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Keyword: doddfrank

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  • This Rule Could Really Kill the Housing Market (Rule to implement Dodd-Frank Provision)

    09/15/2011 2:27:10 PM PDT · by SeekAndFind · 18 replies
    Fiscal Times ^ | 09/15/2011 | Rob Garver
    Of the many financial reforms in Dodd-Frank, a requirement that lenders retain a share of the risk in mortgages they sell to investors seemed like a no-brainer. If lenders were on the hook, too, the thinking went, they would tighten standards and avoid the kind of defaults that contributed to the collapse of the housing market and the financial crisis. But now that a rule to implement this provision has been written, critics say the requirement will make it so hard to get a mortgage that it will further depress the housing market and undercut a struggling economy. “I’ve been...
  • Bryan Moynihan and Dodd-Frank Layoffs At Bank of America

    09/15/2011 7:38:38 AM PDT · by Sick of Lefties · 5 replies
    Blog ^ | 9/14/11 | Noman
    The WSJ rightly links the announcement to over-regulation generally, and Dodd-Frank specifically, which somehow managed to impose comprehensive control upon the entire financial system without addressing the actual easy money and housing policy causes of the fianancial crisis. Naturally, every political boondoggle has its consequences-- 30,000 jobs at BofA in the extant case--which Olympian legislators failed to consider while smiting the impious, legislating morality, covering their derrières and, generally, saving the planet.
  • Feasting on Paperwork ( Dodd-Frank helps lawyers )

    09/09/2011 9:32:34 AM PDT · by george76 · 1 replies
    New York Times ^ | 9 Sep 2011 | Eric Dash
    The amount billed by Debevoise & Plimpton to write a 17-page letter on a new rule intended to rein in risky banking — around $100,000 — would make most authors jealous. That’s the fee just for parsing the proper definition of a bank-owned hedge fund. Longer and more complex regulatory missives, weighing in on who should be deemed too big to fail or how derivatives are traded, can easily cost twice as much. These comment letters could save Wall Street banks billions of dollars if they help persuade policy makers to adopt a more lenient interpretation of the coming rules....
  • Dodd-Frank "Bank Reform" Will Increase Food Prices (CFTC estimates massive compliance costs)

    08/15/2011 3:32:49 PM PDT · by Qbert · 10 replies
    Townhall ^ | 8/12/2011 | Jeff Carter
    Bet you thought Dodd-Frank was just designed to go after those greedy banks on Wall Street didn’t you? Well, there are always unintended consequences of regulation. Dodd-Frank is one of the worst bills ever passed by a Congress in the history of the United States. Not only is it proving to restrict access to money by poor people, it is imposing crushing costs on smaller banks-effectively putting them out of business. This makes access to capital even tougher, because instead of going to a small bank where you can develop a relationship, a businessman now needs to go to a...
  • Conventional Fed Wisdom, Defied

    08/14/2011 3:49:08 PM PDT · by neverdem · 14 replies
    NY Times ^ | August 13, 2011 | GRETCHEN MORGENSON
    NEWS last week that the Federal Reserve would keep interest rates near zero until mid-2013 was welcomed by many investors, but the bleak message about the economy still came through loud and clear. The Fed has spent several years trying to kick-start the economy with low rates and other policies, with little success. Which raises this question: Will more of the same help now? Among the doubters is Thomas M. Hoenig, the soon-to-be former president of the Federal Reserve Bank of Kansas City. Mr. Hoenig, at the helm of the Kansas City Fed for the last 20 years, has thought...
  • Appeals Court Ruling May Delay Dodd-Frank Regulations

    08/10/2011 11:58:53 AM PDT · by illiac · 4 replies
    Appraiser News Online ^ | 8/10/11 | Appraiser News Online
    A U.S. Court of Appeals ruled July 22 that the Securities and Exchange Commission did not properly conduct a cost-benefit analysis before finalizing a proxy rule required by the Dodd-Frank Act, National Mortgage News reported Aug. 3. The ruling’s effect is expected to be widespread. The case was originally brought by the U.S. Chamber of Commerce and Business Roundtable, which claimed the SEC did not consider the full cost associated with requiring a corporation to include in its proxy materials director nominees put forward by a shareholder who has owned 3 percent or more of company stock for at least...
  • No more owner financing for real estate.

