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Major Borrowers to Reduce Bank Deposits: Fed Survey
Wall Street dealers expect
hedge funds, insurance companies and other borrowers to pull
some cash from commercial banks when a financial crisis-era
deposit insurance program expires at the end of the year, the
Federal Reserve said on Thursday.
Wells Fargo Doesn't Have to Pay Clients $203 Million: Court
A U.S. appeals court
vacated an injunction and a $203 million restitution order
against Wells Fargo & Co in consumer litigation over the
bank's overdraft policies, according to a ruling issued on
Wednesday.
Regulatory Black Hole Puts Banks Off Deals
Regulatory uncertainty is
putting large banks off buying the assets of smaller rivals,
complicating the sector's restructuring and giving hedge funds
and private equity a golden opportunity to swoop in.
ICE CEO Says Proposal to Buy NYSE 'Well Received' by Regulators
IntercontinentalExchange Inc's
$8.2 billion proposal to acquire NYSE Euronext has been
"well received" by regulators, ICE Chief Executive Jeffrey
Sprecher said on Thursday.
BofA CEO: Fed Wants Bank to Show Consistent Earnings
Bank of America Corp
needs to show the U.S. Federal Reserve it can produce
consistent earnings as part of the annual process to gain
permission to return more capital to shareholders, CEO Brian
Moynihan said in an interview.
U.S. Agency Sues JPMorgan Over Mortgage Securities
The U.S. credit union regulator sued
JPMorgan Securities and Bear Stearns & Co on Monday over $3.6
billion in mortgage securities the bank allegedly sold to credit
unions that collapsed because of losses from the securities.
Europe to Miss Basel III Deadline After EU Talks Postponed
Europe will definitely fail to
meet the globally-agreed January deadline for the implementation
of tougher capital requirements for banks after European Union
talks to agree the rules were postponed on Tuesday.
Internet Regulation Seen at National Level as Treaty Talks Fail
The world's major Internet companies,
backed by U.S. policymakers, got much of what they wanted last week when many
nations refused to sign a global telecommunications treaty that opponents feared
could lead to greater government control over online content and communications.
Europe Agrees To Make ECB Chief Euro Zone Watchdog for Banks
Eurozone finance ministers have agreed to make the European Central Bank the top regulatory supervisor for Eurozone banks.
CFPB Examines Consumer Experience with Major Credit Reporting Agencies
The regulatory body looked at the three largest nationwide credit reporting companies: Equifax Information Services, LLC; Experian Information Solutions Inc.; and TransUnion LLC.
Barclays Names New Compliance Chief
Barclays has appointed
Hector Sants, former boss of British regulator the Financial
Services Authority, to oversee its compliance and relationship
with governments and regulators as it looks to repair its
battered reputation.
U.S. Economy Could Be 'Booming' With Fiscal Cliff Deal, Says JPMorgan's Dimon
The United States could have a "booming
economy" in a couple of months if lawmakers in Washington
reached an agreement to deal with the looming spending cuts and
tax increases known as the fiscal cliff, JPMorgan Chase & Co
CEO Jamie Dimon said.
HSBC to Pay Record $1.9 Billion Fine in Money Laundering Case
HSBC has agreed to pay a record $1.92
billion fine to settle a multi-year probe by U.S. prosecutors,
who accused Europe's biggest bank of failing to enforce rules
designed to prevent the laundering of criminal cash.
Deutsche Bank Directors to Question Board
Deutsche Bank's
directors will question the management board over claims the
lender failed to recognise billions of euros in unrealised
losses during the financial crisis, two sources said.
Standard Chartered Fined $330 Million in Iran Probe
Standard Chartered
expects to pay $330 million to settle a case with U.S.
regulators for breaking sanctions on Iran, the Asian-focused
bank said on Thursday, a second such penalty which could almost
wipe out its profit growth this year.
SEC Charges Wells Fargo Banker, 9 Others With Insider Trading
U.S. securities regulators
charged a Wells Fargo investment banker and nine others
with fraud on Wednesday in connection with their alleged role in
an insider-trading ring that earned more than $11 million by
trading on tips about impending mergers.
2013 Bank Regulatory Forecast
Banks will continue to grapple with a host of regulatory demands, especially as Basel III and Dodd-Frank provisions come into effect.
Franco-German Rift Threatens Plan for Banking Union
Germany and France clashed
publicly on Tuesday over plans to put the European Central Bank
in charge of supervising banks, deepening a dispute over the
scope of ECB powers that threatens to derail one of Europe's
boldest reforms.
UBS Near $450 Million Settlement With U.S., U.K. Over Libor
Swiss bank UBS AG is
expected to pay more than $450 million to U.S. and British
authorities to settle claims some of its employees submitted
false Libor rates, the New York Times reported.
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