Clik here to view.
Florida Senate approves resolution calling for Dodd-Frank repeal
In a 27-12 vote, the Florida Senate approved a resolution on Tuesday to make known to Congress its desire to repeal the Dodd-Frank legislation, a move that could spearhead a national conservative...
View ArticleClik here to view.
Dodd-Frank’s swap rule will hurt U.S. competitiveness abroad, experts warn
Banks warned lawmakers on Wednesday that the application of the Dodd-Frank Act’s swap rules would be detrimental to U.S. competitiveness abroad, causing hedge costs to skyrocket and possibly lead to...
View ArticleClik here to view.
PayPal to enter retail stores
PayPal executive Don Kingsborough, the company’s vice president of retail and prepaid products and the man leading the online payment processor’s push into retail stores, recently said that he wants to...
View ArticleTexas bank changes charter in the face of mounting Dodd-Frank regulations
Frost Bank, owned by the San Antonio-based Cullen/Frost Bankers, Inc., and one of the largest banks in Texas, filed an application with the Texas Department of Banking last Friday to switch the bank...
View ArticleClik here to view.
CFPB moves to regulate non-bank industries
The Consumer Financial Protection Bureau released a proposal this week to regulate nearly 200 debt collection agencies and organizations that generate credit reports, a move that could extend the...
View ArticleClik here to view.
CFTC commissioners say too many resources are being used for Dodd-Frank...
Commodity Futures Trading Commission Commissioners Jill Sommers and Scott O’Malia said last week that the agency is assigning too many resources away from its futures market oversight duties to focus...
View ArticleClik here to view.
TransUnion sold to Advent International and Goldman
TransUnion, one of America’s biggest credit reporting companies, signed a $3 billion deal last Friday to sell itself to private equity funds Advent International and Goldman Sachs’s GS Capital...
View ArticleClik here to view.
Australia’s leaders in wealth management say regulatory reform hindering...
Leaders of Australia’s $1.9 trillion wealth management industry said on Monday that regulatory reforms are hindering their productivity, adding that many of the reforms do not even pass a cost-benefit...
View ArticleClik here to view.
Foreign regulators caution U.S. regulators to coordinate rule-making efforts
Regulators from the European Union and Japan warned U.S. regulators last week that the domestic market would be put at risk if American regulators did not coordinate regulatory efforts with foreign...
View ArticleClik here to view.
Federal government chooses direct deposit and prepaid cards over mailing checks
March saw the culmination of a 17-year effort to eliminate federal benefit payments by check. The 1996 Debt Collection Improvement Act contained a set of provisions, called “EFT 99,” that directed the...
View ArticleClik here to view.
Barney Frank to retire
After 45 years, Rep. Barney Frank (D-Mass.) is retiring from his political career and is taking jabs at his opponents on his way out. Although Frank admitted that redistricting in Massachusetts would...
View ArticleClik here to view.
Dodd-Frank facing numerous court challenges
Dodd-Frank Act opponents are taking their fight against the new financial regulations to court instead of waiting for Congress to pass repeal legislation. A ruling by a District of Columbia circuit...
View ArticleClik here to view.
Obama administration urges Senate to confirm director of CFPB
Treasury Secretary Tim Geithner encouraged the Senate to confirm a director to run the Consumer Financial Protection Bureau on Thursday. "The longer we wait to confirm a director, the more we're...
View ArticleClik here to view.
White House pulling out stops before Cordray confirmation vote
The Obama Administration is reaching out to banks opposed to the new Consumer Financial Protection Bureau in order to help secure the Senate’s approval of Richard Cordray as director. The White House...
View ArticleClik here to view.
Heller reaffirms his opposition to CFPB
Despite White House pressure on Sen. Dean Heller (R-Nev.) to vote in favor of the nomination of Richard Cordray as director of the Consumer Financial Protection Bureau, Heller has confirmed he would...
View ArticleClik here to view.
Nelson questions Dodd-Frank tax loophole
Sen. Bill Nelson (D-Fla.) is concerned that a provision in the Dodd-Frank Act that provides a tax benefit to many derivatives investors could create new tax avoidance strategies. The provision was...
View ArticleClik here to view.
Democrats flip-flopped on CFPB commission
Democrats who refuse to allow a bipartisan commission to oversee the Consumer Financial Protection Bureau are being criticized for flip-flopping on the issue. The CFPB’s authority is currently...