    07/28/2011 9:52:58 AM PDT · by Bill W was a conservative · 51 replies
    Federal Reserve ^ | 4/19/2011 | The Bolsheviks at the Federal Reserve
    The Federal Reserve Board on Tuesday requested public comment on a proposed rule under Regulation Z that would require creditors to determine a consumer's ability to repay a mortgage before making the loan and would establish minimum mortgage underwriting standards. The revisions to the regulation, which implements the Truth in Lending Act (TILA), are being made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposal would apply to ALL CONSUMER MORTGAGES(except home equity lines of credit, timeshare plans, reverse mortgages, or temporary loans).
  • Dodd-Frank: The Beltway Industry Full-Time Employment Act

    07/22/2011 10:56:35 AM PDT · by Rational Thought
    Michelle Malkin ^ | 07/22/2011 | Michelle Malkin
    Dodd-Frank, the 2,300-page financial “reform” monstrosity spearheaded by Capitol Hill corruptocrats, turned 1 this week. It made too-big banks bigger. It made too-risky incentives riskier. It made a lousy economy lousier. Billed as a “consumer protection” act, Dodd-Frank has succeeded phenomenally — in protecting and stimulating the business-stifling business of government. Dodd-Frank is a tyrannical triumph of rule-makers, lobbyists and other non-elected spongers over taxpayers. If you don’t want an unseemly glimpse into the self-serving, sausage-making process that feeds the insatiable Beltway industry, read no further. The law’s implementation process is so far-reaching and Byzantine that every member of Congress...
  • Taxpayers Have Little to Celebrate on Dodd-Frank Anniversary

    07/21/2011 1:58:15 PM PDT · by 92nina · 3 replies
    Center for Fiscal Accountability ^ | 2011-07-21 | Soren Kreider
    Today marks the one year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, another costly regulatory package that has stunted economic growth. As we noted at its passage, Dodd-Frank does nothing to mitigate a future potential crisis while imposing over 400 job-killing regulations cloaked in empty rhetoric about consumer protection. With new business creation at a 17-year low, its time for the House of Representatives to revisit some of the key provisions of Dodd-Frank, an overhaul we reviewed in our 2010 Cost of Government Day Report. This afternoon, House members will have the chance to do just...
  • House tries to shackle sway of new consumer agency

    07/21/2011 11:10:36 AM PDT · by SmithL · 3 replies
    AP via SFGate ^ | 7/21/11 | Jim Abrams, ASSOCIATED PRESS
    As the new Consumer Financial Protection Bureau officially opened its doors Thursday, the House was considering legislation that could restrict its authority to act against abuses of the financial system. Republican sponsors of the bill say they are simply trying to promote transparency and accountability in the agency that was created a year ago as part of President Barack Obama's overhaul of the rules governing financial markets. But the White House has threatened to veto the legislation, saying it would expose consumers to the same risks that led to the 2008 financial meltdown. The Democratic-controlled Senate is unlikely to take...
  • Dodd-Frank Buffeted by Challenges, Limps Forward Legislating The Death Of The Economy)

    07/18/2011 7:40:34 AM PDT · by Rational Thought · 6 replies
    CNBC ^ | 07/18/2011 | Reuters
    On the surface, it looks like the Dodd-Frank financial oversight law is in trouble. U.S. regulators are months behind schedule in rulemaking, Republicans have succeeded in holding agency funding hostage, and odds are good that the business community will win its first court challenge to an important provision. On top of that, Republicans and Wall Street titans are selling a doomsday scenario of Dodd-Frank killing the struggling economic recovery. Behind the scenes, though, a sort of acceptance is setting in. "There are people who are... using budget conversations and other delay-type of activities to water down or substantively change Dodd-Frank....
  • Holder Launches Witch Hunt Against Biased Banks

    07/09/2011 7:11:24 AM PDT · by TimSkalaBim · 69 replies
    Investor's Business Daily ^ | 7/8/2011 | Paul Sperry
    In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD. [snip] Another Reno protege, Perez has compared bankers to Klansmen. Only difference is, he said, bankers discriminate "with a smile" and "fine print." He said this kind of racism, though more subtle, is "every bit as destructive as the cross burned in a neighborhood." Perez has put...
  • Don't Let Dodd-Frank Rip You Off Too

