Category — Dodd-Frank News
Dodd-Frank Act a Favorite Target for Republicans Laying Blame
-The New York Times On the stump, words like “Obamacare” roll off the tongue. “Swap execution facility,” not so much. That has not stopped Republican presidential candidates from using the Dodd-Frank Act, the sprawling regulatory effort to address the causes of the financial crisis, as their newest anti-Obama target for what ails the economy. Republicans have repeatedly invoked the law’s 848-page girth — and its rules on, among other things, trading derivatives and swaps — as a...
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September 26, 2011 40 Comments
Bank regulators to unveil "living will" plan
-Reuters U.S. regulators are set to vote next week on a final rule governing the plans large banks must draft on how they can be liquidated if they are heading toward failure. The 2010 Dodd-Frank financial oversight law requires these "living wills," which are part of the government's new power to seize and break up large, failing firms. The Federal Deposit Insurance Corp announced plans on Thursday for its board to vote on the final rule on Tuesday. It is drafting the rule with t...
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September 13, 2011 No Comments
S&P’s Hold On Markets Won’t Change Under Dodd-Frank
-Yahoo! News The papers are full of stories about how Congress and the regulators are going to take Standard & Poor's and the other big ratings houses down a notch in the wake of the subprime crisis and S&P's downgrade of Treasury debt. Don't bet on it. I spoke to some of their smaller competitors this week to gauge the health of the ratings industry. To hear them tell it, business for the big boys is good and probably getting better. Here's why: The Dodd-Frank financial reform act wa...
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August 10, 2011 No Comments
Mortgage groups talk up risk retention as comment period ends
-Housingwire Mortgage industry trade groups sent a flurry of letters to federal regulators this week in efforts to alter the upcoming risk-retention rule before the extended comment period expired Aug. 1. The rule, proposed in April under the Dodd-Frank Act, would require lenders to maintain 5% of the risk on all loans pooled into securities. The most heated debate revolves around the rule's exception: the qualified residential mortgage. Among requirements such as a strict debt-to-income limi...
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August 3, 2011 No Comments
One year on, many mortgage bankers leery of Dodd-Frank
-Housingwire According to the Grant Thornton bank executive survey released Thursday, nearly half of bankers believe financial reform under the Dodd-Frank Act will not effectively prevent another taxpayer-led bailout. They do, however, report a growing confidence in the current economic recovery. The results are published in association with Bank Director magazine. In the survey 48% of bankers polled said Dodd-Frank will not effectively detect broad risks capable of driving the economy back i...
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July 22, 2011 No Comments
The Shameful Murder Of Dodd-Frank
-Huffington Post Happy Birthday Dodd Frank, Happy Birthday to you, You've lost all your muscle, And your teeth are gone, too. One full year after the financial reform bill spearheaded through Congress by Christopher Dodd and Barney Frank was signed into law, Wall Street looks and acts much the way it did before. That's because the Street has effectively neutered the law, which is the best argument I know for applying the nation's antitrust laws to the biggest banks and limiti...
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July 20, 2011 No Comments
Dodd-Frank Act Forcing Banks to Slim Down, Reshape Swaps: One Year Later
-Bloomberg Jamie Dimon keeps a tally of the ways Wall Street already has been affected by the largest overhaul of financial regulation in generations. At a June 7 conference in Atlanta, the JPMorgan Chase & Co. (JPM)chief executive officer reeled off items from his list during a session with Federal Reserve Chairman Ben S. Bernanke: Banks are putting aside more capital. Off-balance-sheet business has been “virtually obliterated.” Accounting is more transparent. “Regulators, I can ...
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July 19, 2011 No Comments
Brokers Face More Disclosure to Clients Under Dodd-Frank: One Year Later
-Bloomberg Does your broker work for you? In the past, the answer to that question wasn’t quite clear. Under U.S. rules, brokers were required only to steer clients toward “suitable” trades or investments, not necessarily those in their “best interests.” Among the changes already in motion from passage of last year’s Dodd-Frank Act are new rules to be written by the Securities and Exchange Commission to clarify the relationship between broker-dealers and their clients. Under t...
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July 19, 2011 No Comments
Rep. Capito: I Give Dodd-Frank a ‘D-’
-CNBC Dodd-Frank, love it or hate it, will be one of they key stories this week as some significant deadlines come up this weekend. But while "D-F", as I like to call it, is indeed a newsworthy item, there are several key positions that are vacant. As of July 8th, the positions of the FDIC Chair, Comptroller of the Currency and the CFPB are all vacant. That's right—vacant. Kind of ironic would you say that while Uncle Sam is facing a fiscal crisis, these positions are open. After...
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July 11, 2011 No Comments
Banks Are Using Dodd-Frank to Fight Capital Requirements
-CNBC Washington lobbyists have been hard at work marshaling opposition to any attempts to impose a capital surcharge on our nation's largest banks. One of their most persuasive points seems to be that under the new Dodd-Frank regulatory regime banks are so tightly regulated that additional capital requirements are unnecessary. "We don't need additional capital to prevent future bailouts. The government already has the orderly resolution authority to make sure that no one is too big to...
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July 6, 2011 No Comments
Dodd-Frank Failing On Volcker Rule, Derivatives, Credit Rating Agencies
-Forbes It is no secret that it has become a nightmare for regulators to implement many aspects of the 2,000-page document that has become Dodd-Frank, the most ambitious piece of legislation aimed at the financial system since the Great Depression. A recent investigation by ProPublica, authored by a Pulitzer-winning duo, shows just how behind implementation on the Volcker Rule, the regulation of derivatives, and the regulation of credit rating agencies, really is. Ten months since Presi...
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June 21, 2011 No Comments
Dodd-Frank Swaps Rules to Create ‘Black Hole’ Because of Unresolved Issues
-Bloomberg Swaps users may face a “black hole” when Dodd-Frank Act rules take effect next month because too much remains unresolved for markets to operate properly, the Senate Agriculture Committee’s top Republican said. “We don’t even know what a swap is” under the financial overhaul, Senator Pat Roberts said in an interview today at Bloomberg’s office in Washington. The Kansas Republican said the Commodity Futures Trading Commission needs to outline what provisions will apply w...
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June 21, 2011 No Comments
