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
    Townhall.com ^ | 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
    Townhall.com ^ | 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...