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Keyword: doddfrank

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  • Dodd-Frank Still Stalling Economy

    11/16/2014 7:52:14 AM PST · by Kaslin · 11 replies ^ | November 16, 2014 | Bruce Bialosky
    If there ever was a doubt that Dodd-Frank had unintended consequences the announcement that Ben Bernanke was unable to refinance his home clenched that argument for good. We know Mr. Bernanke recently lost his job as Chairman of the Federal Reserve, but we can rest assured he is capable of getting another high paying position. If Bernanke has a problem refinancing than what will face Joan Miller is Elmira, New York?We recently discussed the state of the market with Richard Koevary. Koevary is President of Blue Sky Mortgage, Inc. in Arizona where he has been a licensed mortgage broker for...
  • Underwriting the Next Housing Crisis

    11/02/2014 1:27:31 PM PST · by reaganaut1 · 30 replies
    New York Times ^ | October 31, 2014 | PETER J. WALLISON
    WASHINGTON — SEVEN years after the housing bubble burst, federal regulators backed away this month from the tougher mortgage-underwriting standards that the Dodd-Frank Act of 2010 had directed them to develop. New standards were supposed to raise the quality of the “prime” mortgages that get packaged and sold to investors; instead, they will have the opposite effect. Responding to the law, federal regulators proposed tough new standards in 2011, but after bipartisan outcries from Congress and fierce lobbying by interested parties, including community activists, the Obama administration and the real estate and banking industries — all eager to increase home...
  • How ‘Dodd-Frank’ is becoming the new ‘Obamacare’

    10/31/2014 8:03:54 AM PDT · by afraidfortherepublic · 3 replies
    The Washington Post ^ | 10-31-14 | Philip Bump
    If you don't know what the Dodd-Frank Act is, Rep. Paul Ryan (R-Wis.) told an audience last weekend, "it's Obamacare for banks." Ryan, outgoing chairman of the House Budget Committee, was echoing Senate Minority Leader Mitch McConnell (R-Ky.), who's been using that expression since at least April (and he used it again Wednesday night). Expect to hear the expression more, particularly once a new, probably-Republican-led Senate takes over on Capitol Hill in January. Dodd-Frank, a set of financial regulations passed in the wake of the financial crisis, has been cited by financial reporters, liberal publications, and (most importantly) Republican senators...
  • Caveat, investor: Now feds want a bite of your mutual fund

    10/02/2014 5:59:33 PM PDT · by TurboZamboni · 16 replies
    The Citizen ^ | 9-4-14 | Paul S. Atkins
    To oversee this process, Dodd-Frank created the Financial Stability Oversight Council (FSOC), made up of the heads of the financial services regulatory agencies. The council claims very broad power to designate certain activities (like asset management) or companies and products (including mutual funds) as systemically important and subject them to Federal Reserve bank-style regulation, including leverage and capital requirements. And the council is doing just that – first with banks, then insurance companies and now, potentially, mutual funds. President Obama’s “independent” insurance expert on the council issued a blistering dissent when it designated Prudential – the nation’s second-largest life insurer...
  • White House unveils regulatory agenda

    05/26/2014 3:59:38 PM PDT · by george76 · 12 replies
    The Hill ^ | 05/23/14 | Benjamin Goad
    The White House unveiled its semiannual regulatory agenda Friday, detailing its plans for thousands of rules in the pipeline at agencies across the federal government. The release is the fourth consecutive time that the Obama administration has issued its regulatory roadmap on the eve of a major federal holiday, as many Americans depart for long weekends and there is typically less media coverage. ... the June deadline for the Environmental Protection Agency’s proposal of regulations limiting greenhouse gas emissions remains in place... as well as a host of unfinished regulations stemming from the Dodd-Frank Wall Street reform act.
  • Where Have You Gone, George Bailey? The Federal Gov. is Killing Small Banks on Main Street.

    05/14/2014 12:30:34 PM PDT · by SeekAndFind · 13 replies
    National Review ^ | 05/14/2014 | Lee Habeeb and Mike Leven
    He is America’s most iconic banker. Okay. He isn’t a real banker, but we all know and love him; he’s George Bailey from the quintessential Christmas movie It’s a Wonderful Life. Bailey, the local banker from Bedford Falls, N.Y., confronts slumlord and all-around bad guy Henry Potter for control of his father’s bank, Bailey Building and Loan. Potter tries to bribe Bailey, then tries to steal the bank from the young idealist and businessman. It was a movie, and it was the 1940s, so the good guy won. George Bailey got the bank and the girl, and the bad...
  • Too Big to Fail?

