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☆ Biden administration faces onslaught of lawsuits as business groups claim regulatory overreach
▼ + stars: | 2024-04-29 | by ( Megan Cassella | In | ) www.cnbc.com time to read: +2 min

They argued that the FTC lacked the authority to impose it in the first place. The playbook is becoming a familiar one: The Biden administration finalizes a new rule regulating business, and the Chamber and industry lobbying groups immediately sue to stop it by arguing that the agency has overstepped its authority. So far this year, the administration has finalized seven rules, addressing everything from independent contractors to credit card late fees and climate disclosure requirements, only to see them met with near-immediate lawsuits by the Chamber and other groups. Officials at both the Chamber and ABA emphasize that litigation is always a last resort. But they see it as a necessary step when agencies issue regulations that go outside the scope of their authority.

Persons: WASHINGTON, Biden, finalizes, Joe Biden's, Trump, Obama's, It's, Neil Bradley Organizations: Federal Trade Commission, U.S . Chamber of Commerce, FTC, Chamber, American Bankers Association, ABA, CNBC Locations: U.S, Washington

☆ Squatters have taken over Gordon Ramsay's restaurant in London and are threatening legal action
▼ + stars: | 2024-04-14 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +4 min

Read previewSquatters have taken over one of Gordon Ramsay's restaurants in London. Metropolitan Police told Business Insider they "were made aware of squatters at a disused property" on April 10 in Regents Park, where the restaurant is located. This story is available exclusively to Business Insider subscribers. The legal warning said the group will to take legal action against those who "enter by violence" or "threaten to enter by violence." Metropolitan Police in London told Business Insider that this issue "is a civil matter and so police did not attend as an emergency call out.

Persons: —, Gordon Ramsay's, Ramsay, finalizes, Gordon Ramsay, Stu Forster, Cafe's Instagram, Camden, Gary Love Organizations: Service, York &, Sun, BBC, Metropolitan Police, Business, Camden Art, FOX, Getty, Albany, Beverly Hills Locations: London, York, York & Albany, Camden Town, Camden, New York City, Beverly

☆ Biden administration finalizes rule to close ‘gun show loophole’ in effort to combat gun violence
▼ + stars: | 2024-04-11 | by ( Devan Cole | Hannah Rabinowitz | ) edition.cnn.com time to read: +4 min

CNN —The Biden administration on Thursday moved one step closer to enacting a rule requiring people who sell firearms online and at gun shows to conduct background checks on their potential customers. The finalized rule aims to close what gun control advocates call the “gun show loophole” by increasing the requirements to obtain a federal firearms license, or FFL, by more specifically defining what it means to be “engaged in the business” of selling firearms. By making the term more definitive, the Justice Department has said it aims to better regulate the market and encourage higher compliance with the federal background check requirement. “I do believe countless families and communities will be spared the horror and the heartbreak of gun violence by this new rule.”The finalized rule, which will appear in the Federal Registry, will go into effect in 30 days. Already, the rule is facing criticism from conservative lawmakers and gun rights advocates, including the National Rifle Association.

Persons: CNN —, Biden, General Merrick Garland, Kamala Harris, ” Harris, “, ”, Joe Biden, Randy Kozuch Organizations: CNN, Justice Department, Columbine, Federal, Safer Communities, DOJ, Alcohol, Tobacco, Firearms, Explosives, White House, National Rifle Association, Biden, NRA Institute for Legislative, NRA Locations: New Paris , Ohio, Chicago , Illinois, Midland, Odessa , Texas

☆ U.S. Finalizes Rule Requiring Two-Person Crews on Freight Trains
▼ + stars: | 2024-04-02 | by ( Mark Walker | More About Mark Walker | ) www.nytimes.com time to read: +1 min

Federal regulations had not previously specified a minimum crew size, but the nation’s largest freight railroads typically have two workers on each train, an engineer and a conductor. The Federal Railroad Administration proposed requiring two-person crews in 2022, arguing that doing so would improve safety. The issue received further attention after a Norfolk Southern freight train derailed last year in East Palestine, Ohio, putting the issue of railroad safety in the spotlight. A bipartisan rail safety bill introduced in Congress in response to the derailment included a requirement for two-person crews, though the legislation has stalled. The Norfolk Southern train, which investigators believe derailed because of an overheated wheel bearing, had three crew members on board: an engineer, a conductor and a conductor trainee.

