Latest Banking and credit regulation News

Former Wilmington Trust execs lose bid to nix SEC complaint

Jul. 29, 2020 5:58 PM EDT

DOVER, Del. (AP) — A federal judge on Wednesday rejected a request by two former bank executives who were convicted on criminal charges to dismiss a civil suit filed against them by federal securities regulators. The Securities and Exchange Commission complaint alleges that former Wilmington Trust...

FILE - In this June 15, 2018, file photo, cash is fanned out from a wallet in North Andover, Mass.  High-interest payday and online lenders have long been among the few options for Americans with bad credit and lower incomes. Guidance issued in the spring by federal regulators cut a previously suggested rate cap on loans and that could mean banks start lending small-dollar, high-interest loans. (AP Photo/Elise Amendola, File)

How to take a high-interest loan and skip the debt cycle

Jul. 29, 2020 9:51 AM EDT

For the millions of Americans who struggle to afford an unexpected expense, high-interest payday and online loans may seem like acceptable options despite the inherent risk. But guidance issued by federal regulators in the spring could bring a competitor to small-dollar lending: banks. The guidance omits a...

FILE - In this Feb. 13, 2020 file photo, President Donald Trump's nominee to the Federal Reserve, Judy Shelton, appears before the Senate Banking Committee for a confirmation hearing, on Capitol Hill in Washington. In a shift, the Senate Banking Committee is likely to back President Donald Trump's unconventional nomination of  Shelton for the Federal Reserve's Board of Governors in a party-line vote Tuesday, July 21. (AP Photo/J. Scott Applewhite, File)

Senate panel approves Trump's controversial Fed nominee

Jul. 21, 2020 4:00 PM EDT

WASHINGTON (AP) — The Senate Banking Committee on Tuesday approved President Donald Trump's choice of Judy Shelton for the Federal Reserve board of governors on a party-line vote, overcoming widespread questions about her qualifications for the Fed. Committee Chairman Sen. Mike Crapo, Republican of Idaho,...

Treasury Secretary Steven Mnuchin speaks during a House Small Business Committee hearing on oversight of the Small Business Administration and Department of Treasury pandemic programs on Capitol Hill in Washington, Friday, July 17, 2020. (Erin Scott/Pool via AP)

Mnuchin urges swift aid bill; ex-Fed chairs want bigger deal

Jul. 17, 2020 8:05 PM EDT

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin urged Congress Friday to quickly enact a new pandemic relief package targeting hardest-hit swaths of the economy, as lawmakers race to stand up federal aid in the face of the latest spike in coronavirus cases across much of the Sun Belt and persistent...

France looks at law for returning colonial-era artifacts

Jul. 16, 2020 8:27 AM EDT

PARIS (AP) — The French government presented a draft law Wednesday that would enable France to return certain cultural artifacts taken from African countries during the colonial era. The law, which will go to parliament for consideration, centers on the transfer of ownership of several African objects,...

FILE - In this Jan. 17, 2019, file photo Rep. Susie Lee, D-Nev., speaks at a news conference on Capitol Hill in Washington. At least 10 lawmakers and three congressional caucuses have ties to organizations that received federal coronavirus aid, according to government data released this week. A regional casino company led by the husband of Rep. Susie Lee received money. (AP Photo/Andrew Harnik, File)

Data: Congress created virus aid, then reaped the benefits

Jul. 8, 2020 5:52 AM EDT

WASHINGTON (AP) — At least a dozen lawmakers have ties to organizations that received federal coronavirus aid, according to newly released government data, highlighting how Washington insiders were both author and beneficiary of one of the biggest government programs in U.S. history. Under pressure from...

FILE - In this Jan. 17, 2019, file photo Rep. Susie Lee, D-Nev., speaks at a news conference on Capitol Hill in Washington. At least 10 lawmakers and three congressional caucuses have ties to organizations that received federal coronavirus aid, according to government data released this week. A regional casino company led by the husband of Rep. Susie Lee received money. (AP Photo/Andrew Harnik, File)

Data: Congress created virus aid, then reaped the benefits

Jul. 7, 2020 9:23 PM EDT

WASHINGTON (AP) — At least a dozen lawmakers have ties to organizations that received federal coronavirus aid, according to newly released government data, highlighting how Washington insiders were both author and beneficiary of one of the biggest government programs in U.S. history. Under pressure from...

A P.F. Chang China Bistro restaurant is seen in Omaha, Neb., Tuesday, July 7, 2020. The restaurant is among big corporate names on the government’s list of 650,000 recipients of coronavirus relief loans despite the controversy that prompted other high-profile businesses to return billions of dollars in loans. P.F. Chang’s China Bistro said its loan of between $5 million and $10 million helped keep 12,000 workers employed as it transitioned its over 210 restaurants to take-out.  (AP Photo/Nati Harnik)

Small business program scrutinized for loans to big firms

Jul. 7, 2020 4:13 PM EDT

NEW YORK (AP) — Congress set aside $659 billion to throw a lifeline to small businesses and organizations side-swiped by the coronavirus pandemic and to help paychecks keep flowing to workers who might otherwise head to the unemployment line. Yet that's not exactly how it worked out. Among the 650,000...

An Israeli flag flies over a Jewish owned house in a Palestinian neighborhood of Silwan in east Jerusalem, Wednesday, July 1, 2020. Israeli leaders paint Jerusalem as a model of coexistence, the

Jerusalem offers a grim model for a post-annexation future

Jul. 7, 2020 10:49 AM EDT

JERUSALEM (AP) — It's hard to say what exactly will change in the West Bank if Israel follows through on its plans to annex parts of the occupied territory, but east Jerusalem, which was annexed more than a half-century ago, may provide some answers. Israeli leaders paint Jerusalem as a model of...

Appeals court panel weighs Wilmington Trust convictions

Jun. 30, 2020 6:41 PM EDT

DOVER, Del. (AP) — Attorneys representing former executives for the only financial institution to be criminally charged in connection with the federal bank bailout program have asked a federal appeals court panel to overturn their convictions. Defense attorneys argued Tuesday that prosecutors had failed to...