bank regulation

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Wells Fargo Will Pay US $3B to Settle List of Abuses

Accounts were opened without customers' consent

(Newser) - Wells Fargo agreed Friday to pay the government $3 billion to settle investigations into a series of abuses that went on for years, including opening accounts for customers without their approval. The deal wraps up federal civil and criminal cases, the Wall Street Journal reports, though criminal charges could be...

JPMorgan Is Being Punished for Not Being Evil Enough

Probe into firm's China hires is ironic, Matt Levine argues

(Newser) - A trove of emails have emerged in JPMorgan Chase's China corruption scandal , and they reveal a deep irony about the case: Essentially, "JPMorgan's mistake was not hiring Chinese princelings fast enough," argues Matt Levine at Bloomberg . The emails reveal that JPMorgan initially had a program preventing...

The Volcker Rule Is Here! Will It Work?

FDIC, Fed unanimously approve regulation banks have lobbied against

(Newser) - The FDIC and Federal Reserve both unanimously approved the long-debated Volcker Rule today, and three other regulatory agencies plan to before the day is out, making it official. The rule, named for and originally proposed by Paul Volcker, aims to ban proprietary trading, "or in plain English," as...

Biggest Threat to Hillary 2016: Elizabeth Warren

Her populist approach aligns with growing Democratic movement: Noam Scheiber

(Newser) - Expect a Democratic divide in 2016: There will be the party "elites," who, though they back stimulus and big unemployment benefits, see a giant financial sector as integral to the economy. The "majority of Democratic voters," on the other hand, have grown more populist and want...

CFPB Mortgage Overhaul Bans Lots of Shady Practices

While also protecting banks from lawsuits

(Newser) - The newly-minted Consumer Financial Protection Bureau is circulating a series of new mortgage regulations that would ban some of the least savory tactics of the bubble era, the New York Times reports. Banks won't be able to offer deceptive teaser rates, or charge balloon payments, for example. They'll...

British Bank Settles Laundering Case for $340M

Standard Chartered was accused of scheming with Iranian government

(Newser) - New York's financial regulator said his agency has reached a $340 million settlement with Standard Chartered Bank to resolve an investigation into whether the British bank schemed with the Iranian government to launder $250 billion from 2001 to 2007. The bank will pay the civil penalty to the state...

Feds Eye Criminal Charges in Libor Scandal

Justice Department building case that could jail bankers

(Newser) - At long last, an investigation into a major financial scandal appears to be going criminal, as the Justice Department is building a case against several banks involved in the Libor rate-rigging scandal . Sources say Justice could file criminal charges against at least one bank by the end of the year,...

Britain's Financial Authority Never Policed Libor

As scandal builds, UK parliament decides to hold banking inquiry

(Newser) - The growing scandal over the rigging of benchmark Libor rates raises a fundamental question: Why didn't Britain's Financial Services Authority see anything was amiss? Mainly because the FSA hadn't policed Libor for years, reports the Wall Street Journal . Worse, bank executives had warned the FSA about Libor...

Fed Rule Writing Shrouded in Secrecy

Public meetings are rare, and dissent isn't disclosed

(Newser) - The Federal Reserve has been busily rewriting the rules of the financial system for years now, and it's been doing almost all of it behind closed doors. The Fed has held 47 votes on new regulations since Dodd-Frank was passed in July 2010, and only two of those were...

Volcker Rule Too 'Complicated,' Says ... Volcker

Financial lobbyists added too much, claims former Fed chair

(Newser) - How’s this for irony: The Volcker rule is too complex and long … according to the guy whose name is on the rule. "It's much more complicated than I would like to see," said Paul Volcker during a talk in Singapore today. Who’s to blame...

Global Bank Rules 'Anti-US': JPMorgan CEO

Jamie Dimon suggests US exit Basel group

(Newser) - A new set of international banking regulations are “anti-American,” the CEO of JPMorgan Chase tells the Financial Times —so much so that the US should seriously consider quitting the regulatory group that set the rules. The Basel group’s new regulations require banks to balance risk-taking by...

World's New Banking Rules Are 'Welcome Stuff'

Tough standards are more than lip service

(Newser) - The new rules for the world's banking industry emerging from Switzerland today have some real bite to them, writes Felix Salmon at his Reuters financial blog . In broad strokes, banks will be required to hold more capital in reserve to fend off another meltdown. Banks complain that the new standards—...

Credit Card Rates Hit 9-Year High

Card makers jack prices in face of new regulations

(Newser) - Interest rates are tumbling for US Treasuries, companies, and home-buyers. The prime rate is extremely low. Yet for some reason, credit card companies are charging more and more, with average rates hitting a nine-year high of 14.7% in the second quarter, the Wall Street Journal reports. Companies say they’...

Democrats Break Financial Reform Filibuster

Scott Brown, Olympia Snowe and Susan Collins cross party line

(Newser) - Congress is all but guaranteed to pass the most sweeping financial regulatory reform since the Great Depression this afternoon. In the early session this morning, the Senate voted 60-38 to end debate on the Dodd-Frank bill, setting up a final vote that is scheduled for 2pm this afternoon. Republicans could...

Big Banks Laundered Money for Mexican Drug Gangs

Wachovia handled $378.4 billion in drug money

(Newser) - Some of the biggest banks in the US have been helping to funnel hundreds of millions of dollars to Mexican drug gangs, Bloomberg reports. Wachovia, for example, has admitted in court that it didn’t do enough to spot the $378.4 billion in drug money the cartels handed off...

Kiss Your Free Checking Account Goodbye
Kiss Your Free Checking Account Goodbye
in case you missed it

Kiss Your Free Checking Account Goodbye

Banks raise fees to make up for lost overdraft bonanza

(Newser) - The free checking account could soon be a thing of the past, as Bank of America and other banks introduce a pile of new fees, telling the Wall Street Journal that they need to replace revenue lost because of new regulatory rules protecting consumers from surprise overdraft fees. To avoid...

Banks Secretly Pleased With Wall Street Reform Bill

It'll curb profits, but won't reduce their power

(Newser) - Despite their public protestations, behind closed doors, Wall Street executives are pretty pleased with how financial reform legislation is shaping up, sources tell the New York Times . “If you talk to anyone privately, there's a sigh of relief,” says one investment banker. “It'll crimp the profit pool...

GOP Focuses on Single Word in Financial Reform Fight

And the bill's offending word is: 'significantly'

(Newser) - Republicans have found another reason to oppose financial reform: They claim it will impose regulations on dentists, florists, and plenty of other small businesses, all because of a single word: “significantly.” The Senate bill states that the Consumer Protection Agency will only regulate those who provide significant consumer...

Hedge Funds Get 'Sweet Deal' in Finance Bill

Thanks to an army of lobbyists, they've dodged reforms

(Newser) - While Wall Street banks are being hauled before Congress for public reprimand, hedge funds and private equity firms have floated blissfully above the fray, thanks to an army of well-connected lobbyists. More than half of the 83 new lobbyists who signed up with the industry's two main trade groups last...

Liberals Push to Toughen Bank Bill

See Goldman troubles as opening to break up banks, restore firewall

(Newser) - The Left is suddenly playing offense in the push for financial reform legislation, with liberal senators preparing a barrage of amendments to beef up the bill. One would break up the nation's six largest banks—Goldman Sachs, JPMorgan, Bank of America, Wells Fargo, Citigroup, and Morgan Stanley—whose combined assets...

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