Banking & Financial Services E-Note: August 29, 2013

In This Issue:

- World Leaders to Crack Down on Shadow Banking Industry

- Obama Urges Lawmakers to Get Busy Finishing Dodd-Frank Rules

- CFPB, RICO Pressure Big Banks to Rein in Credit Card Debt

- States Taking on Legislation to Break up Giant Banks

- Courts, Congress Challenged by Increasing Use of Paycards

- Banks Pressured to Cut Ties to Shady Online Lenders

- Excerpt from World Leaders to Crack Down on Shadow Banking Industry:

World leaders are expected to take a softly-softly approach to regulating the so-called shadow banking sector when they meet in Russia next month to avoid damaging the flow of finance to the global economy. While governments have cracked down on risk-taking by traditional banks in the wake of the financial crisis, the shadow banking sector, an assortment of financial intermediaries that handle $60 trillion of transactions a year --roughly the same size as the world economy -- remains a source of systemic risk for taxpayers.

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