Organizations: Biden, Federal Railroad Administration, Norfolk, Norfolk Southern Locations: Norfolk Southern, East Palestine , Ohio

☆ Baltimore port bridge collapse: Global ocean carriers declare 'force majeure,' leaving U.S. companies on hook for urgent cargo pickup
▼ + stars: | 2024-03-27 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

"The impact of the Baltimore port stoppage on construction and contractor supply chains may be significant," said William George, director of research for ImportGenius. "For cargo already on water, we will omit the port, and will discharge cargo set for Baltimore, in nearby ports. COSCO announced Wednesday morning that its services would "be concluded" once the diverted container arrives at the alternate port. Out of the diverted ports, New York/New Jersey and Savannah, are included. One of the biggest concerns among logistics companies is availability of chassis for both truck and rail to handle the diverted cargo.

Persons: Dali, Francis Scott Key, William George, ImportGenius, Maersk, COSCO, majeure, CGM, Paul Brashier, Brashier, Matt Castle, Robinson, Val Noel, Mike Wilson, Noel, Alan Baer, Baer, Stephen Edwards, Edwards Organizations: Francis Scott Key Bridge, Logistics, CNBC, Baltimore, Evergreen, CMA, ITS Logistics, U.S Department of Transportation, Home Depot, Nike, Walmart, Union Pacific, BNSF, Robinson, DHL, FedEx, Port, DOT's, Rail, TRAC, Freight, Consolidated Chassis Management, USA, Norfolk . Our Midwest Locations: Baltimore , Maryland, Baltimore, The Port, U.S, Port of Baltimore, Target, East, , New York, New Jersey, Savannah, Chicago, Brunswick, Virginia, Charleston, New York, Philadelphia, Norfolk, Wilmington , Savannah, Jacksonville, UAE, Saudi, Doha, India, Bangladesh, NY, Montreal, Port of Virginia, Port

☆ FCC finalizes rules for 'all-in' cable and satellite pricing; commission to vote in March
▼ + stars: | 2024-02-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

The Federal Communications Commission's final rules are largely similar to those the agency initially proposed last year. The commission plans to vote to adopt the new requirement during its upcoming March 14 open meeting. The commission voted in December to adopt a proposal to ban cable and satellite companies from charging early termination fees. The agency is also gearing up to enforce a new labeling format for broadband internet service providers, starting in April. "These fees really add up: according to one report, they increase customer bills by nearly 25% of the price of base service," said Biden.

Persons: WASHINGTON —, Jessica Rosenworcel, Biden, Joe Biden Organizations: Federal Communications Commission, Wednesday, Federal Communications, FCC Locations: Washington ,, WASHINGTON

☆ The American who bought a home in Italy and found ‘big surprises’ inside
▼ + stars: | 2024-02-16 | by ( Silvia Marchetti | ) edition.cnn.com time to read: +8 min

CNN —Buyers from all over the world are snapping up charming old houses in isolated villages in Italy. Chicago-based saxophonist Joshua Shapiro, 48, embarked on the quest for la dolce vita as the first step toward a change of life. Many empty homes featured on the local website where owners meet buyers are sold or rented with furniture, but what eventually ends up being left inside is usually negotiated between parties. Courtesy Joshua ShapiroThere was also a bizarre encounter when he first went to take a peek inside the house he had just bought. Accompanied by Castellano, the deputy mayor, Shapiro says he was surprised to find it had tenants inside – a group of elderly nuns.

Persons: we’ll, Stanley Tucci, Joshua Shapiro, “, ” Shapiro, ”, Shapiro, MC Newman Shapiro, Latronico, he’d, –, – it’s, Vincenzo Castellano, – Shapiro, Castellano, Latronico’s Organizations: CNN, intel Locations: Italy, . Chicago, United States, Latronico, Basilicata, Europe, Florence, Rome, Bari, –, American, Chicago

Albertson Bryan, adding that it will provide equitable educational opportunities for students on St. John. Whistling Cay has a guardhouse that colonial-era officials used to scan waters for slaves escaping from St. John to the nearby island of Tortola. St. John was part of the Danish West Indies, where slavery ended in 1848. Meanwhile, Tortola is part of the British Virgin Islands, which abolished slavery in 1834. Currently, public high school students living on St. John have to take a ferry to the neighboring island of St. Thomas.