    05/01/2014 7:52:42 AM PDT · by Academiadotorg · 5 replies
    Accuracy in Academia ^ | April 30, 2014 | Spencer Irvine
    At the Heritage Foundation, professors Charles Calomiris and Mark Flannery provided insights on the ramifications of the U.S. government’s bank bailouts after the 2007 financial crisis. Calomiris is the Henry Kaufman Professor of Financial Institutions at Columbia University’s Graduate School of Business and Flannery is the BankAmerica Eminent Scholar in Finance at the University of Florida. The major issue with Dodd-Frank, said Calomiris, was how none of these problems were adequately fixed. Regarding the promise to liquidate and not bail banks out, Calomiris said, “Unfortunately, and I think now there’s a clear consensus across the board in terms of economists...
  • Washington & Wall Street: Hensarling Charges CFPB with Lack of Transparency

    03/25/2014 6:44:52 AM PDT · by george76 · 5 replies
    Breitbart ^ | 19 Mar 2014 | Christopher Whalen
    The liberal dictatorship of Richard Cordray at the Consumer Finance Protection Bureau (CFPB) came under fire this week when the head of the House Financial Services Committee (HFSC) called for the agency to open up its four advisory council meetings to the public and press. “Instead of operating behind closed doors, it’s time for the CFPB to live up to its oft-stated commitment to transparency and openness ... Wielding the power of the Dodd-Frank law, the CFPB has become an instrument for liberal tyranny focused against banks, mortgage companies, realtors, and other consumer credit professionals. The agency has been holding...
  • Regulators release public portions of resolution plans for smaller banks

    01/16/2014 12:43:19 PM PST · by Olog-hai
    Reuters ^ | 16 JAN 2014 | Bora Yagiz
    The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) released the public portions of resolution plans for 116 institutions that submitted plans for the first time in December 2013, a group comprising smaller banks affected by Dodd-Frank requirements for winding-up plans. The Dodd-Frank Act requires that bank holding companies (and foreign companies treated as bank holding companies) with total consolidated assets of $50 billion or more and non-bank financial companies designated for enhanced prudential supervision by the Financial Stability Oversight Council periodically submit resolution plans to the Federal Reserve Board and the FDIC. Each plan must describe the...
  • Obamaloans

    01/15/2014 2:30:47 PM PST · by grimalkin · 7 replies
    NATIONAL REVIEW ONLINE ^ | 1/15/2014 | Iain Murray
    We know the pattern by now. A crisis arises. As my Competitive Enterprise Institute colleague Chris Horner puts it, this administration says, “There’s no time to waste, we must do something now, sign here, details to follow.” And every time, we discover that we have signed up for more than we bargained for. That was the case with the Dodd-Frank Act, passed in 2010 supposedly to solve the problems that caused the financial crisis. Only now are we seeing the details to follow. They amount to a government takeover of the financial industry and increased government control over our behavior,...
  • Obama Picks on Someone His Own Size: Little Sisters of the Poor Catholic Nuns

    01/12/2014 5:55:17 AM PST · by Kaslin · 7 replies ^ | January 12, 2014 | John Ransom
    Cwontheweb wrote: HEY: Townhall dummies... this site is owned and operated by your natural enemies... and they try to keep you fighting over welfare for workers who cannot afford to live on the wages paid by offshoring gangsters... multi national thieves... and robber barons. OF course they defend Chase, Dimon, all the boys on Wall St... this site is there to teach you that the gansters are the good guys... and the $7 an hour worker is the enemy...dum dum dum.;.... there will never EVER be another Republican president until and unless the GOP becomes the party of MAIN ST...
  • Regulators Vote to Back Volcker Rule

    12/10/2013 11:18:58 AM PST · by oblomov · 58 replies
    WSJ ^ | 10 Dec 2013 | Scott Patterson, Shayndi Raice, Katy Burne
    <p>WASHINGTON—All five regulatory agencies put to a vote and approved the Volcker rule on Tuesday, ushering in a new era of tough oversight that drills to the core of Wall Street's profitable markets and trading businesses.</p> <p>The rule will put in place new hurdles for banks that buy and sell securities on behalf of clients, known as market making, and will restrict compensation arrangements that encourage risky trading. The Fed also approved an extension to give banks until July 2015 to comply with the rule, though firms will be expected to make "good faith" efforts to get into compliance earlier.</p>
  • The case for repealing Dodd-Frank

