Thursday, May 3, 2012

Fed silent on bank concerns

Welcome to the morning roundup. Here's a look at today's banking and finance headlines.

Bank execs at the Fed. The Fed was largely silent Wednesday on bank bosses' concerns over proposed new regulations, the Wall Street Journal reports. Six big-bank CEOs, including BofA's Brian Moynihan, met with Fed governor Daniel Tarullo to discuss the recent stress tests and proposed rules.

Wells mortgages. Wells Fargo won the biggest home lending market share ever recorded as big-bank competitors pulled back, Bloomberg writes. The San Francisco bank made 34 percent of the mortgages originated in the first quarter, more than triple the share of the closest competitor.

Money laundering. HSBC's efforts to better police itself for suspicious money flows have failed to satisfy authorities, Reuters reports, citing confidential documents from investigations of the bank's U.S. operations. Those documents say the bank violated the Bank Secrecy Act and other anti-money laundering laws "on a massive scale."

Volcker Rule. The Volcker Rule, meant to curb risky trading, is on track for completion sooner than some bankers expected, despite lobbyists' efforts to delay it, the New York Times reports. The rule would ban banks from placing bets with their own money.