Persons: John, ”, Albertson Bryan, Thomas . Organizations: JUAN, U.S . Virgin, U.S . National, Service, St, Danish, British Virgin Islands, U.S . Federal Emergency Management Agency Locations: Puerto Rico, U.S, St, Whistling, Tortola, Danish West Indies, British Virgin

☆ Northern Ireland power-sharing could resume within days, after two-year hiatus
▼ + stars: | 2024-01-30 | by ( Eve Brennan | ) edition.cnn.com time to read: +6 min

Sinn Féin won the most seats in the elections to the Northern Ireland Assembly last year. Post-Brexit trade rules imposed customs checks on goods moving to Northern Ireland from the UK’s mainland. A deal known as the Northern Ireland Protocol was agreed to allow Northern Ireland, which is part of the United Kingdom, to remain within the EU market so that it could trade goods freely across its land border with the Republic of Ireland, an EU member state. Unionists in Northern Ireland, like the DUP, are in favor of remaining in the United Kingdom, whereas nationalists, like Sinn Féin, are in favor of the unification of Northern Ireland with the Republic of Ireland. “The people of Northern Ireland are best served by a power-sharing government in Stormont as outlined in the Good Friday Agreement.

Persons: Jeffrey Donaldson, Sinn Féin, Brexit, Sinn, Donaldson, “, ”, ” What’s, Northern Ireland Chris Heaton, Harris, Heaton, ” “, Sinn Féin’s, Michelle O’Neill, Tánaiste, Micheál Martin –, Martin, Claire Cronin, Biden Organizations: CNN, Democratic Unionist Party, DUP, Sinn, Northern Ireland Assembly, Northern, Protocol, Irish, Republic of Ireland, Northern Ireland, Union, BBC Radio, Stormont, State, Government, Northern Ireland Executive, Assembly, Foreign Affairs, Defence, Executive Locations: Northern Ireland, Ireland, United Kingdom, Republic of Ireland, Belfast, Republic of, Westminster, Northern, Stormont –, Stormont

☆ Joe Biden is not coming for your gas stove
▼ + stars: | 2024-01-29 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +4 min

Your gas stove is safe. The US Energy Department announced new energy efficiency standards for ovens and stoves, and the big takeaway is: Not much is changing. The department assured that the vast majority of gas stoves on the market – 97% – already meet the standards. Trumka had confirmed to CNN that “everything’s on the table” when it comes to gas stoves, but stressed that any ban would apply only to new gas stoves, not existing ones. “I can tell you the last thing that would ever leave my house is the gas stove that we cook on.”CNN’s Matt Egan contributed to this story.

Persons: ”, Andrew deLaski, Richard Trumka Jr, Trumka, ” Trumka, it’s, Democratic Sen, Joe Manchin, “, ” CNN’s Matt Egan Organizations: New, New York CNN, Biden, Consumer Product Safety, US Energy Department, DOE, Energy Department, US Consumer Product Safety, CNN, Consumer Product Safety Commission, Consumers, Democratic, Twitter Locations: New York, West Virginia

☆ Hyundai finalizes Russia exit as local firm buys its two car plants
▼ + stars: | 2024-01-26 | by ( ) www.cnbc.com time to read: +2 min

Hyundai on Friday said it had signed a deal to sell its two Russian plants, making the South Korean firm the latest global carmaker to exit Russia since the Ukraine conflict began. Hyundai Motor said in December it planned to sell its Russian assets for 10,000 roubles ($111.69), taking a 287 billion won ($214.7 million) loss. Art-Finance is owned by Andrei Pavlovich, who acquired Volkswagen's Russian assets in May 2023. Volkswagen's factory was renamed to AGR Automotive. Hyundai in December said it planned to continue operating post-sales services for existing vehicles in consideration of local conditions in Russia.

Persons: Andrei Pavlovich, Volkswagen's Organizations: Hyundai, Art, Finance, Motors, AGR Automotive Locations: Korean, Russia, Ukraine, Hyundai's St, Petersburg, Russian, Moscow, St Petersburg

HOUSTON (AP) — Hard-throwing reliever Josh Hader and the Houston Astros finalized a $95 million, five-year contract on Monday. Hader will get a $19 million salary in each of the next five seasons, none of it deferred. He gets a full no-trade provision and would receive a $1 million bonus for winning the Mariano Rivera/Trevor Hoffman Reliever of the Year Award. Houston reached the agreement three days after announcing reliever Kendall Graveman will miss the season after right shoulder surgery. Because Hader turned down a qualifying offer, San Diego will receive an extra pick in next July’s amateur draft.