    12/04/2013 2:51:24 PM PST · by RicocheT · 2 replies
    Imprimis: A Publication of Hillsdale College ^ | November 26, 2013 | Peter J. Wallison
    "Marking-to-market worked effectively as long as there was a market for the assets in question, but it was destructive when the market collapsed in 2007. With buyers pulling away, there were only distress-level prices for private mortgage-backed securities." "Accordingly, financial firms were compelled to write down significant portions of their private mortgage-backed securities assets and take losses that substantially reduced their capital positions and created worrisome declines in earnings. When Lehman Brothers, a major investment bank, declared bankruptcy, a full-scale panic ensued in which financial institutions started to hoard cash. They wouldn’t lend to one another, even overnight, for fear...
  • Dodd-Frank: Making it Harder For You to Get a Mortgage

    11/18/2013 6:44:23 AM PST · by Kaslin · 16 replies ^ | November 18, 2013 | Rachel Alexander
    The Dodd–Frank Wall Street Reform and Consumer Protection Act, sarcastically known as Dodd-Frankery and Dodd-Frankenstein, was passed into law in response to the financial crisis and recession of 2008. It contains the most drastic changes to financial regulations since the regulatory reform after the Great Depression. Proposed by Obama in 2009 and signed into law in 2010, the Democratic bill was the handiwork of former Financial Services Committee Chairman Barney Frank (D-Mass.) in the House and former Banking Committee Chairman Chris Dodd (D-Conn.) in the Senate. It was supposedly going to stop banks from making loans to risky buyers who...
  • The New Credit Supercycle? Subprime Auto And Student Loans (Mortgages Next?)

    09/20/2013 7:58:33 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 09/20/2013 | Anthony B. Sanders
    The last credit supercycle, the housing bubble and easing of mortgage credit, almost took the US economy out. But of course, nothing ever changes. That was the theme of the classic Bernard Malamud novel “The Natural” where Roy Hobbs strikes out in the climactic moment (Robert Redford hits a titanic home run in the movie to win the game defeating the entire message of the Malamud novel). Take auto loans and student loans, for example. student-debt-is-the-only-kind-of-household-debt-that-rose-during-the-recession-its-now-the-second-largest-consumer-debt-category-after-mortgages The average loan-to-value ratio, or LTV, on vehicle sales to consumers with spotty credit has risen to 114.5 percent this year from about 112...
  • Obama Could Learn From FDR on How to Get Things Done (But He believes he Knows Better>

    08/27/2013 4:57:11 AM PDT · by Kaslin · 17 replies ^ | August 27, 2013 | Michael Barone
    Evidence of the astonishing incompetence of the Obama administration continues to roll in. It started with the stimulus package. One-third of the money went to public employee union members -- a political payoff not very stimulating to anyone else. Billions went to green energy loans, like the $500 million that the government lost in backing the obviously hapless Solyndra. Infrastructure projects, which the president continues to tout, never seem to get built. He's been talking about dredging the port of Charleston, for example, to accommodate the big container ships coming in when the Panama Canal is widened. The canal widening...
  • Stimulus, response: Bill limiting executive regulatory authority prompts immediate White House veto

    08/01/2013 8:59:47 AM PDT · by SeekAndFind · 3 replies
    Hotair ^ | 08/01/2013 | Erika Johnsen
    Over the decades, the federal regulatory state has grown while legislative control over those regulatory policies has declined, and back in 2010, the GOP came up with the Regulations from the Executive in Need of Scrutiny Act as part of their red-tape reining Pledge to America. The REINS Act would make major regulations (defined as those with a calculated price tag of $100 million or more) contingent upon Congressional approval, and it’s been introduced in each of the past three Congresses but obviously never stood a chance in the Senate. The House is poised to vote once again on the...
  • Regulators Push Relaxation of Risk Retention for 30 Year Fixed-rate Mortgage (and Others)

    07/26/2013 8:32:44 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 07/26/2013 | Anthony B. Sanders
    The Dodd-Frank banking bill is slowly unraveling. “Concerned that tougher mortgage rules could hamper the housing recovery, regulators are preparing to relax a key plank of the rules proposed after the financial crisis (Dodd-Frank). The watchdogs, which include the Federal Reserve and Federal Deposit Insurance Corp., want to loosen a proposed requirement that banks retain a portion of the mortgage securities they sell to investors, according to people familiar with the situation.“ Dodd-Frank required that issuers should retain 5% of all mortgage-backed securities issued without government backing. So, regultors are considering lowering the skin in the game requirement). Congress directed...
  • The FSOC Expands 'Too Big To Fail'

