nominee to the board of the Federal Reserve, according to sources familiar with the efforts

The lawyer’s name emerged as the White House weighs candidates with community banking backgrounds to fill gaps on the Federal Reserve’s powerful but depleted board, the sources said.

Apr 23, 2014

White House considers former banking lawyer for Fed board -sources

NEW YORK/WASHINGTON, April 23 (Reuters) – A former lawyer
with the American Bankers Association is being considered by the
White House as a possible nominee to the board of the Federal
Reserve, according to sources familiar with the efforts

The lawyer’s name emerged as the White House weighs
candidates with community banking backgrounds to fill gaps on
the Federal Reserve’s powerful but depleted board, the sources
said.