Latest Banking and credit regulation News

China tries to reassure on Evergrande as default fears rise

Dec. 06, 2021 08:00 AM EST

BEIJING (AP) — China’s central bank expanded the supply of money for lending Monday as Beijing tried to reassure its public and investors the economy can be protected if a troubled real estate developer’s $310 billion mountain of debt collapses. Evergrande Group's...

Analysis: Money flows slowly to La. water system upgrades

Dec. 05, 2021 16:05 PM EST

BATON ROUGE, La. (AP) — When lawmakers set aside $300 million in federal pandemic aid in June to help upgrade Louisiana's antiquated water and sewer systems, they talked about the urgent need for improvements and maintenance. But the dollars have taken longer than expected to divvy up. ...

Struggling Chinese developer warns it could run out of money

Dec. 03, 2021 14:40 PM EST

BEIJING (AP) — A Chinese developer that is struggling under $310 billion in debt warned Friday it may run out of money to “perform its financial obligations” — sending regulators scrambling to reassure investors that China’s financial markets can be protected from a potential...

New Mexico approves public financing for cannabis businesses

Dec. 03, 2021 00:24 AM EST

SANTA FE, N.M. (AP) — New Mexico will provide business loans of up to $250,00 toward small-scale cannabis businesses in an effort to provide economic opportunity to communities that were hit hard by past criminal enforcement of marijuana laws. The Regulation and...

Biden to keep Powell as Fed chair, Brainard gets vice chair

Nov. 22, 2021 15:18 PM EST

WASHINGTON (AP) — President Joe Biden said Monday he is nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing his stewardship of the economy through a brutal pandemic recession in which the Fed's ultra-low rate policies helped bolster confidence and...

Two Democratic senators oppose Powell as Fed chair

Nov. 19, 2021 12:04 PM EST

WASHINGTON (AP) — Two Democratic senators said Friday that they oppose the nomination of Jerome Powell to a second term as chair of the Federal Reserve, saying Powell has been insufficiently committed to fighting climate change, an issue that the world's central banks are increasingly...

GOP paints Biden's choice for bank regulator as radical

Nov. 18, 2021 14:34 PM EST

WASHINGTON (AP) — President Joe Biden’s choice to become one of the top banking regulators endured a contentious nomination hearing Thursday, with Republican senators warning she would nationalize the U.S. banking system and Democrats saying she's eminently qualified and would be tough...

Entergy Louisiana: Storm restoration will cost up to $4.1B

Nov. 17, 2021 19:09 PM EST

BATON ROUGE, La. (AP) — Entergy Louisiana told utility regulators Wednesday that it owes up to $4.4 billion for getting the lights back on after a string of storms and needed a $1 billion loan to meet those costs in the short-term. The Advocate reports the utility...

Biden's nominee for bank regulator faces hostile opposition

Nov. 17, 2021 14:13 PM EST

NEW YORK (AP) — A fierce battle is being waged in Washington over President Biden's choice to lead a typically low-profile agency that oversees the banking industry. Saule Omarova, 55, was nominated in September to be the nation’s next comptroller of the currency. If...

Amid crypto's Wild West, Binance says a sheriff is needed

Nov. 17, 2021 07:37 AM EST

NEW YORK (AP) — The cryptocurrency market gets likened to the Wild West by critics, and now a key player is asking for sheriffs to come to town. Binance, the world’s largest exchange for trading Bitcoin and other cryptocurrencies, says it’s time for global...