    07/22/2013 6:54:49 AM PDT · by george76 · 9 replies
    American Enterprise Institute. ^ | July 18, 2013 | Peter J. Wallison
    The FSOC’s decision to expand the too-big-to-fail designation to nonbank firms will be seen as the most damaging action taken under Dodd-Frank. It was no surprise that the Financial Stability Oversight Council (FSOC) decided last week to cite a number of nonbank firms as systemically significant, placing them in line for greater regulatory scrutiny by the Federal Reserve. What was a surprise is that — in the midst of a huge outcry in Congress about banks that are too big to fail (TBTF) — neither Congress nor the administration asked the FSOC to stop the designation process until the too-big-to-fail...
  • Senate confirms Cordray as consumer bureau chief( Freeps drop Traytable this is important)

    07/16/2013 9:20:35 PM PDT · by hatfieldmccoy · 22 replies
    Reuters ^ | Tue Jul 16, 2013 | Emily Stephenson
    The Senate on Tuesday confirmed a director of the Consumer Financial Protection Bureau, ending a nearly two-year standoff in Congress and putting the new agency on sounder legal footing. Democrats overcame long-held Republican objections to approve Richard Cordray's nomination to head the bureau, which was created by the 2010 Dodd-Frank Wall Street reform law. Bureau advocates and consumer law experts said Senate confirmation clears up a number of questions, including Cordray's legal status as the temporary bureau director and the agency's authority to oversee certain financial sectors such as debt collection.
  • Bust Up the Banks; ‘Banking Should Be Boring,’ Says Elizabeth Warren

    07/13/2013 1:34:07 PM PDT · by Olog-hai · 39 replies
    Cybercast News Service ^ | July 12, 2013 - 10:23 AM | Susan Jones
    Sen. Elizabeth Warren (D-Mass.), alarmed that big banks are getting bigger, says she has a plan to bust them apart. To prevent another financial crisis, Warren wants to revive portions of the Banking Act of 1933, dubbed Glass-Steagall, a law passed after the Great Depression to separate commercial banking from investment banking. “Banking should be boring,” she told MSNBC’s “Morning Joe” on Friday. … Warren said her effort to pass a 21st century Glass-Steagall Act has the support of Sens. John McCain (R-Ariz.), Maria Cantwell (D-Wash), and Angus King (I-Maine). … Why didn’t the separation of commercial and investment banking...
  • Examining How the Dodd-Frank Act Hampers Home Ownership (Allow MORE Subprime?)

    06/18/2013 10:16:29 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 06/18/2013 | Anthony B. Sanders
    The Subcommittee on Financial Institutions and Consumer Credit held a hearing today on “Examining How the Dodd-Frank Act Hampers Home Ownership.” The hearing was about the Consumer Financial Protection Bureau (CFPB) and Qualified Mortgages (QM). The fear of Dodd-Frank and the CFPB is that the rules are so severe that it could hamper home ownership. Even though the current rate of home ownership remains above the 1994 rate of 64.2%. On May 29, 2013, the CFPB adopted a number of amendments to the QM rule that were proposed concurrently with the final rule in January. The amendments would (1) exempt...
  • Treat Community Banks Differently: Dodd-Frank is harming an essential American institution

    05/14/2013 7:02:14 AM PDT · by SeekAndFind · 12 replies
    National Review ^ | 05/14/2013 | Tanya Marsh
    In the 1946 classic It’s a Wonderful Life, James Stewart stars as George Bailey, the director of the Bailey Building and Loan Association in the fictional community of Bedford Falls, N.Y. Bailey faces numerous challenges to keep the Building and Loan afloat in order to continue supporting the people and businesses of his hometown. His chief challenge is Mr. Potter, the wealthy slumlord who repeatedly schemes to force Bailey out of business. Although It’s a Wonderful Life is fictional, the Building and Loan is a prototype of a real, modern institution, the community bank. And in 2013, community banks are...
  • DC Misses Another Layup

    04/03/2013 12:43:00 PM PDT · by Kaslin · 2 replies ^ | April 3, 2013 | John Ransom
    First the bad news: In a basketball shoot around witnessed by reporters Obama missed 20 of 22 shots including a layup. On the brighter side, North Korea is restarting its shuttered nuclear facility in order to process weapons grade nuclear material to target the US; the Cyprus contagion has not abated, but seems to be spreading; factory orders fell in the US and Europe; and unemployment remains little changed-- except for all those people who stopped looking for work. No wonder the S&P 500 is making new highs. As the world runs from one man-caused-crisis to another, something in our...
  • CNBC's Bartiromo Takes (Barney) Frank to Task Over Lack of ’08 Financial Crisis Prosecutions