    07/04/2011 11:40:44 AM PDT · by Kaslin · 9 replies ^ | July 4, 2011 | Chris Poindexter
    In just a few days some fairly big changes in the commodities and currency trading markets are expected to land with a thud.  The changes stem from the Dodd-Frank Wall Street Reform and Consumer Protection Act aimed primarily at consumer lending, but is also having a wide ranging impact on securities trading.  Some of the changes are fairly straightforward and are intended to curb speculation that comes at the expense of consumers.  Others are aimed at curbing the excesses of the largely unregulated derivatives market.  Most of those changes will generally be good for consumers, all were well-intended but, like...
  • New York to Lose Place as World's Financial Capital: Bove

    07/01/2011 10:45:15 AM PDT · by george76 · 20 replies
    CNBC ^ | 1 Jul 2011 | Jeff Cox
    New York soon will no longer be the financial capital of the world thanks to a hostile government that has served up a menu of punitive regulations aimed at driving big banks out of the country, says analyst Dick Bove. In his latest broadside against the post-crisis regulatory environment, Bove asserts that a recent spate of layoffs, particularly by Goldman Sachs, is just the latest sign that large financial institutions will have to take their operations overseas. The result, he says, will not be good both for New York and the nation. ... In the current climate, Bove says the...
  • Michele Bachmann's Outside Business Savvy

    06/15/2011 8:22:15 AM PDT · by Kaslin · 89 replies · 1+ views ^ | June 15, 2011 | John Ransom
    If either the GOP contenders or President Obama plan on dismissing Michele Bachmann’s candidacy out of hand because she represents the Tea Party, they ought to think twice.In the war of economics and business, where these campaigns will likely be won or lost, Bachmann has shown the strongest practical grasp on issues of the American economy vs. any of the candidates in the race. Certainly she has the academic and business experience for her views on the economy to be taken seriously. "After high school, meanwhile, the disciplined Bachmann spent time on a Kibbutz in Israel, graduated from Winona State University...
  • Is Dodd Frank already doomed to fail?

    05/07/2011 9:38:54 AM PDT · by george76 · 17 replies
    Financial News ^ | 06 May 2011. | Sebastian Walsh
    The Dodd Frank Act does not boast many friends in the financial industry. It does not take much asking around to find a banker who believes that its architects – senators Chris Dodd and Barney Frank – have contributed to many firms’ marked difficulties in reaching return on equity targets. three critical problems with the legislation: artificial deadlines, the rule-making process, and, above all, the ongoing budget stalemate in the US. Although the act contains over 2,000 pages, it is, in many ways, more remarkable for what did not make it into the text. Rather than lay down prescriptions for...
  • Small U.S. banks fear crush of financial reforms ( Dodd-Frank )

    05/06/2011 10:27:35 PM PDT · by george76 · 18 replies · 1+ views
    Reuters ^ | Apr 6, 2011 | Dave Clarke and Joe Rauch
    Senate panel discusses state of small banks. * Smaller banks post lower earnings compared to big rivals. Community bankers on Wednesday pressed lawmakers to make sure the new Wall Street financial reform law does not inadvertently crush their businesses. Small-bank representatives said last year's Dodd-Frank reform law does not do enough to spare them from costly regulations or level the playing field with banking behemoths such as Bank of America (BAC.N) and JPMorgan Chase (JPM.N). "The cumulative burden of hundreds of new or revised regulations may be a weight too great for many smaller banks to bear," Tommy Whittaker, president...
  • Inflation And Dodd-Frank: What Were They Thinking?

    04/06/2011 4:34:55 PM PDT · by blam
    The Fiscal Times ^ | 4-6-2011 | Liz Peek
    Inflation And Dodd-Frank: What Were They Thinking? By LIZ PEEK, The Fiscal Times April 6, 2011Campaigning against Jimmy Carter in 1980, Ronald Reagan famously asked: Are you better off today than you were four years ago? Now we ask: Are our financial markets safer today than they were four years ago? The Obama administration says we are, but as Americans see the price of gasoline skyrocketing and inflation seeping into countless other necessities of life, they aren’t so sure. The most recent reading of consumer sentiment swooned in March to the lowest reading since November 2009. The survey showed Americans...
  • Banks Win Again: Congress Caves on Debit Card Fees

