Articles by Andrew G. Simpson

Senators Propose Heavy Fines for Credit Agencies Over Privacy Data Breaches

Two Senate Democrats are proposing large new fines for credit reporting agencies that lose consumers’ personal information in data breaches, according to a bill they introduced on Wednesday. The bill would impose potentially significant fines against companies like Equifax, TransUnion, …

Global Regulators Expected to Drop ‘Too Big to Fail’ Test for Insurers

Global financial regulators have decided to ditch a “too big to fail” gauge for assessing the riskiness of insurers, according to a source briefed on the matter, in a big win for companies such as American International Group and Prudential …

U.S. Consumer Bureau Offers Rules for Financial Data Collection

The U.S. Consumer Financial Protection Bureau is turning its attention to companies that collect consumer financial information to provide services and products. The regulator laid out a series of principles on Wednesday to establish its expectations for accessing consumer’s financial …

Oversight Panel Makes No Changes in Systemic Risk Tags on Insurers

A panel of U.S. regulators decided after meeting on Friday to stick with its existing policy for stricter rules on a handful of large financial institutions it deems “systemically important.” The Financial Stability Oversight Council convened Friday to potentially remove …

Ban on Consumer Mandatory Arbitration Clauses Faces Challenges

A U.S. rule years in the making that was intended to restore consumers’ ability to band together to sue financial companies could unravel in just a few months as the heads of two federal agencies clash over it and critics …

House Committee Expected to Advance Overhaul of Dodd-Frank

A U.S. Congressional banking panel is moving to advance legislation that would overhaul how the government regulates the financial sector, although it faces obstacles towards becoming law. Representative Jeb Hensarling, who chairs the House Financial Services Committee, is considering amendments …

OSHA Orders Wells Fargo to Rehire Whistleblower, Pay $5.4 Million

The federal government has ordered Wells Fargo to reinstate a former bank manager who lost his job after reporting suspected fraudulent behavior at the bank. The Labor Department’s Occupational Safety and Health Administration (OSHA) announced on Monday that the bank …

Republican Senator Wants Trump to Drop Systemic Risk Case Against MetLife

A Republican member of the Senate Banking Committee said on Thursday that he was “frustrated” that the Trump administration had not yet dropped the government’s case against Metlife Inc., an insurer challenging its “too big to fail” designation. Senator Pat …

House Republicans’ Report Hits ‘Too Big to Fail’ Designation Process

Congressional Republicans are taking aim at the regulatory process through which some financial institutions become subject to heightened regulation because they are deemed too big to fail. In a report released on Tuesday, Republican staff members of the House of …