View ArticleClik here to view.
New report shows that retailers not passing Durbin Amendment savings to...
At least 76 percent of retailers surveyed by the Electronic Payments Coalition have not passed on interchange savings to consumers, despite receiving $825 million in profits since the enactment of the...
View ArticleClik here to view.
Merchants of low-priced goods paying more in interchange fees
Reports that retailers are saving billions of dollars as a result of the Durbin Amendment are neglecting to mention the higher prices that merchants who sell low-priced goods are now paying. The rule,...
View ArticleClik here to view.
Graham compares Obama’s CFPB initiatives to Stalin
President Obama’s nomination of former Ohio Attorney General Richard Cordray to direct the Consumer Financial Protection Bureau is comparable to something Joseph Stalin would have done, according to...
View ArticleClik here to view.
Retailers have kept $825 million since the Durbin Amendment began
The Electronic Payments Coalition says that its recent study that shows retailers pocketing their Durbin Amendment savings can be trusted. Trish Wexler, a spokesperson for EPC, said that the EPC...
View ArticleClik here to view.
Dodd-Frank to cost millions their jobs
A recent study conducted by Investor’s Business Daily shows that last year’s Dodd-Frank Act has already resulted in the loss of hundreds of thousands of financial jobs throughout the United States....
View ArticleClik here to view.
CFPB issues three interim final rules
A new wave of interim final rules have been issued by the Consumer Financial Protection Bureau that are expected to be followed by many more CFPB regulations. The interim final rules published on...
View ArticleClik here to view.
BofA hit hardest by new regulations
Research released by Credit Suisse analyst Moshe Orenbuch on Monday showed that Bank of America has taken the brunt of new regulations targeting the financial industry. Orenbuch estimated that...
View ArticleClik here to view.
Now is not the time for Fed’s new bank rules, experts say
As the U.S. economy struggles to recover from its financial crisis, banks are contending that it is a bad time for the Federal Reserve to limit their ability to lend to consumers. On Tuesday, the Fed...
View ArticleClik here to view.
Support for delaying Volcker Rule grows in House
Four House Democrats added their names to a letter sent by 116 House Republicans to financial regulators on Wednesday urging them to slow their work on the Volcker Rule. Democratic Representatives...
View ArticleClik here to view.
Durbin Amendment hurts those it intended to help
Consumers, small retailers and credit unions, the intended winners of the Durbin Amendment, are now the ones feeling the negative impact of government-controlled prices, according to a financial...
View ArticleClik here to view.
MetLife sheds banking business because of Durbin Amendment
In order to escape tough new federal regulations from the Dodd-Frank Act, MetLife Inc. is selling $7.5 billion of its banking business to Norwalk-based GE Capital Financial Inc. At the end of the third...
View ArticleClik here to view.
Chamber of Commerce wants CFPB flaws addressed before director put in place
Tom Donohue, the president and CEO of the Chamber of Commerce, recently voiced his strong opposition to President Obama’s reported efforts to circumvent the Senate confirmation process for Richard...
View ArticleClik here to view.
Treasury announces rule to make banks pay for new regulatory offices
Large banks may have to start paying the Treasury Department in order to help it cover the costs of two new offices charged with measuring threats to financial markets. In a proposal released on...
View ArticleClik here to view.
CFPB helps fund its political allies’ agendas
A provision in the Dodd-Frank Act allows the Consumer Financial Protection Bureau to pay consumer advocate groups to lobby for Richard Cordray’s nomination to direct the bureau. Senate Banking...
View ArticleClik here to view.
Obama appoints Cordray to head CFPB
President Obama appointed Richard Cordray as the director of the Consumer Protection Bureau on Wednesday despite deep opposition from Congressional Republicans. “This is an extraordinary and entirely...
View ArticleClik here to view.
Cordray’s CFPB appointment increases scope of the bureau’s powers
Richard Cordray's recess appointment by President Obama to serve as the director of the CFPB expands the bureau's powers to act over non-bank firms. To use its full authority, the CFPB needed to have a...
View ArticleClik here to view.
Cordray dismisses questions about the legality of his appointment
Less than 24 hours after his controversial recess appointment to run the Consumer Financial Protection Bureau, Richard Cordray brushed aside questions about the legality of his appointment. With a...
