Treasury Secretary Jack Lew should not claim that "too-big-to-fail" policies are complete, and more restrictions on big banks are needed to ensure that the government never again has to bail out a financial institution, say Sens. Sherrod Brown, D-Ohio, and David Vitter, R-La. Lew on Thursday expressed confidence that regulators have the necessary tools to end too big to fail.
Freshman Sen. Heidi Heitkamp, D-N.D., is gaining notice on the Senate banking committee for her work on issues including a bipartisan bill to reform housing finance, legislation to ease regulations for community banks and a bill allowing borrowers to refinance private student loans. Colleagues say she works hard to master the details of the issues she takes on.
Huntington Bancshares is striving to discover growth markets for its auto-dealer financing business by expanding into Minnesota and Wisconsin. "This expansion into Wisconsin and Minnesota continues our strategy of providing auto-dealer financing into markets where we see opportunity for profitable growth," said Rich Porrello, director of Huntington Automobile Finance.
Officials from Britain and the EU reached a deal on regulations governing over-the-counter derivatives trading, an effort to protect Europe's financial markets. U.K. Chancellor George Osborne persuaded other leaders to approve a measure that would generally prevent the EU from overruling national regulators in allowing traders to participate in the OTC derivatives market.
Eurozone officials are working to contain the sovereign-debt crisis, but a plan to break up Belgian-French bank Dexia puts a crimp in their efforts. Dexia is plagued by concerns about its exposure to the debt of Greece and Italy. Meanwhile, Moody's Investors Service slashed Italy's credit rating and indicated that further cuts might be necessary.