Emily's Feed
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.

Apr 10, 2014

Fed’s hard line on funding to bring more pain to Wall Street

WASHINGTON/NEW YORK (Reuters) – The U.S. Federal Reserve’s drive to wean Wall Street off risky funding sources is expected to bring more financial pain to the biggest U.S. banks in the coming months, analysts warned on Wednesday.

They said bank regulators’ release this week of tough new limits on debt funding is just a preview of other rules that may have even more bite.

Apr 9, 2014

U.S. bank regulator issues bulletin on oil, gas lending risks

WASHINGTON, April 9 (Reuters) – A U.S. regulatory agency on
Wednesday issued tips for bankers and examiners on potential
risks involved with loans for oil and natural gas production, as
the domestic energy boom continues.

The U.S. Office of the Comptroller of the Currency (OCC)
published on its website a bulletin laying out supervisors’
expectations for energy production lending and spelling out new
examination procedures for banks issuing the loans.

Apr 9, 2014

BofA to pay $727 million to consumers over credit card practices

WASHINGTON, April 9 (Reuters) – Bank of America
agreed to pay nearly $800 million in fines and restitution to
settle allegations of deceptive marketing and unfair billing
involving credit card products, U.S. regulators said on
Wednesday.

The Consumer Financial Protection Bureau and Office of the
Comptroller of the Currency said they had ordered the bank to
pay $727 million in relief to consumers to resolve problems with
add-on products providing identity theft and payment protection
products.

Apr 8, 2014

U.S. regulators to vote on final bank leverage rules

WASHINGTON (Reuters) – Financial regulators will vote Tuesday to finalize tough limits on how much U.S. banks can borrow to fund their business that would be stricter than the rules firms abroad must follow.

The rules by the Federal Reserve, Federal Deposit Insurance Corp (FDIC) and Office of the Comptroller of the Currency (OCC), would force banks to fund part of their business through less risky sources such as shareholder equity, rather than by borrowing money.