Latest Banking and credit regulation News
New law cracks down on shell companies to combat corruption
MIAMI (AP) — For years as a federal prosecutor in New York, Daniel R. Alonso led teams that had to search through a maze of anonymously owned corporate entities to expose criminal activity. “It required all kinds of shoe-leather investigating to identify who was really behind these shell...
Minority-owned companies waited months for loans, data shows
NEW YORK (AP) — Thousands of minority-owned small businesses were at the end of the line in the government’s coronavirus relief program as many struggled to find banks that would accept their applications or were disadvantaged by the terms of the program. Data from the Paycheck Protection Program...
Fed finds big US banks in solid shape; keeps dividend limits
WASHINGTON (AP) — The Federal Reserve said Friday that the 33 largest U.S. banks are in strong shape despite the pandemic’s economic shock. The banks have ample capital cushions girding them against unexpected losses and that will also enable them to keep lending even under the most severe straits,...
Mexico says credit, debit card settlements a near monopoly
MEXICO CITY (AP) — Mexican regulators said Wednesday that the two firms handling the country’s debit or credit card settlement process represent a near monopoly, and have recommended that leading banks be forced to sell off their ownership share in the companies. While many banks issue cards in...
Mexico president wants central bank to buy up dirty cash
MEXICO CITY (AP) — The party of President Andrés Manuel López Obrador raised a storm of criticism Thursday with legislation aimed at forcing Mexico's central bank to be buyer of last resort for all the U.S. cash that enters the country. The Bank of Mexico and opposition groups expressed concern...
Watchdog raises possible Kushner link to $700M rescue loan
WASHINGTON (AP) — A congressional monitor of federal pandemic aid is raising the possibility of a link between President Donald Trump's son-in-law, Jared Kushner, and a $700 million relief loan to a struggling trucking company. Bharat Ramamurti, a Democratic member of the four-person Congressional...
Michigan will borrow $600M for Flint water settlement
LANSING, Mich. (AP) — Michigan lawmakers on Wednesday began swiftly passing a plan to borrow $600 million to fund the state's proposed settlement with the residents of Flint, who sued after their municipal water supply was contaminated with elevated levels of lead for 18 months. Under the bipartisan...
Dutch court calls for criminal probe into former ING CEO
THE HAGUE, Netherlands (AP) — A Dutch court on Wednesday ordered prosecutors to open a criminal investigation into the former CEO of ING bank, Ralph Hamers, for his role in a money laundering scandal that led to a huge settlement in 2018. ING paid 775 million euros to settle the case, with the...
The Latest: Vietnam has 1st local transmission in 89 days
HANOI, Vietnam -- Vietnamese authorities are conducting intensive contact tracing after the country’s first confirmed local transmission of the coronavirus in 89 days. State media said Tuesday that a 32-year-old man in Ho Chi Minh City tested positive for the coronavirus on Monday after visiting a flight...
Awaiting Yellen at Treasury: Yet another daunting crisis
WASHINGTON (AP) — Janet Yellen is in line for another top economic policy job — just in time to confront yet another crisis. Yellen, President-elect Joe Biden's apparent choice for treasury secretary, served on the Federal Reserve's policymaking committee during the 2008-2009 financial crisis that...
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