Financial Regulation | featured news

U.S. bank regulators are set to vote on a plan requiring banks with more than $10 billion in assets to conduct annual stress tests to determine if they can withstand a financial shock.

The 2008 financial crisis roiled the banking system and swamped the global economy, leaving millions of Americans jobless, underemployed or facing foreclosure. In its wake, Congress set out to overhaul how the government oversees Wall Street. The result was a sprawling law, the Dodd-Frank Act, which aims to prevent future crises by giving the government new tools and restricting banks' activities. The law may make future crises less likely, but it increases costs for companies, especially banks, and their customers.

Regulators, led by the Office of the Comptroller of the Currency, are said to be close to taking action against JPMorgan Chase for insufficient safeguards.

The New York Stock Exchange said it will pay $5 million to resolve U.S. regulatory charges that it gave certain customers “an improper head start” on trading information.

Vice President Joe Biden said Tuesday that a Republican-led effort to loosen new regulations on Wall Street would put voters "back in chains."

Mega-banks will have to pay more for U.S. deposit insurance under a new regulation set for final approval on Monday as the government advances a boatload of financial oversight changes.

Global financial regulators on Sunday agreed on new banking rules designed to strengthen bank finances and rein in excessive risk-taking to help prevent another crisis.

Some business groups, upset about budget and regulatory policies they say are costing jobs, are accusing President Barack Obama of pursuing an agenda that is hurting the U.S. economic recovery.

Top Democratic House and Senate negotiators who worked out a deal on a sweeping overhaul of financial regulations regrouped Tuesday to eliminate a $19 billion fee on banks that had threatened to derail the legislation.

A compensation review of 28 financial companies found that many of the bonus programs that economists said contributed to the financial crisis were still in place.