national-global

Transition Period for Swaps Rules; Dimon Fights Back

06/12/13

Receiving Wide Coverage ...

Dodd-Frank's Swap Trading Transition: The Office of the Comptroller of the Currency has sent letters to some of America's biggest banks granting them a two-year transition period to comply with a Dodd-Frank requirement that could curtail swap trading, Reuters reports. The rule, the wire service says, "attempts to keep certain risky trading activity out of entities that receive government backstops, such as deposit insurance or access to the Federal Reserve's discount window."...

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Bashing Fees; Reviving Deal Spirits; Dissing Citi

06/11/13

Receiving Wide Coverage ...

Overzealous Overdrafts: As if it weren't tough enough to be a commercial banker these days, the Consumer Financial Protection Bureau is taking aim at account overdraft fees—a $32 billion source of industry revenue. In a report released early Tuesday, the agency criticizes U.S. banks for everything from confusing consumers with overdraft fee rules to reordering transactions to increase the fees individual customers pay, the Wall Street Journal reports. "What is marketed as...

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'Credit Card Companies' (Whatever Those Are) Said to Share Data with NSA

06/10/13

Receiving Wide Coverage ...

Big Brother and Banking: The financial services industry has made a few cameos in the unfolding story of the National Security Agency's vast surveillance of phone "metadata" and Internet communications. First, Edward Snowden, the (probably now former) Booz Allen contractor who leaked NSA documents to the Guardian and the Washington Post, says he grew disillusioned while working for the CIA in Geneva in 2007. "CIA operatives were attempting to recruit a Swiss...

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Years Later, U.S., U.K. Eye Criminal Libor Charges; Uncertainty in Bond Market; France Widens UBS Tax Probe

06/07/13

Receiving Wide Coverage ...

Libor Update: Some big Libor news this Friday morning, courtesy of the Wall Street Journal — U.K. and U.S. authorities are preparing to file criminal charges against former Barclays employees for their alleged roles in the London interbank offered rate-rigging scandal. Sources familiar with the matter tell the paper charges are "likely to be filed this summer," but that "the plans aren't finalized and could be delayed or modified." The sources don't...

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SEC's Money Market Proposals; IMF Reports 'We Made Some Big Mistakes' in Greek Bailout

06/06/13

Receiving Wide Coverage ...

SEC's Money Market Plan: The Securities and Exchange Commission has (finally) proposed rules to overhaul the money market fund industry. The rules present two alternatives. One would require prime funds to abandon their $1 fixed share price and use a floating net asset value, allowing share prices to reflect changing market-based value. The other permits stable share prices, but would impose temporary suspensions (or "gates") and 2% liquidity fees on redemptions in...

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HSBC Hit with Foreclosure Suit; FHA's $115 Billion Loss Scenario; Return of the Synthetic CDO?

06/05/13

Receiving Wide Coverage ...

HSBC Hit with Foreclosure Suit: Eric Schneiderman has struck again. This time it's at HSBC, which, on Tuesday, became the latest bank on the receiving end of a lawsuit from the New York Attorney General. This lawsuit accuses HSBC of ignoring a state law by failing to file forms that would have entitled homeowners facing foreclosure to loan modification negotiations. The Journal reports Schneiderman "may bring actions against other banks over the...

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FSOC Picks Some Nonbanks to Oversee; White House Targets Patent Trolls; More 'Student Debt Is the New Subprime'

06/04/13

Receiving Wide Coverage ...

Systemically Important: The Financial Stability Oversight Council took an important step toward implementing a key provision of Dodd-Frank when it voted on a proposal to designate a group of nonbank financial firms as systemically important on Monday. FSOC isn't saying what companies made the list just yet, but AIG, Prudential and GE Capital have disclosed that they received the designations. These firms now have 30 days to fight the proposal. Per reports,...

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B of A, AIG Set to Square off Over Subprime Mortgage Settlement; UBS Target of French Tax Probe

06/03/13

Receiving Wide Coverage ...

AIG vs. B of A: The battle over Countrywide's bad mortgage-backed securities continues as the New York State Supreme Court is set to hear arguments on Monday over whether the $8.5 billion settlement Bank of America reached with investors over the soured investments should be approved. Insurer AIG is leading opposition to the settlement, believing its sum should be much higher. The Journal calls the hearing "part of a broader battle ...

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Mortgage Modification Deadline Extended; Costs Disclosures Sought

05/31/13

Receiving Wide Coverage ...

More Time for Mortgage Modifications: The Obama administration's announcement Thursday that it will extend the Making Home Affordable Program for another two years comes "despite signs of revival in housing," the Times notes. The program, which gives financial incentives to lenders to modify the loans of eligible borrowers, "did not come near to fulfilling the administration's promise of relief for several million homeowners," according to the publication. As of March 31, the...

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Sallie Mae's Split; Another Hole in Swiss Bank Secrecy; Money Laundering Miscellany

05/30/13

Receiving Wide Coverage ...

Sallie Mae to Split in Two: The FT emphasizes the growth prospects of the banking and private student loan business that will be separated from the legacy government-backed loan servicing operation. The Times plays up the context of rising student loan defaults and tightening regulatory scrutiny. The Journal plays it pretty straight. Wall Street Journal, Financial Times, New York Times ...

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