Financial Regulatory Forum

US Treasury eyes support for community loan funds

October 23, 2009

By David Lawder
WASHINGTON, Oct 23 (Reuters) – The U.S. Treasury Department is considering ways to provide support through its bailout program to community development loan funds, a senior Treasury official said on Friday.
Gene Sperling, counselor to Treasury Secretary Timothy Geithner, said loan fund support could be developed as an extension to efforts unveiled this week to provide more capital to small banks and other community lenders through the Troubled Asset Relief Program (TARP).

U.S. pay czar emphasizes wide “clawback” power

October 23, 2009

By Karey Wutkowski
WASHINGTON, Oct 23 (Reuters) – U.S. pay czar Kenneth Feinberg emphasized on Friday his ability to claw back pay at any company receiving a taxpayer bailout, but said such an extreme action “will be rare and far between.”

Fed issues U.S. bank pay guidelines to combat risk

October 22, 2009

WASHINGTON, Oct 22 (Reuters) – The U.S. Federal Reserve issued bank pay guidelines on Thursday to curb the type of excessive risk-taking it said contributed to the crisis that nearly collapsed the financial system last year.

U.S. Fed chief Bernanke says ‘exit’ strategy essential for dollar confidence

October 19, 2009

Chairman of the Federal Reserve Ben Bernanke speaks at the Federal Reserve Conference on Key Developments in Monetary Policy in Washington October 8, 2009. (File Photo) REUTERS/Kevin Lamarque SANTA BARBARA, Calif., Oct 19 (Reuters) – Federal Reserve Chairman Ben Bernanke on Monday said that the performance of the dollar and the U.S. economy will depend on the government’s success in controlling the country’s budget deficit.

US Fed must be tougher on harsh overdraft fees – Sen Schumer

October 16, 2009

U.S. Senator Charles Schumer, July 12, 2009 (file photo) REUTERS/Chip East  WASHINGTON, Oct 16 (Reuters) – The Federal Reserve needs to take a tougher approach to cracking down on excessive bank overdraft fees, U.S. Senator Charles Schumer warned on Friday.

Fed officials: Economy mending, but weakness persists

October 2, 2009

By Kristina Cooke and David Beasley
NEW YORK/MACON, Ga., Oct 1 (Reuters) – Federal Reserve officials said on Thursday that while the recession-battered economy is on the mend, it will be weak for a while and the Fed is likely to keep its extensive support policies in place for a while.

Full text of Federal Reserve’s Bernanke to Congress

October 1, 2009

FINANCIAL-REGULATION/    WASHINGTON, Sept 30 (Reuters) – The following is the full text of remarks due to be delivered to the U.S. House Financial Services Committee on Thursday, Oct. 1 by Federal Reserve chairman, Ben Bernanke: (more…)

U.S. Fed proposes new credit-card consumer protections to implement law

September 29, 2009

WASHINGTON, Sept 29 (Reuters) – The U.S. Federal Reserve on Tuesday proposed tough new credit card rules to protect consumers from potentially costly practices by lenders and moved to implement legislation enacted in May.

Key US senator determined to create super bank cop

September 29, 2009

U.S. Senator Christopher Dodd (D-CT) speaks in front of his close friend Senator Edward Kennedy's casket during a "Celebration of Life Memorial Service" for Kennedy at the John F. Kennedy Library and Presidential  Museum in Boston, Massachusetts August 28, 2009. By Karey Wutkowski
WASHINGTON, Sept 29 (Reuters) – A senior U.S. Democratic senator said on Tuesday he is moving forward with his effort to consolidate bank supervision into a single federal regulator, despite criticism from current bank regulators who do not want to lose power.

World Bank’s Zoellick says wary of more Fed power, sees more “options” to dollar

September 28, 2009

World Bank President Robert Zoellick addresses the media during a news conference at the Second Meeting of Finance Ministers of the Americas and the Caribbean at Vina del Mar July 3, 2009. REUTERS/Ivan Alvarado (CHILE BUSINESS) By Alister Bull
WASHINGTON, Sept 28 (Reuters) – The head of the World Bank on Monday sounded a cautionary note about granting greater regulatory power to the U.S. Federal Reserve and said the dollar’s future will “depend heavily on U.S. choices.”