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Senate holds hearing on reauthorization of Terrorism Risk Insurance Act

The Senate Banking, Housing and Urban Affairs Committee held a hearing last week on reauthorizing the 2002 Terrorism Risk Insurance Act — set to expire in 2014 — to protect commercial entities against terrorism-related losses exceeding $100 million. Under the TRIA program, passed after the Sept. 11, 2001, terror attacks that led... Read More...

Trading revenue falls three percent in second quarter

A report released by the OCC last week showed that trading revenue at insured commercial banks and savings associations fell three percent from the first quarter to $7.5 billion in the second quarter. Second quarter trading revenue, however, rose $5.3 billion from the second quarter of 2012 — an increase of 268 percent. "The decline in... Read More...

Cordray: Protecting American seniors has “never been more important”

CFPB Director Richard Cordray said during a press call on Gramm-Leach-Bliley last week that part of the agency’s mission to improve financial protection for American seniors has “never been more important.” “Unfortunately, we have seen that older Americans are all too often the victims of financial exploitation,” Cordray said. “They... Read More...

MasterCard, Dubai Business Women Council partner up to encourage female entrepreneurship in UAE

MasterCard and the Dubai Business Women Council, part of the Dubai Chamber of Commerce and Industry, announced a partnership on Wednesday to encourage female entrepreneurship in the United Arab Emirates. The partnership will enable both MasterCard and DBWC to organize an annual event where female entrepreneur hopefuls can present business... Read More...

AmEx partners with investor group to grow business travel division

American Express announced plans on Wednesday to establish a joint venture with an investor group, which will be led by Certares, to accelerate the growth of its global business travel division. Under the current plan for consideration, AmEx would maintain a 50 percent stake in the joint venture, which would continue to operate under the AmEx... Read More...

Intuit, Square to integrate with QuickBooks

Intuit and Square announced an integration with QuickBooks last week that will allow small businesses to import transactions from Square into the QuickBooks software to help streamline operations and ensure accurate reporting. QuickBook, which is available in 100 countries, helps small businesses and accountants access business data anytime,... Read More...

Cordray: Financial education should be on par with history, government education

CFPB Director Richard Cordray said at a hearing last week that financial education in the U.S. should be as fundamental as the education students receive in history and government. “Within the framework of our republic, we have built the greatest system of economic liberty in the history of mankind,” Cordray said at the hearing on... Read More...

Warren applauds FHA decision to expand loan modification eligibility

Sen. Elizabeth Warren (D-Mass.) applauded a recent decision by the Federal Housing Administration to allow more people to qualify for loan modifications, a move advocated by both Warren and Senate Banking Committee Chairman Tim Johnson. "This policy change will reverse the discrimination against seniors, veterans, and single mothers in the... Read More...

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