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CFTC Commissioner O’Malia seeks to make changes to Dodd-Frank

As the CFTC wraps up its Dodd-Frank-mandated rulemakings, Commissioner Scott O’Malia has sought to make corrections to some of the rules, including a fix to the swap dealer definition. The swap dealer definition, which is based partly on firms’ self-admission as swaps dealers, seeks to ensure that over-the-counter derivatives... Read More...

CFPB releases consumer financial complaint data

On Thursday, the CFPB released the nation’s largest public collection of consumer financial complaint data, providing information to consumers on more than 90,000 individual complaints regarding financial products and services. “By sharing these complaints with the public, we are creating greater transparency in consumer financial products... Read More...

PayPal develops solutions to keep smartphone-oriented customers in-store

PayPal is in the process of developing a number of applications and programs to encourage consumers with smartphones to make their retail purchases at brick and mortar stores instead of online giants like Amazon. “Commerce is no longer about location, location, location,” Don Kingsborough, the vice president of retail for PayPal, said,... Read More...

Bryn Mawr Bank Corp. to acquire Delaware-based MidCoast Bancorp

Bryn Mawr Bank Corporation, the parent corporation of the Bryn Mawr Trust Company, announced on Thursday that it would acquire MidCoast Community Bancorp and its Delaware-based subsidiary MidCoast Community Bank for $33 million. The acquisition will add four branches, $250 million in bank deposits and $235 million in loans to the... Read More...

Sen. Bernie Sanders to introduce measure to break up “too big to jail” banks

On Wednesday, Sen. Bernie Sanders (I-Vt.) said he planned to introduce a measure to break up America’s “too big to jail” banks. The announcement comes on the heels of a statement by the U.S Justice Department that it would not pursue prosecution of big banks because of their size, citing concerns that an indictment could “have a... Read More...

Overseas central banks’ holdings of U.S. securities fall by $10.1 billion

Recent data from the Federal Reserve revealed foreign central banks’ holdings in U.S. securities fell by $10.1 billion for the week ending March 27, dropping the total to $3.3 trillion. Foreign central banks’ holdings of U.S. Treasury debt also decreased by $9.4 billion, dropping the total to $2.9 trillion, and holdings of securities issued... Read More...

Banks reopen in Cyprus after two-week closure

Banks in Cyprus have re-opened for the first time in nearly two weeks, though the government has imposed strict capital controls to prevent a run on deposits after the country was forced to accept an international bailout to prevent bankruptcy. On Thursday, lines of bank customers formed outside the branches of the Bank of Cyprus and Cyprus... Read More...

Moody’s downgrades deposit ratings of five Egyptian banks

On Wednesday, Moody’s Investors Service downgraded the deposit ratings of five Egyptian banks just one week after cutting the nation’s government bond ratings, and all deposit ratings have been listed with a negative outlook. The Bank of Alexandria was downgraded from B3 to B2, Banque du Caire was downgraded from B3 to Caa1, Banque Misr was... Read More...

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