JPMorgan Chase can be considered a systemically dangerous institution, which means that it is "too big to fail" because the government fears that its collapse would cause a global financial crisis.
Wall Street is pushing to stop a new rule that would crack down on speculation in the energy markets, which many blame for contributing to the spike in gas prices.
President Obama is likely to propose a substantial funding increase for Wall Street regulators in his forthcoming budget.
Financial industry spending to influence Washington topped $150 million for the second year in a row, with emphasis shifting to regulators of the Dodd-Frank reform law, according to watchdog groups.
The private equity world is struggling to stay in the shadows.
Ben Bernanke is about to hand Timothy Geithner a very large check.
Facing another deadline to fund the government, Congress is once again coming down to the wire.
MF Global declared bankruptcy Monday and has ceased trading.
The former New Jersey governor resigns as CEO of collapsed investment firm MF Global.
The Federal Reserve banks need to better prevent conflicts of interest, according to a new government report that highlights transparency issues with financial executives serving on the banks' boards.
Want to help the economy and create jobs? Well, roll back those government regulations! It's a talking point trumpeted by nearly every Republican politician. But would less regulation really spur hiring?
The latest rule aimed at limiting the types of bets that put the global financial system in peril in 2008 remains murky, at best.
Get ready for a new wave of bank fees. Bank of America will begin charging a $5 monthly fee at the beginning of next year for customers who make debit card purchases.
CNNMoney: How to create jobsupdated: Thu Sep 29 2011 10:46:00
Congress is clearly divided on what needs to be done to jumpstart the ailing job market. But it seems that economists are fairly split too.
When Moody's downgraded three banks on Wednesday, it gave a big thumbs up to the Dodd-Frank Wall Street reforms that aim to ensure there won't be any more big bank bailouts.
If there's an upside to the embattled Dodd-Frank laws, it's made it less likely that a rogue trader could topple a major U.S. financial institution.
JP Morgan Chase chief Jamie Dimon calls new bank rules being developed by global finance ministers "anti-American," and says the United States should consider pulling out, according to an interview published Monday.
President Obama's budget office on Tuesday released its list of unneeded rules that will be rubbed off the books to save business some $10 billion over the next five years.
Federal regulators on Thursday updated senators on the progress of financial system reforms that went into law a year ago, and they defended against criticisms about the pace at which reforms are being implemented.
A year after Congress enacted the most sweeping changes in financial regulation since the 1930s, Wall Street is still waiting for the full impact.
The credit score you get from an agency might be quite different from the credit score your lender gets, according to a new study released Tuesday by the Consumer Financial Protection Bureau.
Elizabeth Warren faced another round of tough questioning about the consumer financial protection bureau at a House hearing on Thursday, her third trip to Capitol Hill this year.
As part of an effort to pull back the curtain on how creditors go about making their lending decisions, consumers are soon going to find out exactly why they got rejected for a credit card or loan.
Banks and credit card issuers got a break Wednesday from the Federal Reserve.
I realize the next sentence will prompt many readers to thrust a finger above their shoulders in order to play a sad song on the world's smallest violin, but here goes: Bank stocks have been taken to the woodshed this year.
JPMorgan Chase CEO Jamie Dimon is still griping about financial reform, and this time, he took his complaints straight to the top official at the Federal Reserve.
Business leaders believe the economy is getting better and many even said they are hiring more workers as a result.
An Obama administration official gave a strong defense of the Wall Street reform law Tuesday, saying the measure costs a lot less than the alternative: a collapsed financial system.
Chicago Fed President Charles Evans made his case for more government regulation of the financial system before a room full of economists Friday.
Banks are considering capping spending on debit cards to only $50 to $100 due to new fees.
You might think the big banks would be too embarrassed to ask Congress for more special favors.
Will the Securities and Exchange Commission be able to stop the next Bernie Madoff?
Declined! Your debit card may soon be denied for purchases greater than $100 -- or even as little as $50.
The head of the Securities and Exchange Commission warned Congress on Thursday that proposed cuts to the regulator's budget would hurt its ability to do its job watching markets.
As Treasury gets the new consumer financial protection bureau up and running, big business groups released a wish list Tuesday for what they think the new agency should do.
Congressional Republicans intent on big spending cuts are on a collision course with Wall Street's top regulators over a plan to slash millions from agency budgets.
Imagine depositing your paycheck at the local bank each week only to have the bank lose your money, but never face any consequences.
Want Congress to freeze government spending? Well, it already has.
The Securities and Exchange Commission is so cash-strapped that it has delayed key parts of the financial reform bill passed last year by Congress -- and is curtailing some of its normal operations.
Dick Kelly wishes he knew what his industry should do. "If we had a national policy and knew what the rules were, we could take action," says Kelly, CEO of Xcel Energy and chairman of the Edison Electric Institute, the association of shareholder-owned electric utilities. But Kelly's industry knows only that momentous changes in the federal laws governing it are probably on the way; what those changes might be, and when they might happen, managers have no idea. So they "are holding up decisions," Kelly says, on multibillion-dollar investments to convert old coal-fired power plants to natural gas. "Is there going to be a price on carbon?" he asks. "Will there be a timeline? Will we have to use a certain percentage of renewables?" No one knows, so nothing is happening.
Bank of America reported a net loss of $7.3 billion in the third quarter on Tuesday, citing the recently passed financial reform law for a one-time charge in its credit and debit card unit.
The sweeping financial reform bill passed by Congress this year is often referred to as a Wall Street reform bill. But one CEO of a mid-sized Midwestern regional bank that will be affected by the new law is tired of hearing that.
JPMorgan Chase said it earned $4.4 billion during the third quarter on Wednesday, an increase of 23% from a year ago, as loan loss reserves continued to decline.
The Federal Reserve has 50 new rules to write, the Federal Deposit Insurance Corp. has 44 new rules to write. The Securities and Exchange Commission has 100 rules and 20 studies on its plate. And Treasury has two new agencies and an oversight council to set up.
Accounting -- exciting? After a global financial crisis that hinged on the misvaluation of assets, it's a lot more interesting than it used to be, and even more interesting if you're running one of the Big Four accounting firms. Talk about juggling constituencies: Ernst & Young CEO James Turley must respond to newly skittish clients, to recession victims who think accountants failed at their job, and to regulators worldwide who are certain that accounting rules must be changed -- they're just not sure how.
© 2013 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
|