    02/16/2013 8:27:39 AM PST · by DogByte6RER · 21 replies
    Washington Free Beacon ^ | February 15, 2013 | Washington Free Beacon Staff
    Bartiromo Takes Frank to Task Over Lack of ’08 Financial Crisis Prosecutions • Frank: 'Individuals' should be prosecuted on Wall Street, will not say who Former Massachusetts Congressman Barney Frank (D., Mass.) advocated criminal prosecutions against “individuals” involved in the 2008 financial crisis and the subsequent collapse on Wall Street Friday on CNBC. Maria Bartiromo reacted incredulously to Frank’s refusal to name specific individuals who may have perpetrated criminal wrongdoing, accusing the former Congressman of playing populist politics by making specious allegations against the financial industry. Frank attempted to deflect the criticism by stating as Chair of House Financial Services...
  • Obamacare architect cashes out to sue insurers, using Obamacare

    01/14/2013 1:21:00 PM PST · by grundle · 7 replies
    Washington Examiner ^ | January 14, 2013
    s it relevant that the man who helped craft Obamacare’s regulations on insurers will now make lots of money by suing insurers based on those regulations? The firm that hired him seems to think so. Here’s the press release: KEY OBAMACARE ARCHITECT JOINS MEHRI & SKALET, PLLC Former HHS Director, Longtime Insurance Regulator Jay Angoff to Lead Firm’s Insurance and Healthcare Practice as PartnerWASHINGTON, DC (January 14, 2013)—After nearly three years at the Department of Health and Human Services—as the first Director of Obamacare insurance implementation, as Senior Advisor to the Secretary, and as a Regional Director—longtime insurance regulator and...
  • Dodd-Frank's Problems -- and Potential Solutions

    01/07/2013 4:56:14 AM PST · by Kaslin · 2 replies ^ | January 7, 2013 | Michael Barone
    Over the next year, we will probably see much controversy over the implementation of Obamacare. Health insurance is something that almost every adult has some acquaintance with, and there seem to be glitches aplenty in the legislation, much delay in issuing regulations and some possible changes resulting from litigation. We're likely to see or hear less about the operations of the Dodd-Frank financial regulation legislation, passed four months after Obamacare. Most of us don't work at banks or financial institutions, which will have to grapple with its myriad provisions and the regulations to be issued thereunder, and we tend to...
  • "The Shape Of The Next Crisis" - A Preview By Elliott's Paul Singer

    12/09/2012 7:08:44 PM PST · by Perdogg · 5 replies
    Transcribed from a speech given by Paul Singer of Elliott Management Investing is an art, more so than a science. And for me, what I get paid for is managing the “dark art,” if you will, of risk management and trying to be a visionary and having a dark vision at all times about what can go wrong. It’s a particularly fruitful and impactful time to be thinking about risk management and the thing I want talk about today is what I’ve described as “The Shape of the Next Crisis.” That doesn’t mean we’re going to be talking about the...
  • Obama Administration Gave Petraeus's Wife a $187,605-Per-Year Job

    11/15/2012 5:14:02 AM PST · by Stand Watch Listen · 31 replies ^ | 14 Nov 2012 | Penny Starr
    ( – The Obama administration named Holly Petraeus--wife of retired Gen. David Patraeus, who resigned last week as CIA director after revealing he had had an extramarital affair--to a $187,605-per-yer job in the newly formed Consumer Financial Protection Bureau (CFPB). The CFPB, created by the Dodd-Frank law, was placed by that law under the umbrella of the Federal Reserve. The funding of the CFBP, which comes from the Federal Reserve, is not subject to congressional oversight. Mrs. Petraeus became a member of the CFPB Implementation Team on Jan. 12, 2011. She is now the assistant director for the Office of...
  • Obama Administration Named Holly Petraeus to $187,605-Per-Year Job

    11/14/2012 7:26:02 PM PST · by GridSquare · 128 replies
    CNS News.Com ^ | November 14, 2012 | Penny Starr
    ( – The Obama administration named Holly Petraeus--wife of retired Gen. David Patraeus, who resigned last week as CIA director after revealing he had had an extra-marital affair--to $187,605-per-yer job in the newly formed Consumer Financial Protection Bureau (CFPB).
  • Get excited — Dodd-Frank is also here to stay!

