Regulation

The Financial Services Authority has fined a former executive from Toronto Dominion Bank $1.2 million for intentionally mispricing trading positions in credit derivatives to cover his losses and banned him from working in the financial services industry.

The House approved an $858 billion extension of the Bush-era tax rates and unemployment benefits late Thursday night, a day after the Senate approved the bill, sending the bill to President Obama’s desk.

The Financial Services Authority has fined a former executive from Toronto Dominion Bank $1.2 million for intentionally mispricing trading positions in credit derivatives to cover his losses and banned him from working in the financial services industry.

The House approved an $858 billion extension of the Bush-era tax rates and unemployment benefits late Thursday night, a day after the Senate approved the bill, sending the bill to President Obama’s desk.

Treasury Secretary Tim Geithner supported calls for a national servicing standard on Thursday, adding his voice to other regulators who have promoted the idea.

Outgoing House Financial Services Committee Chairman Barney Frank sharply criticized incoming chairman Rep. Spencer Bachus on Wednesday, ridiculing the Alabama Republican for reportedly saying "Washington and the regulators are there to serve the banks."

The Financial Industry Regulatory Authority has censured Citigroup Global Markets after finding the financial services firm failed to report transactions promptly to its Trade Reporting and Compliance Engine.

The Financial Industry Regulatory Authority has censured Citigroup Global Markets after finding the financial services firm failed to report transactions promptly to its Trade Reporting and Compliance Engine.

On the same day it proposed new capital requirements for all institutions, the FDIC's board of directors approved a 2011 agency budget of $3.96B, a 0.7% drop from the previous year.

The Bush tax cut and unemployment benefit extension legislation passed a key procedural hurdle in the Senate on Monday, overcoming the 60-vote threshold needed to come up for a vote later in the week.