Latest Headlines

Regulators miss 77 percent of Dodd-Frank rule deadlines

In the 15 months since the Dodd-Frank financial reform bill was passed, federal agencies responsible for implementing the bill have missed a total of 77 percent of the rule-making deadlines. "A president that wants something as complex as this to take place has to devote an incredible amount of his resources and political capital to... Read More...

Three banks dropping, tweaking debit card fees

Three major banks have bowed to pressure and will drop their recently announced debit card fees. Bank of America, Wells Fargo and Chase all announced that they would change or drop entirely their debit card fees, BizJournals.com reports. Bank of America announced on Oct.1 that it would begin charging a $5 monthly fee for debit card... Read More...

Dodd-Frank to cost banks an additional $1 billion

According to a recent government estimate, the Dodd-Frank Act's ban on proprietary trading and limits on hedge fund investments is expected to cost U.S. national banks approximately $1 billion for compliance and capital. The impact analysis report, conducted by the Office of the Comptroller of the Currency, estimated that the Volcker... Read More...

Redbox to raise price in response to Durbin Amendment

The DVD rental service Redbox will raise the prices it charges for DVD rentals for the first time ever in response to fees imposed by the Durbin Amendment. The Oakbrook Terrace, Illinois-based company will raise the charge for renting a DVD from $1 to $1.20, ChicagoBusiness.com reports. Redbox cited fees it pays under the Durbin Amendment,... Read More...

Warren cozies up with former GE lobbyists

Massachusetts Senate candidate Elizabeth Warren is facing a round of criticisms for accepting campaign donations from a lobbyist whose company lobbied on behalf of GE, the company Warren has condemned. Warren accepted a $1,000 donation from Robert Roben, who works for lobbyists that worked for GE from 2003 to 2010, NationalJournal.com... Read More...

Corker speaks out against Volcker rule

New banking regulations could limit access to capital for some business in the near future, according to Sen. Bob Corker (R-Tenn.). Speaking out against the Volcker rule that will be implemented as a new Dodd-Frank regulation, Corker said that it could cut credit for many borrowers by cutting off some forms of lending. “When you... Read More...

Dodd-Frank compliance to take 10.2 million man hours annually

Republicans on the House Financial Services Committee have released a new video that shows the high cost that the Dodd-Frank Act is putting on consumers. The video compares the hours of labor it took to build every single one of the 146 million iPhones in the world to the hours of labor it takes American businesses to comply with the new... Read More...

The Fed adds new debit card FAQs

The Federal Reserve added 10 additional frequently asked questions regarding Regulation II: Debit Card Interchange Fees and Routing to a consolidated document that now consists of 24 clarifications to the final rule. The changes were added on Oct. 24. Included in the new set of FAQs is a description of an obligation of a large... Read More...

« Older Stories