Latest Banking and credit regulation News

Israeli group says West Bank outposts boom under Trump

Jul. 22, 2019 12:36 PM EDT

JERUSALEM (AP) — Israeli settlers have established dozens of unauthorized settlement outposts in the West Bank in recent years, most of them founded since President Donald Trump entered office, an Israeli watchdog group said Monday. Peace Now said in a new report that Israeli settlers have founded 32...

Dems pan 'Zuck buck,' want Facebook to rein in currency plan

Jul. 17, 2019 5:06 PM EDT

WASHINGTON (AP) — Facebook endured a second day of criticism from Congress over its plan to create a digital currency as senior House Democrats asked Facebook to scale back the project and threatened legislation that would block big tech companies from getting into banking. Facebook's massive market power...

Facebook's currency plan gets hostile reception in Congress

Jul. 16, 2019 6:12 PM EDT

WASHINGTON (AP) — Under sharp criticism from senators, a Facebook executive on Tuesday defended the social network's ambitious plan to create a digital currency and pledged to work with regulators to achieve a system that protects the privacy of users' data. "We know we need to take the time to get this...

Wells Fargo 2Q results beat Street estimates

Jul. 16, 2019 5:20 PM EDT

WASHINGTON (AP) — Wells Fargo reported better-than-expected earnings despite lower interest income in the second quarter, a potential concern for investors with a Fed interest rate cut likely on the horizon. Shares in the consumer banking giant slid 3%. Wells Fargo & Co., still under growth...

Treasury chief: Facebook currency plan ripe for illicit use

Jul. 15, 2019 6:24 PM EDT

WASHINGTON (AP) — The Trump administration came out strongly Monday against Facebook's ambitious plan to create a new digital currency, as the Treasury chief warned it could be used for illicit activity such as money laundering, human trafficking and financing terrorism. Treasury Secretary Steven Mnuchin...

Bank officials warn Cyprus to avoid diluting bad loan laws

Jul. 10, 2019 11:24 AM EDT

NICOSIA, Cyprus (AP) — Banking officials are warning Cypriot authorities to not dilute legislation aimed at helping banks on the east Mediterranean island nation from getting to grips with their huge bad loan problem. A source familiar with the situation, who isn't authorized to speak publicly, said...

Bank of England's Carney hints at stimulus in no-deal Brexit

Jun. 26, 2019 9:47 AM EDT

LONDON (AP) — The governor of the Bank of England gave his biggest hint yet that he'd back a stimulus package for the British economy if the country crashes out of the European Union at the end of October with no deal. In testimony to lawmakers on Wednesday, Mark Carney said the response from the bank's...

China criticizes possible US penalties against banks

Jun. 25, 2019 7:08 AM EDT

BEIJING (AP) — China on Tuesday criticized Washington's efforts to enforce U.S. law abroad following a news report three Chinese banks might be penalized over dealings with North Korea. The banks named by The Washington Post as facing possible loss of access to the U.S. financial system denied they were...

Alabama sheriff charged with scamming food bank, church

Jun. 14, 2019 3:20 PM EDT

BIRMINGHAM, Ala. (AP) — An Alabama sheriff was arrested Friday and agreed to plead guilty to federal charges of scamming a food bank and his own small-town church to pocket thousands under an old law that let state sheriffs profit from feeding prisoners. Pickens County Sheriff David Abston, who held office...

The Latest: Pakistan arrests ex-President Zardari

Jun. 10, 2019 8:29 AM EDT

ISLAMABAD (AP) — The Latest on developments in Pakistani politics (all times local): 5:25 p.m. Pakistan's anti-graft body has arrested former President Asif Ali Zardari, widower of assassinated ex-Premier Benazir Bhutto, in a multi-million dollar money laundering case. Monday's development came hours after...