The Federal Reserve gave the green light on Wednesday to plans by all 34 large banks seeking to provide big payouts to shareholders after the firms passed the annual stress tests. It is the first time since the tests were instituted in 2009 the Fed did not object to the banks’ capital plans. The decision … Read more
The largest US banks would withstand a severe recession and still be able to lend to American households and businesses, the Federal Reserve announced Thursday. The results of the first part of the central bank’s so-called stress tests showed 34 major lenders were on solid capital footing, the Fed said. The tests are conducted under … Read more
The Trump administration has said it wants to ease oversight of smaller banks and curb the Consumer Financial Protection Bureau’s powers. The report from the Treasury Department outlined administration priorities for rolling back rules imposed on the financial sector after the 2008 crisis. It comes just days after the House of Representatives approved a sweeping … Read more
Democrats are slamming a Republican bid to dismantle financial rules put in place after the 2008 crisis as the “wrong choice” for the country. House Republicans approved a sweeping measure on Thursday that would ease rules on banks, weaken consumer protection and scrap federal bailouts for major financial institutions. “Growth!” US President Donald Trump cheered … Read more
Nearly one-third of US adults face financial difficulties or are “just getting by,” despite a slight improvement in well-being in the overall population, according to Federal Reserve report released Friday. The survey showed 30 percent or 73 million adults described their personal financial situation as difficult, but the rates of hardship were higher in black … Read more
The Trump administration does not support a return to the Depression-era rule requiring a separation of retail and investment banking, Treasury Secretary Steven Mnuchin said Thursday. It would be “a huge mistake” to break up the banks, Mnuchin told a Senate committee, but there were some aspects of the Glass-Steagall law, enacted in 1933 and … Read more
The US Senate confirmed attorney Jay Clayton as the new head of the Securities and Exchange Commission tasked with regulating Wall Street and America’s financial sector. Some Democrats joined Republicans to vote 61 to 37 in favor of Clayton, who was nominated by US President Donald Trump in January. Once Trump’s White House completes the … Read more
President Donald Trump on Monday said he is considering breaking up big Wall Street banks, by splitting their consumer business from their investment operations. “I’m looking at that right now,” he told Bloomberg News. White House spokesman Sean Spicer said there were no further details and no announcement was planned. Shares in banks initially fell … Read more
U. S. Federal Reserve Vice Chair Stanley Fischer said there was significant uncertainty about U.S. fiscal policy under the Trump administration, but the Fed would be strict in meeting targets of creating full employment and getting inflation to 2 percent. Speaking at the Warwick Economics Summit on Saturday, Fischer also said he thought Dodd-Frank financial … Read more
U. S. President Donald Trump on Friday ordered reviews of major banking rules that were put in place after the 2008 financial crisis, drawing fire from Democrats who said his order lacked substance and squarely aligned him with Wall Street bankers. Though the order was short on specifics, financial markets embraced Trump’s signal that looser … Read more
U. S. President Donald Trump will today direct the Labor Department to delay implementation and review a rule designed to prevent conflicts of interest when advisers give retirement advice, a senior White House official said. “We think that they have exceeded their authority with this rule and we think this is something that is completely … Read more
The Chief Executive Officer of The BEIGE Group (TBG), a financial services provider, has expressed optimism about the future of Group, following recent announcements of an expansion drive into the provision of other financial services including pensions and insurance. Mike Nyinaku noted that the BEIGE story so far has not been without challenges but that … Read more
U. S. officials are striving to put finishing touches on a slew of banking rules before President Barack Obama leaves office and hands regulatory power to Donald Trump who has vowed to rewrite the existing financial rule book. President-elect Trump will take over on Jan. 20 and his fellow Republicans will have control of Congress … Read more