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Current rules about handling troubled too-big-to-fail financial institutions are insufficient, with too much discretion in the hands of regulators and more standardization needed in the case of bankruptcy, Charles Plosser, president of the Federal Reserve Bank of Philadelphia, said Thursday at a conference in New York. "We want rules that regulators can enforce without having superhuman knowledge or foresight," Plosser said. In particular, Plosser cited the Dodd-Frank bank-reform law and the Federal Deposit Insurance Corp.'s ability to take troubled firms into receivership. "As the receiver, the FDIC has expansive discretionary powers, including the ability to use Treasury funds to make advances to particular creditors in a manner that may be inconsistent with the legal priorities specified in their debt contracts if it believes that this is necessary to prevent systemic problems," Plosser said. He suggested two approaches to handling too-big-to-fail firms, including establishing a fra...
The Federal Reserve slapped Citigroup Inc. (C) with a consent order demanding improvements in the bank's anti-money laundering procedures and related internal audits...
Citigroup (NYSE:C) received another slap on its wrists for lax money-laundering controls on Tuesday as the Federal Reserve became the latest regulator to order the g...
Citigroup Inc. (C) agreed to improve its anti-money laundering procedures and enhance its internal audits, according to an agreement with the Federal Reserve release...
Citigroup Inc entered into a consent order with the Federal Reserve to improve its anti-money laundering controls, after several units of the bank were subject to si...
In a way, some Cypriots were victims of a bank robbery today. Only the heist was pulled off by their government instead of a masked deviant.As part of a last-minute ...
The Federal Reserve decided on Wednesday to hold interest rates at their historic lows and to maintain $85 billion in monthly bond-buying stimulus despite a more opt...
PNC Financial Services senior economist Gus Faucher weighs in on the problems in Cyprus and the European economy.
Former FDIC Head Sheila Bair on the latest controversy surrounding the big bank.
Low bank rates have practically eliminated the value of savings accounts as income vehicles. While FDIC-insured deposits remain an important source of stability and ...
What do you say to someone who confides in you to having severe money woes? Do you chide them for not being more responsible? Or do you change the subject?Knowing th...
Former Governor Tim Pawlenty weighs in on the bank stress tests
Sen. David Vitter, (R-La.), on what is needed to avoid bank bailouts.
U.S. bank regulators reached settlements worth a combined $14 million with Royal Bank of Scotland Group PLC's (RBS) banking subsidiaries, after finding that the bank...
Sheila Bair speaking before the National Press Club in 2011. Highlights of Bair's career 1981-1988: Research director, deputy counsel and counsel for U.S. Sen. Rober...
Whether you are looking for the right time to jump into the stock market, or simply thinking of changing savings accounts, planning your next financial move can mean...
Prepaid cards are shaping up to be big business. According to the Consumer Financial Protection Bureau, a 2009 FDIC study found that nearly 10% of households use the...
For the past year, a special team of U.S. bank regulators has been on a quiet mission to end the belief on Wall Street that large banks are "too big to fail."The tea...
March was a relatively quiet month for the All-Cap Value portfolio . I did not make any changes to the portfolio, and returns were roughly in line with the S&P 500. ...
American Express Co. (AXP) is adding paper checks and deposit insurance to the Bluebird prepaid card it debuted last year with Wal-Mart Stores Inc. (WMT) as it faces...
