The Office of the Comptroller of the Currency (OCC) warned Wells Fargo in a scathing letter that it is mulling lodging formal enforcement actions against the bank over its auto insurance and mortgage businesses. According to news from The Wall Street Journal, citing people familiar with...
Jerome Powell, President Donald Trump’s pick as chairman of the Federal Reserve, said at his confirmation hearing that he supports rolling back some bank regulations, but will protect the central bank’s political independence. According to The Associated Press, Powell also strongly hinted that the Fed...
Joseph Otting was sworn in as U.S. comptroller of the currency on Monday to serve as the leading regulator of national banks. According to news from Reuters, Otting, a former banking executive and associate of U.S. Treasury Secretary Steven Mnuchin, will oversee big banks, such...
While a top U.S. bank regulator has been working to ensure that examiners go easier on the institutions they inspect, he pointed out that those changes will not happen overnight. According to news from Reuters, bankers at institutions regulated by the Office of the Comptroller of...
Joseph Otting, the former banking executive with close ties to Steve Mnuchin, the U.S. treasury secretary, was confirmed as the next U.S. Comptroller of the Currency, an office which has oversight of large financial institutions, such as Bank of America, JPMorgan Chase and Wells Fargo....
Will China’s invitation get the party started? Put a different way: If you open a country’s financial markets, will the (foreign) banks bring the capital? News came last week that China offered up plans to let outside investors into its markets — allowing for stakes big...
Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation who is leaving the government agency, expressed concern that regulators may be doing too much to roll back rules that were put in place after the Great Recession and financial crisis. According to a news...
The European Central Bank (ECB) steps up efforts to launch a tool that would enable financial regulators to stop customers from withdrawing cash when a bank is about to go under. According to news from Bloomberg, ECB Executive Board Member Sabine Lautenschläger said banking resolution cases...
China is increasing regulations on websites that offer cash loans, amid growing concerns about lax regulation in the fast-growing market. According to Reuters, citing a report from China’s Caixin, Ji Zhihong of the central bank’s financial markets department said that the bank – along with...
