Latest Banking and credit regulation News

California bill encourages banks to work with pot businesses

Apr. 22, 2019 8:56 PM EDT

LOS ANGELES (AP) — California legislators considered a plan Monday intended to encourage more banks to do business with marijuana companies that have been frozen out of thousands of financial institutions. Most Americans live in states where marijuana is legally available in some form. But most financial...

North Carolina lawmaker's funding leads 10 in GOP House race

Apr. 16, 2019 4:40 PM EDT

RALEIGH, N.C. (AP) — A North Carolina legislator who loaned his campaign $250,000 is leading fundraising among 10 Republicans facing a May primary for a congressional seat left vacant because a ballot-collection scandal that voided November's election. State Sen. Dan Bishop of Charlotte collected $130,717...

Israel court orders expulsion of Human Rights Watch director

Apr. 16, 2019 3:52 PM EDT

JERUSALEM (AP) — An Israeli court on Tuesday upheld a deportation order against Human Rights Watch's local director and gave him two weeks to leave the country. The Jerusalem District Court rejected an appeal by Omar Shakir to remain in the country, saying that his activities against Israel's West Bank...

CEOs of big banks face off with House Democrats

Apr. 10, 2019 4:41 PM EDT

NEW YORK (AP) — The heads of seven of the largest banks in the U.S. fielded sometimes contentious questions from a House committee on Wednesday, some dealing with current risks to the financial system and other focused on more politically-charged topics. The appearance by the chief executives of JPMorgan...

The Latest: BofA CEO asked about mortgage modifications

Apr. 10, 2019 3:25 PM EDT

The Latest on the appearance of U.S. bank CEOs before Congress (all times local): 3:15 p.m. The chief executive of one of the largest mortgage lenders in the country said he's never personally experienced what a mortgage modification is like. That's the comment made by Brian Moynihan, the CEO of Bank of America,...

Standard Chartered to pay $1.1B for violating Iran sanctions

Apr. 9, 2019 4:19 PM EDT

WASHINGTON (AP) — Financial services giant Standard Chartered Bank agreed Tuesday to pay U.S. and British authorities more than $1 billion to resolve allegations that it processed transactions for customers in Iran and other countries under U.S. sanctions. The London-based bank, which previously drew...

Fed puts forward proposals to modify bank regulations

Apr. 8, 2019 3:32 PM EDT

WASHINGTON (AP) — The Federal Reserve on Monday put forward two proposals to modify regulations put in place after the 2008 financial crisis that the banking industry complained were too restrictive. The proposed regulatory changes were approved on a 4-1 vote with Fed board member Lael Brainard opposing...

'Necessity': Those in US illegally push for license to drive

Apr. 8, 2019 1:04 PM EDT

ALBION, N.Y. (AP) — Dairy farm worker Luis Jiménez gambles every time he drives without a license. Even a minor traffic stop could alert immigration agents that he is in the country illegally and lead to deportation. But in the wide open spaces of upstate New York's farm country, supermarkets and job...

Ex-US Congressman's Russian bank stripped of license

Apr. 5, 2019 7:33 AM EDT

MOSCOW (AP) — A small Russian bank owned by former U.S. congressman Charles Taylor was stripped of its license Friday after allegedly breaking anti-money laundering rules. Russia's central bank said that Commercial Bank of Ivanovo committed "numerous" breaches of anti-money laundering regulations —...

UK legislates to avert chaotic Brexit as May seeks new plan

Apr. 3, 2019 7:05 PM EDT

LONDON (AP) — Britain's Brexit drama went into overtime Wednesday as Prime Minister Theresa May and the country's main opposition sought a compromise deal to prevent an abrupt British departure from the European Union at the end of next week. In an about-face that left pro-Brexit members of May's...