Financial Regulatory Forum

First wave of U.S. “living wills” provides a blueprint for the industry

By Bora Yagiz

NEW YORK, July 2 (Thomson Reuters Accelus) - The biggest U.S. banks and foreign banks with U.S. operations will show regulators and the world this week how they are not “too big to fail.”

On Monday U.S. bank holding companies with $250 billion or more in total nonbank assets and foreign-based bank holding companies with $250 billion or more in total U.S. nonbank assets are due to submit resolution plans, known as the “living wills” to the Federal Reserve and Federal Deposit Insurance Corp.  (more…)

FACTBOX – Comparing EU and U.S. financial reform

LONDON, May 21 (Reuters) – The U.S. Senate approved a reform of Wall Street on Thursday and President Barack Obama may be signing into law the most sweeping changes to financial rules since the 1930s as soon as next month.

It implements pledges the United States, the European Union and other leading countries in the Group of Twenty made in 2009.

With the United States set to adopt its reform soon — and thus easily meet G20 deadlines — the EU has to play catch-up in some cases. Banks are watching carefully as transatlantic differences are emerging that will affect business models.

BoE’s King calls for radical reform of banks

By Tim Castle

LONDON, Jan 26 (Reuters) – Radical reform is needed to make the banking system safer, Britain’s top central banker said on Tuesday, adding U.S. President Barack Obama’s plan to curb some activities would not fully solve the “too big to fail” problem.

Bank of England Governor Mervyn King said there was no “silver bullet” to solve the banking sector’s problems, and tinkering with regulation alone, such as bumping up capital and liquidity requirements, would not be enough when “stuff happens”.

Radical reforms were also needed to change the liability structure of the banking system, so creditors can’t simply walk away unscathed when a bank fails, King said.

UK to strike balance on living wills reform-Myners

Myners: living wills

Myners: living wills

    LONDON, Dec 16 (Reuters) – Britain is aware of the rising cost of greater regulation for financial firms and will strike “the right balance” between cost and benefit of reform, Treasury minister Paul Myners said on Wednesday. (more…)

Draft UK bank law confirms tougher watchdog powers

Britain's Chancellor of the Exchequer Alistair Darling and his wife Margaret leave 10 Downing Street to attend the State Opening of Parliament, in central London November 18, 2009.       REUTERS/Suzanne Plunkett (BRITAIN POLITICS)By Huw Jones
LONDON, Nov 19 (Reuters) – Britain’s financial watchdog will have powers to claw back bank bonuses that breach globally agreed rules on remuneration and force hedge funds to provide data, a draft law published on Thursday showed.

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Facing defeat, UK government targets deficit, bank pay

By Keith Weir and Matt Falloon
LONDON, Nov 18 (Reuters) – Britain’s Labour government promised on Wednesday to halve its huge budget deficit and curb bankers’ pay in the hope of reviving its popularity before a national election next year.

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Britain’s financial reform faces carve-up threat

Britain's Prime Minister Gordon Brown (L) and Leader of the opposition Conservative Party David Cameron walk through the Members' Lobby of the Houses of Parliament before the State Opening of Parliament, in central London November 18, 2009.      REUTERS/Dominic Lipinski/Pool    LONDON, Nov 18 (Reuters) – Britain’s opposition Conservative Party said it would ditch the core of a financial sector reform bill if it wins power next year, but lawyers expect other parts such as curbs on bankers’ pay would be introduced.
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ANALYSIS-US, EU urged to find common ground on systemic risk

By Huw Jones and Rachelle Younglai
LONDON/WASHINGTON, Oct 30 (Reuters) – The United States and Europe are moving at different speeds down possibly divergent paths toward dealing with troubled multinational financial giants, despite promises of transatlantic coordination.

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WRAPUP 1-Obama financial reforms advance in U.S. Congress

Onlookers gather outside the historic Federal Hall where U.S. President Barack Obama is speaking in the heart of Wall Street in New York September 14, 2009. Obama, marking a year since Lehman Brothers collapsed, urged financial firms Monday not to fight regulatory reform and urged Congress to pass his proposals by the end of the year. (File Photo)     REUTERS/Larry Downing (UNITED STATES BUSINESS POLITICS)   By Kevin Drawbaugh
WASHINGTON, Oct 27 (Reuters) – The Obama administration made gains on Tuesday in its push for U.S. financial reform, unveiling a landmark bill to tackle systemic risk in the economy and winning congressional committee approval for a measure to expose hedge funds to more government scrutiny.The systemic risk bill would grant vast powers to a new systemic risk regulatory council, the Federal Reserve and the Federal Deposit Insurance Corp to monitor and address risks to economic stability posed by shaky financial holding companies.

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White House, Congress Democrat bill urges new US powers over financial firms

U.S. Treasury Secretary Timothy Geithner (R) talks with House Financial Services Committee Chairman Barney Frank on Capitol Hill in Washington March 24, 2009.  (File Photo)   REUTERS/Kevin Lamarque (UNITED STATES BUSINESS POLITICS) By Kevin Drawbaugh and Rachelle Younglai
WASHINGTON, Oct 27 (Reuters) – The U.S. government would gain far-reaching new powers to regulate, and even shut down, large financial firms that threaten economic stability under a draft bill released in Congress on Tuesday.

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