CFPB Orders Amex Units to Repay $85M on Illegal Practices
The CFPB says the companies violated consumer protection laws “at every stage” that ranged from marketing practices to enrollment, payment and debt collection.
New York on Solid Ground to Sanction Standard Chartered, Experts Say
Experts in the U.S. and abroad say that the bank's internal e-mails give the New York regulator a basis for its unilateral action.
Geithner: Europe Crisis Is Biggest Threat to U.S. Economy
Treasury Secretary Timothy Geithner discussed with lawmakers on Wednesday a number of issues, from the success of financial reform to the European crisis to the SEC's attempt to overhaul money-market funds.
New Hire Roundup: Feldman Named Gold Bullion CEO
This week in new hires, Steven Feldman was named CEO and Eric Schwartz was made chairman of the board at Gold Bullion International, and United Capital brought in three new management team members.
Rymer Named Interim IG at SEC
Rymer, who currently serves as inspector general of the FDIC, will serve as interim inspector general of the SEC until a permanent successor can be found.
JPMorgan’s Dimon to Testify on Losses June 13
The Senate Banking Committee announced Thursday that JPMorgan Chase CEO Jamie Dimon will testify on June 13 regarding the bank's trading losses.
U.S. Bank Lending Below Depression-Era Levels: S&P
U.S. bank loans are at such lows that the economic recovery has been nearly loan-free, S&P's head of financial institutions ratings said Wednesday in New York.
Lawmakers Probe Regulators Over Volcker Rule Proposal
Lawmakers took regulators to task on Wednesday over their proposal to implement Section 619 of the Dodd-Frank Act, commonly referred to as the Volcker rule, citing the proposed rule’s complexity as well as its costs.
‘Volcker Rule’ Leak Prompts Wall Street Scramble
A leak of the proposed 'Volcker rule' language, posted to a website Wednesday night, had Wall Street lawyers scrambling to interpret its meaning Thursday, and regulators fuming.
Banks Seek Relief as More Investors Move to Cash
As more investors move to cash as a defensive move against another possible downturn, U.S. regulators have asked some banks to take more deposits from large investors even if it’s unprofitable. Bloomberg reports lenders in return are seeking relief on insurance premiums and leverage ratios.