    11/09/2012 12:54:17 PM PST · by SeekAndFind · 3 replies
    Hotair ^ | 11/09/2012 | Erika Johnsen
    Obama's second term means the leviathan legislative packages of ObamaCare and Dodd-Frank are indeed going to survive fully intact and are now preparing to rule over the health care and financial industries with an iron regulatory fist... and it's not going to pretty. From the Associated Press: Financial stocks in the Standard & Poor’s 500 were down more than 3 percent around midday, worse than any of the other nine stock categories in the S&P.The concerns that plagued stocks broadly — looming government spending cuts and tax increases, a deepening recession gripping Europe — are especially hard on banks and...
  • The Coming Romney Boom

    10/12/2012 5:58:01 AM PDT · by Kaslin · 28 replies ^ | October 12, 2012 | Mona Charen
    If Mitt Romney is elected and secures Republican control of both houses of Congress, the U.S. could be poised for a vertiginous economic snapback. To understand how, consider that the Democratic explanation for our current malaise is utterly fallacious. Mr. Obama and his allies identify the "Bush tax cuts," "two wars that weren't paid for," and "deregulation" as the causes of America's present economic doldrums. But federal outlays as a percentage of GDP under George W. Bush averaged 19.6 percent. Under Obama, spending has ballooned to 24.1 percent of GDP. Much of Bush's spending was temporary (the two wars, one...
  • Walmart Targets Unhappy Bank Customers With New Prepaid Card--Should Big Banks Be Nervous?

    10/09/2012 8:54:11 PM PDT · by TArcher · 83 replies
    Forbes ^ | 08 Oct 2012 | Halah Touryalai
    Walmart wants to be your new banker. Walmart launched Bluebird, an alternative to debit and checking account. Should banks be nervous? Today Walmart announced an alternative to traditional debit and checking accounts in partnership with American Express. The Bluebird accounts target consumers who are fed up with increasing fees from traditional bank accounts. The Bluebird accounts will have no minimum balance requirement and no monthly maintenance, annual or activation fee. Customers can access their money for free using one of 22,000 American Express MoneyPass ATMs, but will be hit with a $2 fee if they are not enrolled in direct...
  • Could the Republicans Survive Dodd-Frank?

    09/24/2012 3:41:21 PM PDT · by neverdem · 6 replies
    American Spectator ^ | 9.24.12 | PETER J. WALLISON
    Without its repeal, the economy will continue to struggle. There are always people who believe that Washington's actions are immutable. Yes, they say, the people can elect Republicans who pledge to overturn Obamacare, but when the smoke clears much of it will still be standing. And sure, we have a deficit crisis, but Paul Ryan's budget -- or any other entitlement reform -- will never get 60 votes in the Senate. And Dodd-Frank? Mitt Romney has pledged to repeal Dodd-Frank. Legislation has been introduced by Republicans in both the House and Senate to bring that about. Yet sophisticated commentators tell...
  • Banks' Market Morass

    09/14/2012 1:44:48 PM PDT · by eagleye85 · 2 replies
    Eagleye Blog ^ | September 14, 2012 | Bethany Stotts
    The passage of the Dodd-Frank Act was intended to reign in a run-away financial services industry following the market troubles of 2007. However, experts at the Heritage Foundation recently questioned whether these regulations were too burdensome on small banks, leading to a lack of credit for small town America. James R. Hamby, Chief Executive Officer of Vision Bank in Oklahoma, said that traditional financing was based upon the four “C’s” of credit: character, capacity, collateral, and credit. “In any regulation you will look at today you will never see the word character used once,” he said. “It’s like it’s a...
  • Wells Fargo fires worker for 1963 crime

    08/27/2012 7:06:53 PM PDT · by HereInTheHeartland · 41 replies
    excerpt: DES MOINES, Iowa — Wells Fargo Home Mortgage has fired an Iowa worker over a 1963 incident at a laundry in the wake of new employment guidelines. Read more:
  • And You Thought the Housing Crisis Was Over! The Community Reinvestment Act is back

    07/27/2012 5:37:12 AM PDT · by reaganaut1 · 70 replies
    The American Spectator ^ | July 27, 2012 | William Tucker
    Do you remember that thing about how the banks wouldn't lend to blacks and Hispanics because they were racists? And do you remember how they passed the Community Reinvestment Act so that banks were forced to reduce down payments practically to zero and lend to a lot of people they knew were bad credit risks? And do you remember how Wall Street bundled all these risky subprime mortgage and sold them to investors around the world so that when it became clear that those people weren't going to be able to pay their mortgages banks everywhere were left holding the...
  • White House Backs Bankruptcy Option for Some Student Debt

