July 3, 2012 |
WASHINGTON -- Regulators on Tuesday released shortened public versions of breakup plans known as "living wills" that the nine largest banks were required to submit so the government could safely shut them down if they were in danger of collapsing. The resolution plans were required by the 2010 Dodd-Frank financial reform law to prevent the chaos that swept through the financial system when Lehman Bros. failed in September 2008. Banks with more than $250 billion in non-bank assets were the first financial institutions required to submit the plans to the Federal Reserve and the Federal Deposit Insurance Corp., which will review them.
May 22, 2012 |
NEW YORK -- Securities regulators are amping up their interest in Facebook's lackluster initial public offering. Morgan Stanley may have shared an analyst's negative reports with some institutional investors but not others ahead of the social networking firm's high-profile IPO last week, according to news reports. "If true, the allegations are a matter of regulatory concern to FINRA and the SEC," Rick Ketchum, chairman and chief executive officer of the Financial Industry Regulatory Authority, said in an emailed statement.
September 27, 2013 |
SAN FRANCISCO -- French regulators have begun formal proceedings to impose sanctions on Google for violating European privacy law, which could lead to millions of euros in fines, one in a series of setbacks on the privacy front for the search giant. France's data protection agency, the Commission Nationale de l'Informatique et des Libertes, said in a statement Friday that Google had not complied with an order to change how it handles users' data. French regulators in June gave Google three months to make the changes to its privacy policies.
July 13, 2012 |
U.S. aviation regulators proposed to fine Boeing Co. $13.6 million for delays in telling airlines how to install devices on 383 aircraft to prevent fuel-tank explosions. Boeing was given a Dec. 27, 2010 deadline to submit instructions on how to add the systems in its U.S.-registered 747 jumbo jets and 757 single-aisle planes, according an e- mailed statement today by the Federal Aviation Administration. The Chicago-based company missed the deadline for 747s by 301 days, and was 406 days late for 757s, according to the FAA release.
February 17, 2011 |
Major U.S. banks are about to get penalized for "critical deficiencies" and shortcomings in how they handled foreclosures, a top federal regulator said Thursday at a Senate Banking Committee hearing examining the Dodd-Frank Act six months after its congressional approval. "These deficiencies have resulted in violations of state and local foreclosure laws, regulations or rules," said John Walsh, acting comptroller of the currency. Banking regulators are preparing sanctions and "remedial requirements," he said.
CALIFORNIA | LOCAL
March 6, 2013 |
SACRAMENTO -- Ethics officials are reviewing allegations that two of state's top environmental regulators violated conflict-of-interest rules by regulating companies in which they own stock. Officials at the Fair Political Practices Commission said Wednesday they are studying a complaint that Odette Madriago, chief deputy director of the Department of Toxic Substances Control, and Stewart Black, deputy director of the agency's brownfields and environmental restoration division, may have improperly taken regulatory actions affecting the operations of oil, chemical and manufacturing companies in which they have financial interests.
October 10, 2012 |
Federal safety regulators are warning that counterfeit air bags are being installed by auto repair shops that might not deploy in an accident or alternately, could explode, sending metal shrapnel into the vehicle's passenger cabin. “We want consumers to be immediately aware of this problem and to review our safety information to see if their vehicle could be in need of inspection,” said Transportation Secretary Ray LaHood. The fake air bags look nearly identical to certified, original-equipment parts, right down to bearing the insignia and branding of major automakers, according to the National Highway Traffic Safety Administration.
August 2, 2010
Certified Federal Credit Union in the City of Commerce was seized by federal regulators Saturday because of losses suffered during the real estate and housing downturns, according to the National Credit Union Administration. Vons Employees Federal Credit Union, based in El Monte, immediately assumed the deposits and loans of Certified and took over its operations, said John J. McKechnie III, a spokesman for the national agency. Certified, which had only one office, served 8,500 members.
July 3, 2010 |
Did regulators move too fast in taking down Arrowhead Credit Union, as a prominent financial consultant contended? Or was the San Bernardino nonprofit heading for ruin and misrepresenting its financial condition, as a spokesman for its federal regulator said? One thing is certain: The dispute over the 152,000-member credit union shows that regulators can expect more pushback as they intensify scrutiny of the financial institutions. "The kind of [confrontational] situation we're seeing at Arrowhead can occur at other credit unions," said David Chatfield, acting chief executive of the California and Nevada Credit Union League trade group.
July 31, 2013 |
The egregiously light wrist-slap that federal regulators gave to JPMorgan Chase & Co. over its $125-million rip-off of California consumers has drawn the attention of Sen. Elizabeth Warren (D-Mass). The first-term senator, who has already made a mark in Washington for her no-nonsense questioning of financial regulators, has asked the Federal Energy Regulatory Commission to justify its settlement -- a $410-million penalty that includes no criminal referrals, even though FERC identified three energy traders and a top JPMorgan executive whose fingerprints were all over the scheme.