    03/10/2011 5:20:09 PM PST · by johnsmom · 10 replies
    The Daily Bail ^ | 3/9/11 | none listed
    It never ends. As part of the Dodd-Frank financial reform bill, the Federal Reserve was tasked with capping the fees banks charge merchants for debit card transactions. This rule on fees was supposed to be finalized by April of this year and to take effect by July, but the banks and their lobbyists have been screaming bloody murder. They've also been throwing around lots of cash. See here. And it worked! Call it the glory of "bi-partisanship." According to reports, Democrat Senators, including Jon Tester of Montana, and Republic Senators, including Bob Corker of Tennessee, are now drafting legislation to...
  • Greenspan Compares Dodd-Frank To The Economy-Crushing Wage And Price Controls Of The 1970s

    03/29/2011 2:04:05 PM PDT · by blam · 9 replies
    TBI ^ | 3-29-2011 | Meredith Lepore and Gregory White
    Greenspan Compares Dodd-Frank To The Economy-Crushing Wage And Price Controls Of The 1970s Meredith Lepore and Gregory White Mar. 29, 2011, 3:56 PM Image: AP Former Federal Reserve Chairman Alan Greenspan believes the Dodd-Frank Act is not robust enough to handle the intricacies of the massive, modern financial system and that its implementation could cause major problems, according to his piece in the FT. Greenspan cites several examples of the new regulations failings: * Ford had to stop an asset backed security auction because it couldn't get a credit rating; The SEC eventually intervened. * Debit card fees may stop...
  • US Debit Fee Caps May Hurt Poorest Customers: Dimon

    01/17/2011 5:37:18 PM PST · by CutePuppy · 25 replies
    Reuters via CNBC ^ | January 14, 2011 | Maria Aspan
    Federal limits on debit card processing fees will force banks to charge customers more for services, making accounts too expensive for as many as 5 percent of customers, JPMorgan Chase & Co's chief executive said on Friday. The rules, proposed as part of the Dodd-Frank financial reform law, would cap the fees that merchants pay banks for processing debit card transactions at 12 cents each. That is almost 75 percent less than the average 44 cents per transaction that banks get now. U.S. banks could lose about $13 billion of their annual industry debit processing revenues because of the rules,...
  • Time to Move Past Debate On Dodd-Frank Law: FDIC's Bair

    01/13/2011 8:05:38 AM PST · by TigerLikesRooster · 6 replies
    CNBC ^ | Michelle Lodge
    Time to Move Past Debate On Dodd-Frank Law: FDIC's Bair Published: Thursday, 13 Jan 2011 | 10:32 AM ET By: Michelle Lodge Writer Even with the Republicans in control of the House, major changes in the Dodd-Frank financial overhaul law are unlikely and it's time for the country "to get on with it," Sheila Bair, chairwoman of the Federal Deposit Insurance Corporation, told CNBC Thursday. “Dodd-Frank gives the regulators a lot of tools to implement them [changes], and we are doing that in a balanced way,” said Bair, speaking from the Small Business Forum in Washington DC, a co-partnership...
  • Rep. Bachmann Seeks To Repeal Dodd-Frank

    01/07/2011 4:57:21 PM PST · by pissant · 11 replies
    P&C ^ | 1/7/11 | Art Postal
    Rep. Michele Bachmann, R-Wis., plans to introduce legislation repealing the Dodd-Frank financial services law, calling it “misguided” and a “blatant abuse of power.” A key criticism by Rep. Bachmann is a provision in the law that allows the federal government to take over failing non-bank institutions, such as American International Group, according to Rep. Barney Frank, D-Mass., former chairman of the House Financial Services Committee and a prime architect of the legislation. In a statement, Rep. Frank said another key objection to the legislation by Rep. Bachmann and her conservative supporters is the creation of the independent Consumer Financial Protection...
  • Expect Even More Fees From Banks This Year

    01/08/2011 11:33:26 PM PST · by Justaham · 24 replies
    Wall Street Journal ^ | 1-9-11 | CRISTINA LOUROSA-RICARDO
    Banks, in an attempt to wring more revenue out of customer accounts, are conjuring up new ways to raise fees on basic products like debit cards, cash machines and checking accounts. As regulation curtailing the financial institutions from levying certain charges on consumers has mounted over the past year, banks have had to dream up new fees to replace those now trimmed by laws. Banks are considering additional fees on credit cards and checking accounts. But they also are looking at new ways to make money on cash machines and especially debit cards as regulators pinch the cards' conventional revenue...
  • Bank of America testing fees in Mass. Lender seeks revenue from checking accounts