Persons: Josh Hader, Hader, Mariano Rivera, Trevor Hoffman, Edwin Díaz’s, won’t, Ryan Pressly, Rafael Montero, Bryan Abreu, Héctor Neris, Kendall Graveman, ___ Organizations: HOUSTON, Houston Astros, New York Mets, Astros, Houston, San Diego, Padres, Star, NL, Brewers, Baltimore Locations: San Diego, Milwaukee, Maryland, Houston

☆ Billions are on the line for lenders as White House finalizes credit card late fee cap
▼ + stars: | 2023-12-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Signage is seen at the Consumer Financial Protection Bureau headquarters in Washington, D.C., on Aug. 29, 2020. WASHINGTON — The Consumer Financial Protection Bureau's ambitious rule proposal to crack down on credit card late fees, a $14.5 billion income stream for credit card companies, will potentially roll out in January, nearly a year after it was released. Global corporations and small banks alike are pushing back against the impending rule finalization with some help from business-friendly lawmakers. Late fees, which can reach $41 under a legislative loophole allowing banks to charge unimpeded under a certain threshold, disproportionately affect poor Americans and those with low credit scores, the American Economic Liberties Project reported. "In contrast to the CFPB's unfounded statements, late fees are not impermissible, so-called 'junk fees' that fail to serve any purpose," the Chamber wrote, referencing the Biden administration's overall initiative to shrink excessive surcharges.

Persons: Andy Barr, Biden Organizations: Consumer Financial, Washington , D.C, WASHINGTON, Consumer, Global, Rep, Office, American Economic Liberties, U.S . Chamber, Commerce, Federal Reserve Locations: Washington ,, Ky

It is responsible for about one-third of planet-warming greenhouse gas emissions. The new methane rule will help ensure that the United States meets a goal set by more than 100 nations to cut methane emissions by 30% by 2030 from 2020 levels, Regan said. The EPA rule is just one of more than 100 actions the Biden administration has taken to reduce methane emissions, Zaidi added. The plan marks the first time the U.S. government has directly imposed a fee, or tax, on greenhouse gas emissions. The oil industry has generally welcomed direct federal regulation of methane emissions, preferring a single national standard to a hodgepodge of state rules.

Persons: —, Biden, Joe Biden, Michael Regan, Ali Zaidi, Regan, ” Regan, Zaidi, Harris, Harold Wimmer, Wimmer, David Doniger, ”, Obama, I'm, Fred Krupp Organizations: WASHINGTON, Environmental Protection Agency, United Nations, United Arab Emirates, Oil, UN, United States, Biden, Harris Administration, American Lung Association, EPA, Natural Resources Defense Council, Environmental Defense Fund Locations: Dubai, United Arab, U.S, Paris, Scotland, Egypt, United

The Biden administration has been trying to jump-start the domestic supply chain for electric vehicles so cleaner cars can be made in the United States. But the experience of one Texas company, whose plans to help make an all-American electric vehicle were upended by China, highlights the stakes involved as the administration finalizes rules governing the industry. Huntsman Corporation started construction two years ago on a $50 million plant in Texas to make ethylene carbonate, a chemical that is used in electric vehicle batteries. It would have been the only site in North America making the product, with the goal of feeding battery factories that would crop up to serve the electric vehicle market. But as new facilities in China came online and flooded the market, the price of the chemical plummeted to $700 a ton from $4,000.

Persons: Biden, ”, Peter R, Huntsman, “ I’d Organizations: Huntsman Corporation Locations: United States, Texas, China, North America

☆ Au Revoir, Au Pairs
▼ + stars: | 2023-11-24 | by ( Kristina Rasmussen | ) www.wsj.com time to read: +1 min

Seeking safety and opportunity in America, she applied for and was accepted into the U.S. au pair program, lived with us for two years and learned to love this country. The State Department essentially wants to end the au pair program, which connects more than 21,000 foreigners with American families a year. The forthcoming mandate would require employers to treat au pairs more like traditional employees, though the program was designed to combine cultural exchange and child care. Families currently can pay an au pair a weekly stipend of about $200 and pitch in for things like college tuition. An au pair can cost as little as $20,000, a bargain compared with other child-care options for families with several kids.

