Emily's Feed
Apr 4, 2014

U.S. consumer bureau details diversity efforts after complaints

WASHINGTON (Reuters) – The U.S. consumer financial watchdog plans to ramp up diversity training and is teaching hiring managers to spot unconscious biases, the agency said in a report on Friday amid concerns over its treatment of women and minority employees.

The Consumer Financial Protection Bureau (CFPB) said in its annual diversity report to Congress that officials took seriously recent revelations of racial disparities in employees’ performance ratings and other complaints of unfair treatment.

Apr 3, 2014

Bank of America near credit card deal with U.S. regulator

WASHINGTON (Reuters) – Bank of America Corp is close to settling with a U.S. consumer regulator over the sale of services sold as add-ons to credit cards, sources familiar with the talks said.

The second-largest U.S. bank said in an August securities filing that it had been in discussions with regulators to address concerns over the sale and marketing of credit card debt cancellation products and identity theft protection services that it offered alongside its credit cards.

Apr 1, 2014

Fed to consider final bank leverage rules on April 8

WASHINGTON (Reuters) – U.S. bank regulators will meet next week to vote on final rules that would force the biggest U.S. banks to rely less on debt to fund their businesses, the Federal Reserve said on Tuesday.

The Fed’s board of governors will meet on April 8 to finalize the so-called leverage requirements, seen as much tougher than the rules crafted by international regulators when U.S. officials first proposed them in July 2013.

Mar 27, 2014

Fed bars shareholder payouts from Citi, four others

WASHINGTON/NEW YORK (Reuters) – The Federal Reserve on Wednesday rejected Citigroup Inc’s plans to buy back $6.4 billion of shares and boost dividends, saying the bank is not sufficiently prepared to handle a potential financial crisis.

The decision marks the second time in three years that Citigroup has failed to win the Fed’s approval for its plan to return money to shareholders, known as the “capital plan.”

Mar 26, 2014

Fed bars shareholder payout plans from Citi, four other banks

WASHINGTON (Reuters) – The U.S. Federal Reserve on Wednesday rejected Citigroup’s planned payout to shareholders because of shortcomings found in its annual check-up of the financial health of the country’s biggest banks, the second time Citi was dealt a blow in the so-called stress tests.

Citi was among five banks that the Federal Reserve blocked from going through with planned payouts because of results from the stress tests.

Mar 25, 2014

U.S. banks enjoy ‘too-big-to-fail’ advantage: Fed study

NEW YORK (Reuters) – A landmark study by Federal Reserve economists found that large U.S. banks enjoy a “too-big-to-fail” advantage in financial markets, confirming the suspicions of many Wall Street critics more than five years after the financial crisis.

The series of research papers, published on Tuesday by the U.S. central bank’s influential New York branch, suggests the biggest and most complex banks benefited even after the financial crisis from lower funding and operating costs compared to smaller firms. The researchers used data through 2009.

Mar 21, 2014

U.S. Fed corrects stress test results, says most changes minor

WASHINGTON, March 21 (Reuters) – The U.S. Federal Reserve on
Friday revised several banks’ capital levels under stress after
results of the closely watched industry health check were
published a day earlier.

The revisions did not cause any additional firms to dip
below the 5 percent minimum for top-tier capital in the Fed’s
annual stress tests.

Mar 21, 2014

U.S. appeals court upholds Fed’s debit card ‘swipe fee’ limits

WASHINGTON (Reuters) – A U.S. appeals court upheld the Federal Reserve’s controversial rules for debit card “swipe fees” on Friday, reversing a lower court’s decision to throw them out after merchants argued the charges were too high.

Businesses pay the fees to banks when customers use debit cards to purchase goods or services. The fees reimburse banks for costs involved in offering debit cards.

Mar 20, 2014

All big U.S. banks but one pass Fed’s health test

WASHINGTON, March 20 (Reuters) – U.S. big banks have enough
capital buffers to withstand a drastic economic downturn, the
Federal Reserve said on Thursday, announcing that 29 out of 30
major banks met the minimum hurdle in its annual health check.

All of the big banks except for Zions Bancorp
stayed above the 5 percent requirement for top-tier capital in
the latest round of stress tests.

Mar 20, 2014

U.S. Fed to release results of financial industry health check

WASHINGTON, March 20 (Reuters) – JPMorgan Chase,
Citigroup, Morgan Stanley and other banks will find
out if the Federal Reserve thinks they can cope with the next
financial crisis when it publishes the results of an annual
health check on Thursday.

If the Fed finds that any of the 30 banks subject to the
so-called stress tests are still at risk, the banks will then
have a few days to change any plans they may have made to return
capital to shareholders through dividends or share buy-backs.