View ArticleClik here to view.
More comprehensive CoreScore may unjustly harm consumers
A new kind of credit report called CoreScore digs deeply into a consumer's payment history, unearthing information about electronic payments and past rent. This new credit report is causing...
View ArticleClik here to view.
Ninety-six Republicans sign letter decrying Cordray’s appointment
A group of 96 Republicans from the House of Representatives sent a letter on Friday to President Barack Obama objecting to the appointment of Richard Cordray to head the Consumer Financial Protection...
View ArticleClik here to view.
Republicans considering lawsuit over Cordray’s recess appointment
Top Republicans in the Senate are likely to decide whether or not to file a lawsuit to challenge the controversial use of recess appointments by President Barack Obama after their January 23 return....
View ArticleClik here to view.
Cordray to testify before U.S. House oversight panel about his appointment
Richard Cordray, the director of the Consumer Financial Protection Bureau, has agreed to testify before a U.S. House oversight panel later in January. Cordray will likely face difficult questions...
View ArticleClik here to view.
Chamber of Commerce not planning suit to block Cordray
Tom Donohue, the head of the U.S. Chamber of Commerce, said that the group is not currently planning sue to block President Obama's recess appointment of Richard Cordray as director of the new consumer...
View ArticleClik here to view.
Fed Governor Duke: Avoid one-size-fits-all approach to regulation
Federal Reserve Board Governor Elizabeth Duke reached out to community banks last Friday at the 2012 Bank Presidents Seminar in Santa Barbara, Calif. Governor Duke, who spent much of her career in...
View ArticleClik here to view.
Overdraft fees on the rise due to Dodd-Frank
A 2011 report by Moebs Services, Inc. reveals a trend of increasing overdraft fees, a strategy recently employed by banks to recover losses in overdraft revenue due to new financial regulations. Moebs...
View ArticleClik here to view.
Dodd-Frank has resulted in 4,300 job losses this month
The controversial Dodd-Frank Act has claimed 4,300 jobs this month and resulted in fewer choices for consumers, according to recent reports. MetLife, one of the nation’s largest life insurers,...
View ArticleClik here to view.
Gingrich slams Dodd-Frank in GOP debate
Republican presidential hopeful Newt Gingrich slammed the Dodd-Frank Act in Monday's GOP debate, saying that the new regulations threaten small businesses and community banks. "The fact is, Dodd-Frank...
View ArticleClik here to view.
House Judiciary Committee to examine constitutionality of Cordray’s appointment
The House Judiciary Committee announced on Monday that the committee will examine the constitutionality of President Obama's recent recess appointments, including that of CFPB Director Richard Cordray....
View ArticleClik here to view.
Department of Justice’s Office of Legal Counsel defends Cordray’s appointment
The Department of Justice's Office of Legal Counsel recently defended President Obama's recess appointments, but many questions still surround the constitutionality of the Consumer Financial Protection...
View ArticleClik here to view.
Keating warns that Obama is “demonizing” banks
ABA President and CEO Frank Keating sat down on Wednesday with Canada's Business News Network to provide insight on President Obama's State of the Union Address. President Obama addressed the nation on...
View ArticleClik here to view.
EU warns Volcker Rule could have disastrous global implications
The European Commission, the executive body of the European Union, plans to voice objections to U.S. Treasury Secretary Geithner regarding the controversial Volcker Rule, arguing that it has...
View ArticleClik here to view.
Gingrich, Romney call for repeal of Dodd-Frank
Republican presidential hopefuls Newt Gingrich and Mitt Romney criticized President Obama's financial reforms and regulations on Tuesday, saying that the administration's financial regulations caused...
View ArticleClik here to view.
Republicans question Cordray’s ability to retain his position
Republicans at a Senate hearing on Monday welcomed Richard Cordray, the Consumer Financial Protection Bureau's first director, to the hearing but questioned his ability to retain his appointment. “I...
View ArticleClik here to view.
Coinstar, Redbox cite Dodd-Frank for decrease in profits
Coinstar Inc., the parent company of DVD-rental firm Redbox, will see reduced fourth-quarter profits as a result of Dodd-Frank's increase in debit card processing fees for small transactions. Redbox,...
View Article
