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Jpmorgan Chase & Co (JPM) Financial News - Georgia Subpoenas, Dodd-Frank, Greek Rescue, Metlife Sale: Compliance

Jpmorgan Chase & Co (JPM)

Georgia Subpoenas, Dodd-Frank, Greek Rescue, Metlife Sale: Compliance

Quote: JPMorgan Chase & Co. (JPM)Visa Inc. (V) are forecasting slower growth and smaller retailers are questioning whether the change will boost their bottom lines. Meanwhile, there is little specific discussion among big retailers of any benefits for consumers. MasterCard Inc. (MA) and prompted banks to seek to delay or overturn the rules. The largest debit-card issuers, which stand to lose billions of dollars in annual revenue under the Fed caps, have already begun to eliminate rewards programs and free checking and new fees may be next in the effort to help make up the difference, according to analysts and executives. Wal-Mart Stores Inc. (WMT)Target Corp. (TGT), all of whom lobbied for limits on the power of banks and payment networks to impose fees. For more, click here. Compliance Policy Euro-Area Leaders May Accept Greek Default, Ease Bailout Terms Euro-area leaders may accept a temporary Greek default and ease the terms on bailouts to cash-strapped nations as they intensify efforts to resolve the 21-month sovereign debt crisis, officials said. Europe’s main rescue fund may get the power to buy bonds from investors, help countries recapitalize banks and offer precautionary lines of credit to repel speculative attacks. Policy makers are meeting for the second time in a month in a bid to calm Greece’s financial distress and inoculate Spain and Italy from it. Seeking to ensure bondholders contribute more to bailouts even if that risks a temporary default being declared, the policy makers considered a 90 percent swap of Greek bonds outstanding between now and 2020, said two officials familiar with the negotiations. The talks are focused on a default lasting just a few days, one said. For more on Europe’s debt crisis, see EXT4. Compliance Action MetLife Seeks to Sell Business to Avoid Banking Regulation MetLife Inc. (MET), the biggest U.S. life in...
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