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Aug 1, 2013

Republicans say ex-staffers of consumer financial agency profiting

WASHINGTON, Aug 1 (Reuters) – Republicans in the U.S. House
of Representatives demanded information on Thursday about
several former top staffers of the Consumer Financial Protection
Bureau who the lawmakers say have turned their inside knowledge
of the agency into a lucrative business.

House Oversight Committee Chairman Darrell Issa of
California and Financial Services Committee Chairman Jeb
Hensarling of Texas sent the bureau a letter accusing former key
staffers of profiting from rules they helped write while at the
new consumer agency.

Aug 1, 2013

Republicans question former CFPB officials’ new advisory firm

WASHINGTON (Reuters) – Republicans in the House of Representatives demanded information on Thursday about several former top staffers who lawmakers believe have turned their inside knowledge of the Consumer Financial Protection Bureau into a lucrative business.

House Oversight Committee Chairman Darrell Issa of California and Financial Services Committee Chairman Jeb Hensarling of Texas sent the bureau a letter accusing former key staffers of profiting from rules they helped write while at the new consumer agency.

Jul 31, 2013

U.S. judge rejects Fed cap on debit card swipe fees

WASHINGTON (Reuters) – A U.S. judge has sided with retailers seeking a lower cap on fees charged by banks for debit card transactions in a key ruling that dragged down shares of card companies Visa Inc and MasterCard Inc.

Judge Richard Leon of the U.S. District Court for the District of Columbia ruled on Wednesday that the Federal Reserve had ignored Congress’ intent when it capped the fees banks charge to retailers when their customers use debit cards.

Jul 29, 2013

U.S. regulators moving cautiously on mortgage reforms

WASHINGTON (Reuters) – U.S. bank regulators, wary of upsetting the fragile housing market, are moving cautiously in fashioning dozens of new rules to prevent reckless underwriting and other mortgage market abuses.

In implementing the 2010 Dodd-Frank financial reform law, the regulators have said they are sensitive to arguments from a rare alliance of both lenders and consumer groups that too-tough rules could hamper credit availability.

Jul 24, 2013

Regulators may weaken plan to rein in mortgage underwriting-sources

WASHINGTON (Reuters) – Regulators will soon unveil a new proposal that is seen as softening rules to prevent the type of shoddy underwriting practices that fueled the housing bubble, according to two sources familiar with the matter.

The rules, prompted by the 2007-09 financial crisis and first proposed in 2011, require lenders and bond issuers to keep a stake in mortgages that they securitize, with the exception of basic loans.

Jul 24, 2013

U.S. regulators may weaken plan to rein in mortgage underwriting-sources

WASHINGTON, July 24 (Reuters) – U.S. regulators will soon
unveil a new proposal that is seen as softening rules to prevent
the type of shoddy underwriting practices that fueled the
housing bubble, according to two sources familiar with the
matter.

The rules, prompted by the 2007-09 financial crisis and
first proposed in 2011, require lenders and bond issuers to keep
a stake in mortgages that they securitize, with the exception of
basic loans.

Jul 16, 2013

Consumer agency chief Cordray heads toward confirmation

WASHINGTON (Reuters) – The Senate on Tuesday moved toward confirming a director of the Consumer Financial Protection Bureau, ending a two-year standoff in Congress and putting the new agency on sounder legal footing.

Democrats overcame long-held Republican objections to end debate over Richard Cordray’s nomination to head the bureau, which was created by the 2010 Dodd-Frank Wall Street reform law.

Jul 9, 2013

Risk council designates AIG, GE Capital for tougher oversight

WASHINGTON (Reuters) – The U.S. financial risk council on Tuesday said it has designated American International Group (AIG.N: Quote, Profile, Research, Stock Buzz) and GE Capital (GE.N: Quote, Profile, Research, Stock Buzz) as systemically risky, bringing them under stricter regulatory oversight.

The Financial Stability Oversight Council’s decision to name its first set of “systemically important” non-bank firms had been long expected by the financial services industry.

Jul 9, 2013

U.S. risk council designates AIG, GE Capital for tougher oversight

WASHINGTON, July 9 (Reuters) – The U.S. financial risk
council on Tuesday said it has designated American International
Group and GE Capital as systemically risky,
bringing them under stricter regulatory oversight.

The Financial Stability Oversight Council’s decision to name
its first set of “systemically important” non-bank firms had
been long expected by the financial services industry.

Jul 9, 2013

Big US banks face tougher lending rules than global rivals

WASHINGTON, July 9 (Reuters) – The eight biggest U.S. banks
will need to hold twice as much equity capital as required
globally under a new plan proposed by regulators on Tuesday
intended to protect taxpayers from any future costly bailouts.

The rule would impose a so-called leverage ratio, a hard cap
on how much banks can borrow to fund their business, requiring
them to hold equity capital equal to 6 percent of total assets.