    07/20/2012 4:01:31 PM PDT · by Oldeconomybuyer · 52 replies
    Wall Street Journal ^ | July 20, 2012 | By JOSH MITCHELL
    The Obama administration urged Congress to make it easier for people to discharge a portion of certain student debt by filing for bankruptcy protection. The recommendation, in a report by the Education Department and the Consumer Financial Protection Bureau, wouldn't affect the vast majority of student debt, which is issued by the federal government. It would apply only to the roughly $150 billion, or 15% of total outstanding student debt, issued by private lenders such as SLM Corp.'s Sallie Mae and Wells Fargo & Co. Consumer bureau chief Richard Cordray said Congress should consider modifying a 2005 law that, except...
  • Texas bank challenging Dodd-Frank, consumer bureau in court

    06/22/2012 6:57:22 AM PDT · by smokingfrog · 2 replies
    The Hill (On the Money) ^ | 21 June 2012 | Peter Schroeder
    A Texas community bank and two advocacy groups are filing suit in U.S. District Court to challenge the constitutionality of the Dodd-Frank financial reform law. In particular, the suit will contend that the Consumer Financial Protection Bureau (CFPB), created by the law, lacks sufficient checks and balances and, in the words of the CEO of State National Bank, is "simply unconstitutional." “No other federal agency or commission operates in such a way that one person can essentially determine who gets a home loan, who can get a credit card and who can get a loan for college,” said bank head...
  • Uncertainty Paralysis

    06/06/2012 5:04:09 AM PDT · by Kaslin · 6 replies ^ | June 6, 2012 | John Stossel
    President Obama would do us all a big favor if he'd ask himself this: "Would I start or expand a business without knowing what regulations or taxes government will impose next year?" If he'd just stop and ask that, he'd have a sense of what's wrong with the economy. He'd understand why a country that must create 120,000 new jobs each month just to absorb newcomers created only 69,000 last month. Past recoveries were quicker. Something is different. What could it be? Let's remember that the economy -- which is to say, us -- is already burdened by byzantine bureaucratic...
  • Friends of Obama Allowed to Opt Out

    06/04/2012 6:56:14 AM PDT · by Kaslin · 13 replies ^ | June 4, 2012 | Lurita Doan
    Emigrant Bank was recently identified to receive a waiver that would allow the bank to opt out of rigorous Dodd-Frank requirements. These of course are the same new rules and regulations that Barack deems essential to the nation. Yet when the bank’s owner, Howard Milstein, who is a close friend and was a bundler for President Barack Obama’s 2008 campaign, protested that the new rules would seriously crimp operations of his bank, the Obama Administration worked with members of congress to grant him a waiver from the new rules. Other financial institutions and banks have consistently and vehemently argued that...
  • Politically Connected Bank Gets a Dodd-Frank Waiver

    06/03/2012 4:46:27 PM PDT · by Kaslin · 8 replies ^ | June 3, 2012 | Helen Whalen Cohen
    Bloomberg News reports that Emigrant Bank in New York will be the sole recipient of a Dodd-Frank exemption. The bank asked legislators on the House Financial Services Committee to change the language of the financial regulations slightly, exempting Emigrant from having to comply and saving the bank $300 million.  A New York City bank with $10.5 billion in assets would be the sole beneficiary of a Dodd-Frank Act exemption approved today by the House Financial Services Committee. Emigrant Bank asked lawmakers on the committee to approve a change to the 2010 financial-regulation overhaul law that will save the institution $300...
  • Why Dodd-Frank left JP Morgan unguarded

    05/19/2012 3:01:46 PM PDT · by Starman417 · 2 replies
    Flopping Aces ^ | 05-19-12 | DrJohn
    All the President's Man The Dodd Frank law was supposed to rein in abuses by Wall St. It was supposed to end "too big to fail." It was supposed to end so-called "risky trading" by banks. Some of us knew better. Barack Obama was effusive in his praise of the bill as he signed it. We are gathered in the heart of our nation’s capital, surrounded by memorials to leaders and citizens who served our nation in its earliest days and in its days of greatest trial. Today is such a time for America. Over the past two years, we...
  • Has anything changed on Wall Street? (After the 2008 financial system collapse)

