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Banks Urge U.S. Congress to Extend Crisis-era Deposit Insurance
The expiration of special U.S. deposit insurance at the end of the year has spurred banks to lobby Congress to extend the program out of fear that companies will withdraw billions of dollars.
Markit Launches Basel III Compliance Solution
The Basel III regulations are set to begin being enforced in January of next year.
Sandy Weill’s "Conversion" -- Why the Shock?
Sandy Weill changed his mind about the structure of big banks. Why is everyone so surprised?
The Dodd-Frank Act: A Catalyst for Change
Dodd-Frank and other regulatory requirements have banks examining their independent financial controls.
Geithner Says He Did All He Could to Address Libor Problem
U.S. Treasury Secretary Timothy Geithner, under pressure for not doing enough to stop fraudulent manipulation of a key benchmark interest rate, told lawmakers on Wednesday he alerted the appropriate authorities "early on."
Wells Fargo Remains Top U.S. Mortgage Lender but Share Slips
Wells Fargo & Co remained the largest U.S. mortgage originator in the second quarter, but ceded market share to its biggest rivals, Inside Mortgage Finance said on Wednesday.
Bailed-Out Banks Still Struggling to Repay U.S. Government
Hundreds of bailed-out banks are still struggling to repay taxpayers and will soon find it even harder to make required dividend payments to the U.S. Treasury, according to a report on Wednesday by the watchdog for the government bailout program.
Weill, Builder of Bank Supermarkets, Calls For Their Breakup
Sanford Weill, the financial tycoon who pioneered the modern U.S. megabank that mixes deposit taking and ending with riskier investment banking activities, called for the model to be dissolved in an interview televised on Wednesday.
Spain Court Says No to Bankia Evidence
A judge rejected a request on Monday for the former chairman of Spain's Bankia, Rodrigo Rato, to give evidence in a fraud case against him and other executives at the failed bank before he appears at a parliamentary inquiry on Thursday.
Senators Seek Bigger Firepower for U.S. Securities Regulator
U.S. Senators are planning to introduce a bipartisan bill on Monday to give the country's securities regulator the authority to seek tougher fines for alleged Wall Street criminals.
Banks in Libor Probe Consider Group Settlement
A group of banks being investigated in an interest-rate rigging scandal are looking to pursue a group settlement with regulators rather than face a Barclays-style backlash by going it alone, people familiar with the banks' thinking said.
How Will the Spanish 'Bad Bank' Work?
European finance ministers
signed off on Friday on conditions attached to the release of up
to 100 billion euros ($123 billion) of aid for Spain's banks.
Central Bankers Eyeing Whether Libor Needs Scrapping
Central bankers and regulators will hold talks in September on whether the troubled global Libor interest rate can be reformed or whether it is so damaged that the benchmark of borrowing costs should be scrapped.
Capital One Bank To Pay $210 Million in Refunds and Penalties for Deceptive Marketing Practices
Capital One agreed with regulators at the CFPB and the OCC to pay penalties and customer refunds for failing to monitor its vendors that were deceptively marketing its credit products.
Visa, MasterCard, Banks in $7.25 Billion Retail Settlement
Visa Inc, Mastercard Inc
and banks issuing their credit cards have agreed to pay
up to $7.25 billion and allow stores to encourage customers to
use cheaper forms of payment
JPMorgan Loses $4.4 Billion on Trades; Traders May Have Hidden Losses
JPMorgan Chase & Co, the biggest U.S. bank, said it had lost $5.8 billion in 2012 from disastrous credit bets and that traders might have tried to conceal the extent of the losses earlier this year.
What the New CFPB Mortgage Disclosure Forms Mean for Banks
Although making the switch over to the new disclosure forms could be messy for banks, it could also help restore customer confidence in banks and mortgages.
N.Y. Fed to Release Libor Documents Friday
The Federal Reserve Bank of New York will release on Friday documents showing it took "prompt action" four years ago to highlight problems with the benchmark interest rate known as Libor and to press for reform, an official at the regional U.S. central bank said on Wednesday.
Morgan Stanley Banker Being Investigated by German Prosecutors
German prosecutors have opened preliminary proceedings into alleged links between Morgan Stanley's top dealmaker in Germany and the former premier of the regional state of Baden-Wuerttemberg, relating to the state's purchase of shares in German utility EnBW in 2010.
CFPB Introduces New Mortgage Disclosure Forms and Protections for "High-Cost" Mortgages
The new forms and protections are designed to help customers better understand the costs and risks of taking out a mortgage.
Bank of England's Tucker To Testify on Rate Rigging Row
A row about how much top British
politicians and officials knew about interest rate rigging will
intensify on Monday as the man tipped to be the next Bank of
England governor reveals what he told Barclays when it
fiddled its figures.
Judge Orders JPMorgan to Explain Withholding Emails
A U.S. judge has ordered JPMorgan Chase & Co to explain why the court should not force the bank to turn over 25 internal emails demanded as part of an investigation into whether it manipulated electricity markets in California and the Midwest.
Barclays Scandal Unlikely to Threaten Libor's Status
According to a report from SNL Financial, LIBOR is so ingrained in the financial system that there is little threat to its status as a global interest rate benchmark.
The Barclays LIBOR Fallout in Quotes
It certainly was an interesting week for Barclays PLC, and not in a good way. The multinational bank is still reeling from the fallout of its attempt to rig the daily settings of London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate and subsequent fine of 290 million Pounds. And there was no midweek holiday respite for the London-based bank, as the notorious British press continued to blast the financial institution. For your enjoyment, Bank Systems & Technology has compiled
U.K. Regulator Warned Barclays Over Aggressive Culture
Britain's financial regulator warned Barclays four months before it was hit by a record fine for rigging interest rates that the bank's culture was too aggressive and must change, a person familiar with the matter said.
U.S. Bancorp Settles Overdraft Fee Case for $55 Million
US Bancorp, one of the 10 largest U.S. banks, has agreed to pay $55 million to settle lawsuits accusing it of imposing excessive overdraft fees on customers.
U.K. Finance Minister Osborne to Launch Wide Review of Banks
Britain will announce a broader-than-expected review into the banking industry on Monday, looking at culture and standards as well as the causes of an interest rate-fixing scandal, a source familiar with the situation said.
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