    01/06/2011 3:22:47 PM PST · by ninonitti · 27 replies
    Boston Globe ^ | January 6, 2011 | Todd Wallack
    Bank of America will begin testing a new slate of checking accounts in Massachusetts and two other states later this month in an effort to generate more revenue from customers.......... A second new account, called “Premium,’’ will cost $15 a month unless customers either maintain a $5,000 minimum balance, use a Bank of America credit card at least once a month, or add $2,000 to the account every month. A third new account, labeled “Enhanced,’’ will cost $25 per month unless holders maintain at least $20,000 in deposits and investments in certain accounts or link their accounts to a Bank...
  • GOP’s Bachmann seeks to repeal Dodd-Frank…completely

    01/07/2011 3:46:38 AM PST · by ejdrapes · 17 replies
    MarketWatch ^ | January 7, 2011 | MarketWatch
    GOP’s Bachmann seeks to repeal Dodd-Frank…completely. While some Republicans are seeking to repeal controversial aspects of a recently approved financial crisis-response Dodd-Frank Act, Rep. Michele Bachmann announced her efforts on Thursday to axe the law completely. “I’m pleased to offer a full repeal of the job-killing Dodd-Frank financial regulatory bill,” the Minnesota Republican said after introducing a bill that would do just that. “Dodd-Frank grossly expanded the federal government beyond its jurisdictional boundaries. It gave Washington bureaucrats the power to interpret and enforce the legislation with little oversight.”
  • Bachmann to introduce bill repealing Wall Street reform

    01/04/2011 5:14:42 PM PST · by ButThreeLeftsDo · 30 replies ^ | 1/4/11 | Jeremy Herb
    Republicans haven’t repealed health care reform yet, but Rep. Michele Bachmann already has her sights on another target. Bachmann plans to introduce a bill to repeal the Wall Street reform law that passed in the last Congress, according to a letter she sent to House colleagues obtained by Hot Dish. Bachmann sent the letter on Tuesday seeking co-sponsors for legislation repealing the Dodd-Frank Wall Street reform law. The Minnesota Republican said her repeal bill had been endorsed by the Club for Growth, an anti-tax advocacy group. “It is time to repeal this job killer,” Bachmann wrote. “This is a frightening...
  • Seeking Guidance on Dodd-Frank’s Diversity Clause

    11/12/2010 8:21:36 AM PST · by reaganaut1 · 13 replies
    New York Times ^ | November 11, 2010 | KEVIN ROOSE
    As Wall Street scrambles to comply with the regulations of the Dodd-Frank financial overhaul, one little-noticed provision has executives scratching their heads. The statute, included in Section 342 of the bill, creates 20 Offices of Minority and Women Inclusion at the various regulatory agencies, including the Treasury, the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the 12 Federal Reserve banks and the newly created Consumer Financial Protection Bureau. Once established, the offices are charged with monitoring the diversity at the agencies as well as at any contractors or subcontractors, including...
  • Count on Sequels to TARP

    10/03/2010 10:44:09 AM PDT · by neverdem · 32 replies
    NY Times ^ | October 2, 2010 | GRETCHEN MORGENSON
    THE government is pulling a sheet over TARP, the Troubled Asset Relief Program created during the panic of 2008 to bail out the nation’s financial institutions. With the program’s expiration on Sunday, we can expect to hear lots of claims from the folks at the Treasury that it was a great success. Such assertions would be no surprise from a political class justifiably concerned about possible taxpayer unhappiness, the continuing economic turmoil and the midterm elections. But if we have learned anything during this crisis, it is that the proclamations emanating from the Washington spin machine must be taken with...
  • Flashback: Democrat Barney Frank Said there Would be No “Collapse” of Housing Market – Video 2005

