Brian Gardner News
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President Barack Obama nominated Representative Mel Watt to be director of the Federal Housing Finance Agency after months of political pressure from consumer advocates to find a new overseer for Fannie Mae and Freddie Mac.
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“Too-big-to-fail” legislation unveiled yesterday in Washington is needed to rein in the biggest U.S. banks because the Dodd-Frank Act has failed to guard taxpayers against future bailouts, the bill’s sponsors said.
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“Too-big-to-fail” legislation unveiled in Washington today is needed to rein in the biggest U.S. banks because the Dodd-Frank Act has failed to guard taxpayers against future bailouts, the bill’s sponsors said.
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In little more than a decade, Promontory Financial Group LLC has evolved into a new kind of Washington player tapped by banks including Morgan Stanley and Citigroup Inc. to resolve regulatory disputes behind the scenes.
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A proposal by the Federal Reserve Bank of Dallas to limit government support for banks could force JPMorgan Chase & Co. and Bank of America Corp. to shrink their U.S. consumer and commercial-lending units by more than half.
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Critics of banks deemed “too-big- to-fail” gained political support in the waning hours before the U.S. Congress adjourned over the weekend when senators voted unanimously in favor of ending perks enjoyed by the largest banks.
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U.S. Senator Elizabeth Warren accused Republicans of trying to weaken the Consumer Financial Protection Bureau by blocking the confirmation of its director unless lawmakers agree to change the agency’s structure.
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The size of the largest financial institutions has made it difficult for the U.S. Justice Department to bring criminal charges when there’s wrongdoing, Attorney General Eric Holder said.
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U.S. Senator Elizabeth Warren accused Republicans of trying to weaken the Consumer Financial Protection Bureau by blocking the confirmation of its director unless lawmakers agree to change the agency’s structure.
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Community bankers who expect the U.S. Senate to pass a bill tomorrow that would extend a program intended to help them retain deposits also believe they will have a tougher time getting the measure though the House.
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