Regulatory News

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EU fines JPMorgan, UBS, Credit Suisse for taking part in cartels


BRUSSELS - JPMorgan , UBS and Credit Suisse were fined a total of 94 million euros ($120 million) by the European Commission for taking part in cartels in the financial sector.

Ocwen shares slide after NY finds backdated foreclosure letters

NEW YORK - Shares of Ocwen Financial Corp tumbled on Tuesday after New York's financial regulator said the company, one of the largest U.S. collectors of mortgage payments, may have harmed hundreds of thousands of borrowers by sending letters about loan modifications and foreclosures that were dated months earlier.

U.S. regulators adopt new risk rules for securitization

WASHINGTON - U.S. regulators on Tuesday issued a rule requiring banks that sell loans to investors to keep part of the risk on their own books, a measure aimed at preventing the sloppy loans that sparked the 2007-09 credit crisis.

Breakingviews 1:53pm EDT

Head of municipal securities office at U.S. SEC to leave agency

WASHINGTON - The director of the office of municipal securities at the Securities and Exchange Commission, John Cross, will leave his post in November to return to the U.S. Treasury Office of Tax Policy, the agency said on Tuesday.

U.S. regulators to mandate CLOs hold 5 percent of new deals

NEW YORK - U.S. regulators including the Federal Deposit Insurance Deposit Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) are mandating that collateralized loan obligation (CLO) managers hold a stake of each deal on their books.

Breakingviews, 1:36pm EDT

Ex-SAIC unit to pay $1.5 million over conflict of interest in government contract

WASHINGTON - A former unit of Science Applications International Corp, which is now known as Leidos Holdings Inc, will pay $1.5 million to resolve allegations that it misled the U.S. Nuclear Regulatory Commission about its work related to contracts it held between 1992 and 2000, U.S. authorities said on Tuesday.

Breakingviews 9:24am EDT

HSBC boss says EU banker bonus cap a 'retrograde' step

LONDON - European rules to cap bankers' bonuses at twice fixed pay are "a retrograde step" that could add to difficulty in recruiting staff to the industry, the head of Europe's biggest bank HSBC said on Tuesday.

Breakingviews 8:05am EDT

Fed spotted JPMorgan 'Whale' risks years before scandal: inspector

NEW YORK/WASHINGTON - The Federal Reserve's New York branch knew about risks JPMorgan Chase & Co was taking with its massive "London Whale" derivatives bets four years before they imploded, but it failed to act properly to head them off, the U.S. central bank's inspector general said.

Breakingviews 1:59pm EDT

Exclusive: ECB looking at corporate bond buys, could act as soon as December - sources

FRANKFURT - The European Central Bank is considering buying corporate bonds on the secondary market and may decide on the matter as soon as December with a view to begin purchases early next year, several sources familiar with the situation told Reuters.

Breakingviews 9:02am EDT

U.S. regulator targeting lower down payments on mortgages

LAS VEGAS - The regulator of Fannie Mae and Freddie Mac said on Monday it was developing rules to let Americans buy homes with down payments as low as 3 percent, part of a push to boost access to credit.

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