    08/09/2010 1:44:29 PM PDT · by RobinMasters · 13 replies
    Freedom’s Lighthouse ^ | August 06, 2010 | Brian
    As the Democrats attempt to blame former President George W. Bush for all the ills of the current economy, it is worthwhile to remember that the collapse of the housing market due to Fannie Mae and Freddie Mac loans that should have never been approved was the driving force behind the economic collapse of 2008. President Bush, along with other Republicans like John McCain had tried to move legislation to deal with the loans being given to people who simply could not afford to buy a house. But Democrats led by Barney Frank insisted on their social engineering policy that...
  • New Rules on Debit Cards

    08/06/2010 11:04:37 AM PDT · by bboop · 41 replies · 1+ views
    self ^ | August 6, 2010 | self
    The gal at the car wash this morning said that banks were charging 50 cents per debit transaction on people's accounts. She heard it on the news and the man who set up the debit machine at the car wash told her as well. She said that the banks are not making enough on credit cards because people are using debit cards more. I have dug around on bank sites but have not found this. Does anyone know?
  • Debit whammy

    08/08/2010 1:06:54 PM PDT · by CutePuppy · 44 replies
    NY Post ^ | August 08, 2010 | Catherine Curan
    A week from today, one in 10 New Yorkers who use debit cards will be red-faced at a retail checkout counter when their cards are declined. That's because Aug. 15 is the kickoff day for new federal rules requiring existing bank and credit union customers to opt in for debit-card and ATM overdraft coverage -- a massive change in banking regulation that many consumers have ignored or failed to notice. The choice for customers is this: Opt in to overdraft coverage, meaning you can use your debit card even if you overdraw your account, but pay a $20-$30 penalty every...
  • SEC Says New FinReg Law Exempts It From Public Disclosure

    07/28/2010 7:02:25 AM PDT · by Doogle · 72 replies · 1+ views
    FOX NEWS ^ | 07/28/10 | Dunstan Prial
    Under a little-noticed provision of the recently passed financial-reform legislation, the Securities and Exchange Commission no longer has to comply with virtually all requests for information releases from the public, including those filed under the Freedom of Information Act. The law, signed last week by President Obama, exempts the SEC from disclosing records or information derived from "surveillance, risk assessments, or other regulatory and oversight activities." Given that the SEC is a regulatory body, the provision covers almost every action by the agency, lawyers say. Congress and federal agencies can request information, but the public cannot. That argument comes despite...
  • Financial Reform Meets First Huge Unintended Consequence As Ford Halts Bond Offering

    07/22/2010 10:44:59 AM PDT · by taildragger · 55 replies · 2+ views
    The Business Insider ^ | 6/21/2010 | Joe Weisenthal
    "Whenever you get new laws and "reform," unintended consequences are sure to follow. Usually they take awhile. Not so with Dodd-Frank. WSJ reports that Ford has already yanked a bond deal, because the ratings agencies, fearing legal liability, won't let the automaker puts their ratings in the prospectus, making a sale impossible. So did Dodd-Frank just kill the bond market? Well, probably not.. Regulators will likely find some way around this impasse, but it's still amusing to see the bill INSTANTLY slow down the gears of capitalism (or at least capital raising) as its fiercest critics might have suggested."
  • Wall Street "Reform" For Neanderthals, Or Donk Goes Full Retard (Obama Cartoon Touts Dodd-Frank)

    07/22/2010 9:21:29 AM PDT · by mojito · 9 replies · 1+ views
    ZeroHedge ^ | 7/22/2010 | Tyler Durden
    The White House has released a video (in HD cause its so damn cool, and with subtitles for those immigrants among you who don't quite understand the Enlgish) for idiots who still don't grasp that Wall Street reform is nothing but a farce.... ....[T]he administration has now realized that the only way to touch its intellectually challenged constituency is by summarizing its achievements in cartoon format, easily viewable on an iPhone....The explanation provided by the "White House" for this pathologically moronic cartoon is: "A quick and simple animated explanation of how Wall Street Reform will work and what the strongest...
  • Obama stiffs Dimon, Blankfein on signing

    07/21/2010 6:52:53 PM PDT · by CutePuppy · 23 replies
    NY Post ^ | July 21, 2010 | Mark DeCambre
    Wall Street's most vocal critics of the new financial regulations aren't invited to the party. Neither Goldman Sachs CEO Lloyd Blankfein nor JPMorgan Chase chief Jamie Dimon were asked to attend President Obama's signing ceremony set for today in Washington. FinReg, as the financial sector overhaul is known, is likely to alter the state and style of business of Wall Street and, potentially, sap billions of dollars of revenues from some of the most powerful financial institutions in the country. The high-profile ceremony is expected to be attended by a few hundred guests including Harvard professor Elizabeth Warren, viewed by...
  • Did The Credit Agencies Just Go Extinct? (Dodd-Frank in Action)