Persons: Liza, Biden, finalizes Organizations: State Department Locations: Ukraine, Russia, America, U.S

☆ Biden Finalizes Significant Overhaul in Federal Regulations
▼ + stars: | 2023-11-09 | by ( Jim Tankersley | More About Jim Tankersley | ) www.nytimes.com time to read: +1 min

The Biden administration has overhauled how the federal government assesses the costs and benefits of regulation and some government spending programs, clearing a path for more aggressive efforts to fight climate change and help the poor. Officials at the White House Office of Information and Regulatory Affairs, a branch of the Office of Management and Budget, finalized a new and complicated set of rules on Thursday. They would change how federal agencies tally and weigh the potential value and harm of new regulations related to climate change, taxation, the distribution of disaster relief assistance and more. The federal government has long used so-called benefit-cost analysis when setting regulations that cover business activity, environmental pollution and much more. Its rules guiding those regulations were last changed during the George W. Bush administration, prompting many economists to complain that officials were not taking updated economic data and cutting-edge research into account when issuing regulations that can have vast consequences immediately and in the future.

Persons: Biden, George W, Bush Organizations: White, Office of Information, Regulatory Affairs, Management, Budget

☆ US Farm Agency Finalizes Rule to Require Outdoor Access for Organic Chickens
▼ + stars: | 2023-10-25 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

By Leah DouglasWASHINGTON (Reuters) - The U.S. Department of Agriculture on Wednesday issued long-awaited final regulations to standardize living conditions of organic livestock and require that chickens raised organically have regular access to outdoor pasture. The rule will close loopholes that allowed some organic egg producers to meet outdoor access requirements for organic egg-laying hens with open-air porches, rather than pasture. "It's fair to say that this is the most significant update in organic regulations in over 30 years," Agriculture Secretary Tom Vilsack said on a call with reporters. The USDA received more than 40,000 written comments on a draft version of the rule, Vilsack said, many dealing with the provisions that dictate minimum indoor and outdoor space requirements for livestock. Producers must comply with the rule within a year, but have five years to comply with certain provisions like the outdoor access requirement for laying hens.

Persons: Leah Douglas WASHINGTON, Tom Vilsack, Vilsack, Barack Obama, Donald Trump, Chellie Pingree, ‘, Pingree, Leah Douglas, Tom Polansek, Chris Reese Organizations: U.S . Department of Agriculture, USDA, Producers, Democratic Locations: Maine, U.S, Europe, South Dakota, Minnesota, Iowa, Washington, Chicago

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/deals/goldman-sachs-finalizes-deal-to-unload-specialty-lender-at-steep-loss-6c359928

Persons: Dow Jones, sachs Organizations: goldman

☆ US finalizes rules to prevent China from benefiting from $52 billion in chips funding
▼ + stars: | 2023-09-22 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The regulation is the final hurdle before the Biden administration can begin awarding $39 billion in subsidies for semiconductor production. The landmark "Chips and Science" law provides $52.7 billion for U.S. semiconductor production, research and workforce development. The regulation prohibits funding recipients from significantly expanding semiconductor manufacturing capacity in foreign countries of concern for 10 years. The final rules prohibit material expansion of semiconductor manufacturing capacity for leading-edge and advanced facilities in foreign countries of concern for 10 years. The final rule ties expanded semiconductor manufacturing capacity to adding cleanroom or other physical space, defining material expansions as increasing production capacity by more than 5%.

Persons: Florence Lo, Biden, Gina Raimondo, Raimondo, David Shepardson, Kim Coghill Organizations: REUTERS, Rights, U.S . Commerce Department, Commerce Department, Thomson Locations: China, U.S, Russia

☆ U.S. Finalizes Rules to Keep Chip Funds Out of China
▼ + stars: | 2023-09-22 | by ( Ana Swanson | More About Ana Swanson | ) www.nytimes.com time to read: +1 min

The Biden administration on Friday issued final rules that would prohibit chip companies vying for a new infusion of federal cash from carrying out certain business expansions, partnerships and research in China, in what it described as an effort to protect United States national security. The new rules aim to prevent chip makers who benefit from U.S. grants from passing technology, business know-how or other benefits to China. The final restrictions will prohibit firms that receive federal money from using it to construct chip factories outside of the United States. They also restrict companies from significantly expanding semiconductor manufacturing in “foreign countries of concern” — defined as China, Iran, Russia and North Korea — for 10 years after receiving an award, it said. The rules also prevent companies that receive funding from carrying out certain joint research projects in those countries, or licensing technology that would raise national security concerns to those countries.

