Banks, Regulators | featured news

Steady earnings growth on Wall Street could embolden the lawmakers and regulators who want to overhaul the banking system.

HSBC Holdings Plc agreed to pay $249 million to end a case-by-case review of past foreclosures in the U.S., regulators announced on Friday.

U.S. bank regulators are set to vote on a plan requiring banks with more than $10 billion in assets to conduct annual stress tests to determine if they can withstand a financial shock.

Regulators, led by the Office of the Comptroller of the Currency, are said to be close to taking action against JPMorgan Chase for insufficient safeguards.

New York’s top banking regulator had charged the British bank with laundering $250 billion in tainted money for Iranian clients.

Libor benchmark interest rates are no longer "fit for purpose" and must be changed or replaced, Britain's regulator said on Friday as he set out proposals to restore their credibility.

U.S. prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rate-rigging scandal.

Central bankers and regulators will hold talks in September on whether the troubled global Libor interest rate can be reformed or whether it is so damaged that the benchmark of borrowing costs should be scrapped.

Barclays alerted U.S. regulators as far back as 2007 to concerns that banks were rigging benchmark interest rates, according to documents released on Friday, but policymakers on both sides of the Atlantic did not appear to take decisive action, underscoring the chaos of the financial crisis.

Americans can expect to see tangible results this fall from the task force President Obama created to investigate the financial crisis, New York State Attorney General Eric Schneiderman told TPM Thursday.