    07/21/2010 9:45:54 AM PDT · by mojito · 27 replies · 1+ views
    ZeroHedge ^ | 7/21/2010 | Tyler Durden
    The recently passed Donk (Dodd-Frank) Finreg abomination, which nobody has yet read is finally starting to disclose some of the interesting side effects of its harried passage. Such as that the rating agencies may have suddenly become extinct. As the WSJ's Anusha Shrivastava discloses: "The nation's three dominant credit-ratings providers have made an urgent new request of their clients: Please don't use our credit ratings." The Moodies of the world suddenly have good reason to not want their name appearing next to those three A letters (at least in Goldman CDO and bankrupt sovereign cases) out there: "The new law...
  • Congress Sends Obama Sweeping Wall Street Bill

    07/15/2010 12:12:22 PM PDT · by edpc · 95 replies · 1+ views
    AP via Yahoo ^ | 15 July 2010 | Jim Kuhnhenn
    WASHINGTON – Congress sent legislation to President Barack Obama Thursday that imposes sweeping new regulations on Wall Street and creates new protections for millions of consumers. The Senate's 60-39 vote came nearly two years after a financial crisis knocked the economy to its knees.
  • Hidden Impacts of the Dodd-Frank Act

    07/15/2010 11:26:00 AM PDT · by Behind Liberal Lines · 11 replies
    New York Law Journal ^ | 07/15/10 | John C. Coffee, Jr.
    Within a week or so, if not sooner, we can expect the Dodd-Frank Act to become law....there remain hidden provisions that will have more impact than has been generally recognized. This column will focus on three: (1) the whistleblower bounty provisions of the act, which create unprecedented incentives; (2) the act's "clawback" provisions, which potentially affect all current and former "executive officers" of a listed company but that are expressed in vague language of uncertain scope; and (3) its approach to the extraterritorial application of the antifraud provisions of the federal securities laws, where the act expressly reverses some aspects...
  • Who Would Finance Mortgages If Fannie, Freddie Disbanded?

    07/02/2010 5:20:22 PM PDT · by CutePuppy · 38 replies · 3+ views
    CNBC ^ | July 02, 2010 | CNBC
    Big changes are in store for the banking system should Fannie Mae and Freddie Mac be revamped or eliminated—both of which are being discussed by housing experts and government officials to deal with the distressed real estate market. As the system works now with the two entities, Fannie and Freddie , banks write the mortgages, but they rarely hold them. The mortgages are sold off into pools, known as mortgage-backed securities (MBS). Fannie and Freddie guarantee the mortgage payments, so that the MBS buyer, be it the Chinese government or an American pension plan, has the security of the US...
  • The Dodd-Frank Financial Fiasco

    06/30/2010 6:41:02 PM PDT · by Nachum · 8 replies
    wsj ^ | 6/30/10 | JOHN B. TAYLOR
    The sheer complexity of the 2,319-page Dodd-Frank financial reform bill is certainly a threat to future economic growth. But if you sift through the many sections and subsections, you find much more than complexity to worry about. The main problem with the bill is that it is based on a misdiagnosis of the causes of the financial crisis, which is not surprising since the bill was rolled out before the congressionally mandated Financial Crisis Inquiry Commission finished its diagnosis. The biggest misdiagnosis is the presumption that the government did not have enough power to avoid the crisis. But the Federal...
  • A rotten 'reform'

    06/28/2010 2:35:59 AM PDT · by Scanian · 7 replies
    NY Post ^ | June 28, 2010 | Nicole Gelinas
    The Dodd-Frank Act to "reform" Wall Street isn't yet a sure thing, votes-wise. New York's congressional delegation can still do the right thing for the city and state -- and should vote against this bad bill. The measure would bring New York's strongest banks and investment firms down to the level of the weakest, and turn Gotham's premier industry into a collectivist monolith with no incentive to control risk. And, in a move that's guaranteed to push jobs out of New York, the feds want big investment firms, insurers and hedge funds to front $20 billion in two years for...