Persons: Biden Organizations: United, North Korea — Locations: China, United States, U.S, Iran, Russia, North Korea

☆ Instacart CEO Fidji Simo will have stock worth a minimum of $13.4 million when the delivery company goes public, while the company's shoppers just got their minimum pay slashed to $4 per order
▼ + stars: | 2023-09-12 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Instacart CEO Fidji Simo's shares of the company are set to be worth at least $13.4 million once it goes public. Instacart's shoppers make as little as $4 per batch in base pay after the company cut the minimum in July. As with many IPOs, that price range could change before the company goes public. Along with some shares she previously owned, that brings Simo's total to 515,647 shares she is expected to hold after Instacart goes public. AdvertisementAdvertisementSimo could also receive an additional 900,000 shares of Instacart stock in the coming years if the company's market capitalization reaches certain goals.

Persons: Fidji Simo's, Instacart, Fidji Simo, Simo Organizations: Service, SEC Locations: Wall, Silicon

☆ British American Tobacco finalizes Russia exit with sale to local managers
▼ + stars: | 2023-09-07 | by ( Stefan Sykes | ) www.cnbc.com time to read: +1 min

British American Tobacco has finalized its exit from Russia about 18 months after it pledged to do so in the wake of Moscow's invasion of Ukraine. However, other global tobacco giants are still doing business in the country, including Japan Tobacco International and Philip Morris International . London-based BAT is a key player in the global tobacco market with business operations in more than 100 countries. It controlled nearly 25% of Russia's tobacco market, which is the fourth largest in the world, according to Reuters. The buyer is a consortium led by members of BAT Russia's management team, which will wholly own the Russian and Belarusian businesses, BAT said.

Persons: Philip Morris Organizations: British, Tobacco, BAT, Japan Tobacco International, Philip, Philip Morris International . London, Camel, Reuters, BAT Russia's, ITMS Locations: Russia, Ukraine, Belarus, Newport, Russian

☆ Canoo finalizes incentive package with Oklahoma, Cherokee Nation
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

A view shows a Canoo LTV (Light Tactical Vehicle) electric vehicle, produced for the U.S. Army, at a manufacturing site in Livonia, Michigan, U.S. November 29, 2022. REUTERS/Rebecca Cook/File PhotoAug 14 (Reuters) - Electric-vehicle startup Canoo (GOEV.O) said on Monday it finalized incentive agreements with the state of Oklahoma and the North American tribe Cherokee Nation, for an estimated value of $113 million over 10 years. As part of the agreements, Canoo said it has already started hiring for its vehicle assembly facility in Oklahoma City and the battery manufacturing factory in Pryor. Canoo, which will invest more than $320 million at both its facilities in the state, had entered into a long-term lease agreement for the vehicle manufacturing facility in Oklahoma City earlier this year. Reporting by Tanya Jain and Akash Sriram in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Canoo, Tanya Jain, Akash Sriram, Krishna Chandra Organizations: LTV, U.S . Army, REUTERS, Cherokee, Department of Commerce, Thomson Locations: Livonia , Michigan, U.S, Oklahoma, Oklahoma City, Pryor ., Bengaluru

☆ Wells Fargo expects to pay $1.8 billion to help refill FDIC fund
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon/File PhotoNEW YORK, Aug 1 (Reuters) - Wells Fargo (WFC.N) said on Tuesday it expects to pay $1.8 billion to help replenish a government deposit insurance fund that was drained of $16 billion this year after three banks collapsed. Under a Federal Deposit Insurance Corporation (FDIC) proposal, Wells Fargo estimates it will face a pretax "special assessment" of $1.8 billion, which it will pay when the FDIC finalizes the rule, it said in a regulatory filing on Tuesday. Banking giants are likely to bear most of the costs of replenishing the fund, the FDIC said in May. Wells Fargo also said that separate proposals on U.S. capital rules could lead it to rejig its balance sheet.

Persons: Wells, Wells Fargo, Nupur Anand, Lananh Nguyen, Matthew Lewis, Cynthia Osterman Organizations: REUTERS, Federal Deposit Insurance Corporation, FDIC, . Banking, Thomson Locations: Wells Fargo Bank, New York City, U.S, New York

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