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May 19, 2015

U.S. Senate Democrats counter Shelby with own bank regulation bill

WASHINGTON, May 19 (Reuters) – Democrats on the Senate
Banking Committee on Tuesday released their own version of a
regulation relief bill, keeping the proposed changes tightly
focused on small banks and consumer protection.

The Democrats’ bill is a rebuke to committee Chairman
Richard Shelby, who officially released his wide-ranging
legislation on Monday after circulating a draft version early
last week.

May 13, 2015

Banks must get ‘serious’ about bankruptcy plans: FDIC’s Hoenig

WASHINGTON (Reuters) – The July deadline for U.S. banks to show regulators how they can go through bankruptcy without causing wider mayhem or risk being broken up is a crucial test for the industry, a top U.S. regulator said on Wednesday.

In a wide-ranging interview at the Reuters Financial Regulation Summit, Tom Hoenig, second-in-command at the Federal Deposit Insurance Corporation, said that he was broadly behind regulatory relief provided to smaller banks in a bill introduced this week by U.S. Senator Richard Shelby, the chairman of the Senate Banking Committee.

May 13, 2015

Insight – ETF companies boost bank credit lines amid liquidity concern

NEW YORK (Reuters) – The biggest providers of exchange-traded funds, which have been funneling billions of investor dollars into some little-traded corners of the bond market, are bolstering bank credit lines for cash to tap in the event of a market meltdown.

Vanguard Group, Guggenheim Investments and First Trust are among U.S. fund companies that have lined up new bank guarantees or expanded ones they already had, recent company filings show.

May 13, 2015

ETF companies boost bank credit lines amid liquidity concern

NEW YORK, May 13 (Reuters) – The biggest providers of
exchange-traded funds, which have been funneling billions of
investor dollars into some little-traded corners of the bond
market, are bolstering bank credit lines for cash to tap in the
event of a market meltdown.

Vanguard Group, Guggenheim Investments and First Trust are
among U.S. fund companies that have lined up new bank guarantees
or expanded ones they already had, recent company filings show.

May 12, 2015

U.S. Senator’s bill targets Fed, bank and mortgage rules

WASHINGTON, May 12 (Reuters) – A draft Republican bill in
the U.S. Senate takes aim at bank rules and insurance
regulations, also limiting restrictions on mortgage requirements
and proposes restructuring the Federal Reserve and other
financial regulators.

The 216-page, eight section report released on Tuesday was
crafted by the staff of Senator Richard Shelby of Alabama who
chairs the Senate Committee on Banking and has made easing rules
for small banks and imposing reforms on financial regulators a
priority.

May 12, 2015

US Senate Banking bill proposes several changes for Fed-source

WASHINGTON May 12 (Reuters) – The regulation relief bill
drafted by the U.S. Senate Banking Committee Chairman includes
changes to the Federal Reserve system and an easing of mortgage
rules for the financial industry, according to a person familiar
with the draft.

The bill also proposes to raise the threshold for banks to
be subjected to enhanced supervision, to $500 billion in assets
from $50 billion, said the source, who is a Republican aide on
the committee.

May 8, 2015

U.S. Senate Banking committee delays financial relief bill

WASHINGTON (Reuters) – The U.S. Senate Banking Committee on
Friday delayed a vote on a regulation relief bill, as Democrats
showed frustration with what they said is a lack of information
coming their way.

The committee, led by Republican Senator Richard Shelby,
said the markup would now occur a week later, on May 21. Reuters
was first to report on the delay.

May 8, 2015

U.S. Senate Banking Democrats oppose plan to markup financial bill

WASHINGTON (Reuters) – The Democrats on the powerful U.S. Senate Banking Committee have banded together to oppose plans by Republicans to approve a draft package of financial reforms next week, saying they have yet to see a copy of the bill.

In a letter to Senate Banking Committee Chairman Richard Shelby, the Democrats said they are expressing their “concern and disappointment” with his plan to conduct a markup “without giving all committee Democrats time to analyze and review” the proposal.

May 7, 2015

Senators take aim at Fed’s dependence on shared staff

WASHINGTON (Reuters) – Two U.S. senators introduced a bill on Thursday that aims to provide each Federal Reserve governor with staffers instead of sharing them as is now the case, in a move aimed at promoting more independence inside the Fed’s board.

The bipartisan bill, introduced by Senators David Vitter and Elizabeth Warren, would also require a publicly recorded vote by the Fed board on the resolution of any enforcement action that includes $1 million or more in payments.

May 6, 2015

U.S. Senate banking panel chief forges ahead with bill to ease rules

By Michael Flaherty

(Reuters) – The chairman of the Senate Banking Committee is
pushing ahead with a bill to ease rules across sections of the
financial industry after the first round of efforts to work with
his Democratic counterpart failed.

Alabama Republican Richard Shelby is crafting a regulatory
relief bill that aims to give small U.S. banks more breathing
room to operate by exempting them from certain federal
regulations put in place after the 2008 financial crisis.

    • About Michael

      "In June 2009, Michael Flaherty became a Chief Correspondent for Reuters News, leading a team of journalists who cover investment banking, mergers & acquisitions, private equity and hedge funds, equity capital markets, natural resources and property across Asia. He arrived in Hong Kong in Feb. 2008 as Reuters' Asia Financial Services correspondent, covering the investment banks and M&A. Flaherty was hired by Reuters in New York in Dec. 2003. He was voted Reuters Journalist of the Year for his 2007 coverage of the U.S. private equity boom and bust. He started at Reuters with the consumer group covering office retailers ..."
      Joined Reuters:
      Dec. 1, 2003
      Awards:
      Peninsula Press Club, 2002, Reuters Journalist of the Year, 2007, M&A International, 2007
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