    05/14/2012 8:30:02 AM PDT · by SeekAndFind · 14 replies
    Hotair ^ | 05/14/2012 | Ed Morrissey
    Recently, Barack Obama has refrained from mentioning Dodd-Frank as one of his big accomplishments as President. That's fortunate, because had Obama used that as a campaign claim this month, the huge loss taken by JP Morgan and one-time Obama ally Jamie Dimon would have done serious damage. As it is, Politico wonders whether Obama might have a big problem convincing voters that he's done anything significant to address the underlying issues that created the 2008 financial-system collapse: The giant $2 billion trading loss at JPMorgan Chase highlights a central problem in President Barack ObamaÂ’s case for a second term: Four...
  • How Wall Street Killed Financial Reform (...with a big assist from Congress and the White House)

    05/14/2012 5:11:56 AM PDT · by Wolfie · 14 replies
    Rolling Stone ^ | May 12, 2012 | Matt Taibbi
    How Wall Street Killed Financial Reform It's bad enough that the banks strangled the Dodd-Frank law. Even worse is the way they did it - with a big assist from Congress and the White House. Two years ago, when he signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, President Barack Obama bragged that he'd dealt a crushing blow to the extravagant financial corruption that had caused the global economic crash in 2008. "These reforms represent the strongest consumer financial protections in history," the president told an adoring crowd in downtown D.C. on July 21st, 2010. "In history." This...
  • Dodd-Franks requires 24 million hours to comply

    04/19/2012 1:24:19 PM PDT · by freedombiz · 4 replies
    ORANGE COUNTY REGISTER ^ | 4-19-12 | Jan Norman
    Financial businesses — from banks to investment advisers — will spend 24 million hours a year to comply with the first 185 regulations to implement the Dodd Frank Act, according to the House of Representatives' Financial Services Committee.
  • Geithner: Hands off Dodd-Frank

    04/18/2012 8:22:37 AM PDT · by maggief · 10 replies
    The Hill ^ | April 18, 2012 | Peter Schroeder
    Treasury Secretary Timothy Geithner is warning that if GOP lawmakers continue their push to roll back portions of the Dodd-Frank financial reform law, it could "critically undermine" the ability to prevent damaging future crises. In a letter sent to lawmakers Tuesday, Geithner blasted a package of measures set to be considered by the House Financial Services Committee on Wednesday, including a pair that would repeal or trim key pieces of the Wall Street makeover. "The act provides essential reforms that should not be weakened or repealed," he wrote to committee Chairman Spencer Bachus (R-Ala.) and ranking member Rep. Barney Frank...
  • Dodd-Frank threatens to reduce credit availability by $1.2 trillion

    04/18/2012 8:35:45 AM PDT · by SumProVita · 9 replies
    The American - Enterprise Blog ^ | April 16, 2012 | Peter J. Wallison
    The Financial Times today carries a story that U.S. banks have been resisting a new Fed regulation—issued under the Dodd-Frank Act—that would limit their credit exposure to one another. According to the article, the banks have data showing that this would reduce credit availability by about $1.2 trillion. Similar restrictions will apply to all nonbank financial firms—insurers, finance companies, securities firms, hedge funds, and others—that could be designated as systemically important financial institutions (SIFIs) by the Financial Stability Oversight Council (FSOC), a group of federal financial regulators created under the Dodd-Frank Act. If that occurs, these firms will become subject...
  • The Big Flaws in Dodd-Frank

    04/14/2012 10:44:32 AM PDT · by reaganaut1 · 3 replies
    Barron's ^ | April 14, 2012 | Gene Epstein interviewing Charles Calomiris
    You mention toxic mortgages. How does Dodd-Frank address that problem?Not at all. There is no attempt in Dodd-Frank to address the key problem of government subsidization of mortgage risk, and the exposures of Fannie Mae [FNMA], Freddie Mac [FMCC], and the Federal Housing Administration are still growing. How do you explain the omission?There is a powerful political interest that wants real-estate lending to be sponsored by the government. Starting about 1830, an important influence on the politics of banking came from farming interests, which increasingly promoted bank exposure to farm real-estate risk. What has changed since World War II is...
  • Government-Caused Depression?

    04/08/2012 6:37:09 AM PDT · by OwenKellogg · 15 replies
    American Thinker ^ | April 8, 2012 | Col. Frank Ryan, CPA
    During the Vietnam conflict, a common complaint of soldiers was that you could never tell who the enemy really was. In this current economic recession, too, I am beginning to wonder who the enemy of our recovery really is. The president, Congress, the Federal Reserve, and the regulators are all telling us why so many others are to blame. The big banks have done it to us! shouts one group. Wall Street did it, claims another. Homebuyers who bought homes they could not afford are the real culprit! claims another. Perhaps those who have been charged with the responsibility for...