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U.S. regulators Monday delayed implementation of their rule giving shareholders more power to influence corporate boards, a win for business groups trying to overturn the rule.
The U.S. Chamber of Commerce and Business Roundtable sued the Securities and Exchange Commission last week, saying its recently adopted rule was arbitrary and capricious. Get the full story »
Commonwealth Edison has been padding customer bills to pay for improvements that are properly the utility’s burden, according to a Second District Appellate Court decision that could mean lowered utility bills for consumers.
The decision, handed down Friday, overturns a 2008 decision by the Illinois Commerce Commission that allowed the utility to pass on the costs associated with creating a “smart grid” to consumers, including a recently launched program to test smart meters as part of its “innovation corridor.” Get the full story »
The Commodity Futures Trading Commission proposed new limits on Friday on the control banks and other large firms can exert over venues where over-the-counter swaps will soon have to trade and clear.
The futures regulator, rolling out some of the sweeping Wall Street reforms authorized by Congress, is trying to strike a tricky balance between opening up the opaque $615 trillion OTC swaps market without exposing clearinghouses, exchanges and swap execution facilities to undue risk. Get the full story »
U.S. regulators will put up a united front before a divided Congress on Thursday, promising to cooperate on hundreds of new rules aimed at preventing Wall Street excesses from triggering another financial crisis. Get the full story »
A $7 billion-asset Warrenville credit union that suffered massive losses in mortgage-backed securities was one of three critically undercapitalized institutions seized Friday by the U.S. government.
Members United Corporate Federal Credit Union was one of three “wholesale,” or “corporate,” credit unions put into conservatorship by the National Credit Union Administration. Get the full story »
Goldman Sachs chairman and CEO Lloyd Blankfein at the Senate hearing on the role of investment banks during the financial crisis, Apr. 27, 2010. (Olivier Douliery/Abaca Press/MCT)
The timing of the Securities and Exchange Commission’s case against Goldman Sachs Group Inc. was “suspicious,” the federal regulator’s watchdog said Wednesday.
The SEC filed civil fraud charges against Goldman in mid-April, the same day the watchdog group released a damning report that accused the SEC of mishandling its probe of Allen Stanford’s alleged Ponzi scheme.
The report, authored by SEC Inspector General David Kotz, said the SEC had suspected as early as 1997 that Stanford was running a Ponzi scheme, but did nothing to stop it until late 2005. Get the full story »
CME Group Inc. told the Commodity Futures Trading Commission that CME’s ban on a type of trade that would help rival ELX Futures LP easily capture business from CME is not anti-competitive.
In a 70-page letter posted on the regulator’s website on Friday, CME asked the CFTC to reconsider its endorsement of so-called exchange for futures trades, or EFFs, repeating its view that there is no compelling reason for it to allow them. Get the full story »
Securities regulators voted unanimously on Friday to propose rules for companies to disclose more information about their short-term borrowings.
The agency is trying to crack down on financial companies that use accounting gimmicks to bolster their balance sheets, particularly at the end of a quarter. Get the full story »
CME Group Inc., the biggest U.S. operator of futures exchanges, may need to add more staff to adequately oversee its markets, regulators said on Wednesday after a review of CME’s enforcement activities.
CME should review its staff size, report to the Commodity Futures Trading Commission about what it found, and take ongoing steps to make sure staff is “increased appropriately when necessary” to handle more volume and any other relevant developments, the CFTC said after its review. Get the full story »
An Illinois meatpacking plant discriminated against women seeking entry-level jobs, the U.S. Labor Department charged in an administrative complaint filed Wednesday.
The plant is owned by a subsidiary of Tyson Foods Inc. The Labor Department said Tyson has made biased hiring decisions at the facility since at least January 2003, when the agency first audited the plant. The alleged discrimination has resulted in the rejection of more than 750 female applicants.
The plant is located in Joslin, which is near the Quad Cities. Get the full story »
The head of CBOE Holdings Inc., the largest U.S. options exchange, said on Tuesday he is “fairly confident there is a reasonable chance” that the regulator will drop products listed on a single exchange from its fee-cap proposal. Get the full story »
Only three flights suffered excessive tarmac delays in July, all of them at Chicago’s O’Hare International Airport, as the threat of hefty, new fines continued to make an impact on air travel, new data shows.
But passengers don’t always benefit from the new rules, imposed at the end of April. Get the full story »
U.S. lawmakers are considering legislation intended to protect fashion designs from knockoffs, but some experts say the proposed rules could do more harm than good to the industry and consumers.
The proposed law, which has bipartisan support, would protect unique designs for three years. For a knockoff to be considered a copyright infringement, it must be so similar that it is likely to be mistaken for a protected design. Get the full story »
A leading U.S. banking group is urging Basel Committee negotiators working on new international capital standards to ditch part of their proposal. Get the full story »
Some airline pilots would fly fewer hours and others would fly longer under proposed rules to help prevent dangerous fatigue, transportation and labor officials said Friday.
The proposal would set different requirements based on the time of day, number of scheduled flight segments, flight types, time zones and likelihood that a pilot is able to get enough sleep, Transportation Secretary Ray LaHood said in his blog. The proposal is being released Friday. Get the full story »
