The Treasury secretary told the House Financial Services Committee that he has been in coordination with the U.S. bank regulators to soften the impact of the United Kingdom potentially failing to strike a deal on its exit from the European Union.
The agreement with U.S. and U.K. regulators is on top of the $667 million it paid to U.S. authorities in 2012 for its handling of transactions that violated economic sanctions against Iran.
The Federal Reserve Board unveiled a host of proposed changes to tailor U.S. supervision of foreign firms, as well as a proposal easing “living will” requirements for both domestic and overseas banks.
The bank’s biggest shareholder says Wall Street shouldn't yield its next CEO; concern that mistakes that led to the financial crisis are being repeated.
The Fed should continue to play a key role in the new payments system, rather than leaving it in the hands of the country’s largest banks, Thomas Hoenig and Bruce Summers argue.
