Latest Banking and credit regulation News

FILE - This Thursday, June 6, 2019 file photo shows the U.S. Treasury Department building at dusk in Washington. The Corporate Transparency Act, enacted into law on Jan. 1, 2021, seeks to strengthen controls by creating a registry managed by the Treasury Department that will contain the names of the true owners of both domestically-created shell companies as well as foreign ones conducting business in the U.S. (AP Photo/Patrick Semansky)

New law cracks down on shell companies to combat corruption

Jan. 10, 2021 12:01 PM EST

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...

FILE - In this June 5, 2020 file photo, President Donald Trump poses for a photo after signing the Paycheck Protection Program Flexibility Act during a news conference in the Rose Garden of the White House in Washington.  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 to accept their applications. Or, they were disadvantaged by the program's terms. Data from the Paycheck Protection Program analyzed by The Associated Press show many minority owners desperate for a loan didn’t receive one until the PPP's last weeks.   (AP Photo/Evan Vucci, File)

Minority-owned companies waited months for loans, data shows

Jan. 3, 2021 11:09 AM EST

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...

FILE - This Monday, Nov. 16, 2020 file photo shows the Federal Reserve in Washington. The Federal Reserve said Friday, Dec. 18, 2020 that the 33 largest U.S. banks are in strong shape despite the pandemic’s economic shock. (AP Photo/J. Scott Applewhite, File)

Fed finds big US banks in solid shape; keeps dividend limits

Dec. 18, 2020 8:07 PM EST

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

Dec. 16, 2020 11:47 AM EST

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...

Mexican President Andrés Manuel López Obrador stands during the commemoration of his second anniversary in office, at the National Palace in Mexico City, on Tuesday, December 1, 2020. (AP Photo / Marco Ugarte )

Mexico president wants central bank to buy up dirty cash

Dec. 10, 2020 7:10 PM EST

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...

President Donald Trump's White House Senior Adviser Jared Kushner and Ivanka Trump, the daughter of President Trump, walk on the South Lawn of the White House in Washington, Sunday, Nov. 29, 2020, after stepping off Marine One upon returning from Camp David. (AP Photo/Patrick Semansky)

Watchdog raises possible Kushner link to $700M rescue loan

Dec. 10, 2020 6:01 PM EST

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...

FILE - In this Jan. 18, 2016 file photo, water analysis test kits for Flint, Mich., residents to pick up for lead testing in their drinking water are set out on a table at Flint Fire Department Station No. 1 as members of the U.S. Army National Guard 125th Infantry Battalion wait to help residents. Flint has taken important steps toward resolving the lead contamination crisis that made the impoverished Michigan city a symbol of the drinking water problems that plague many U.S. communities, officials said Monday, Dec. 7, 2020. (Ryan Garza/Detroit Free Press via AP, File)

Michigan will borrow $600M for Flint water settlement

Dec. 9, 2020 2:22 PM EST

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...

FILE - In this Thursday, Feb. 20, 2020 file photo, Ralph Hamers, new CEO of Swiss Bank UBS, gestures during a press conference in Zurich, Switzerland. A Dutch court ruled Wednesday, Dec. 9, 2020, that Hamers, the former CEO of ING bank, should face a criminal investigation for his role in a money laundering scandal that led to a huge settlement in 2018. (Walter Bieri/Keystone via AP, File)

Dutch court calls for criminal probe into former ING CEO

Dec. 9, 2020 9:03 AM EST

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...

People wearing face masks to help curb the spread of the coronavirus ride mopeds in Hanoi, Vietnam on Thursday, Aug. 6, 2020. Vietnamese health official said on Thursday the COVID-19 outbreak would peak in the coming ten days as the country reported another death and a score of new infections. (AP Photo/Hau Dinh)

The Latest: Vietnam has 1st local transmission in 89 days

Nov. 30, 2020 11:52 PM EST

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...

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. (AP Photo/Andrew Harnik, File)

Awaiting Yellen at Treasury: Yet another daunting crisis

Nov. 24, 2020 12:01 AM EST

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...