Financial Regulatory Forum

Mortgage bankers group urges Fannie, Freddie changes

USA/   NEW YORK, Sept 2 (Reuters) – The U.S. Mortgage Bankers Association said on Wednesday it will ask Congress to transform mortgage lenders Fannie Mae, Freddie Mac into several smaller, privately held companies that would issue mortgage securities with a government guarantee.

U.S. market regulators in bid to end turf war

sec   By Rachelle Younglai and Christopher Doering
   WASHINGTON, Sept 1 (Reuters) – The two main U.S. agencies regulating securities and futures markets will begin an unprecedented meeting on Wednesday in an attempt to resolve longstanding conflicts laid bare by the financial crisis.

U.S. files formal request for UBS client data

U.S. President Barack Obama (C) walks alongside his friend Eric Whitaker (R) as Robert Wolf, Chairman and CEO of UBS Group Americas (L), drives past in a cart as they play golf at Farm Neck Golf Course at Oak Bluffs on Martha's Vineyard, Massachusetts, August 24, 2009.          REUTERS/Jason Reed  ZURICH, Aug 31 (Reuters) – The United States has launched the formal process to get account details of 4,450 American clients of UBS suspected of tax evasion, the Swiss finance ministry said on Monday.


SEC chair: Derivatives data key for probes -report

USA/    Aug 28 (Reuters) – Getting better access to information on derivative transactions was a “critical” factor in U.S. regulators’ efforts to curb market abuses, Securities and Exchange Commission Chairman Mary Schapiro told Bloomberg in an interview.

Fed urges secrecy on banks in bailout programs

USA-FED/   By Jonathan Stempel
   NEW YORK, Aug 27 (Reuters) – The U.S. Federal Reserve asked a federal judge not to enforce her order that it reveal the names of the banks that have participated in its emergency lending programs and the sums they received, saying such disclosure would threaten the companies and the economy.

FDIC seeks comment on bank accounting change

REGULATION-SUMMIT/   By Karey Wutkowski and Steve Eder
   WASHINGTON, Aug 26 (Reuters) – U.S. regulators plan to gauge how severe a hit banks will take from an accounting change that will force them to bring more than $1 trillion of assets back on their books, the Federal Deposit Insurance Corp proposed on Wednesday.

Geithner: U.S. Fed needs shielding from politics

USA CHINA/    By David Lawder
   WASHINGTON, Aug 26 (Reuters) – U.S. Treasury Secretary Timothy Geithner said on Wednesday the Federal Reserve should further increase its transparency, but its monetary policy activities need to be shielded from political influence.

FDIC to soften stance, luring private capital

Wilbur Ross, chairman and chief executive officer of WL Ross & Co REUTERS/Brendan McDermid (UNITED STATES)   By Paritosh Bansal and Megan Davies
   NEW YORK, Aug 25 (Reuters) – U.S. regulators are likely to back down from the tough stance they took a month ago on rules for auctions of troubled banks, which could clear the way for more private equity bidders to come back into the game.

UBS chair says clients ‘not harmless victims’-paper

UBS/TAX   ZURICH, Aug 23 (Reuters) – Clients of UBS facing disclosure of their accounts to U.S. tax authorities were not harmless victims, and legal cases against former UBS bankers did not affect the bank, its chairman told Swiss Sunday newspapers.

CFTC, SEC plan joint hearings on “harmonization”

sec2    By Christopher Doering
   WASHINGTON, Aug 20 (Reuters) – The Commodity Futures Trading Commission and the Securities and Exchange Commission will hold hearings next month to iron out opposing regulatory philosophies in order to make it easier to find violators and introduce new financial instruments, the two agencies said on Thursday.