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Kotz issues report criticizing the SEC’s Dodd-Frank rulewriting

U.S. Securities and Exchange Commission Inspector General David Kotz, before leaving the agency, issued a report on Friday criticizing the SEC's Dodd-Frank rulewriting, noting the agency's flawed ability to weigh the cost versus benefit of a rule. “We found that the extent of quantitative discussion of cost-benefit analyses... Read More...

Keating says Dodd-Frank, CPFB should be reformed

American Bankers Association President and CEO Frank Keating said Friday in a Boston Business Journal column that the Dodd-Frank and Consumer Financial Protection Bureau should be reformed to reduce the impact on community banks. Keating has been openly critical of the CFPB and Dodd-Frank. Like Keating, many critics of the legislation... Read More...

Republicans renew fight against CFPB

Senate Republicans renewed their fight against the Consumer Financial Protection Bureau on Tuesday, alleging that it would take more than 7.6 million man hours to simply comply with an international money transfers rule. According to Richard Shelby, the ranking Republican on the Senate Banking Committee, CFPB rules passed earlier this... Read More...

Durbin Amendment benefits for businesses may be short-lived

Businesses across the country have benefited from the swipe fee cap imposed by the Durbin Amendment but the savings are not expected to last. Heartland Payment Systems, the fifth largest payment processor in America, reports that merchants nationwide saved, on average, $260.24 for every $100,000 in Visa and MasterCard transactions during... Read More...

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 potentially disastrous complications for the global economy. Michel Barnier, the European commissioner for the internal market, plans to speak with... Read More...

Consumers questioning need for the Durbin Amendment

A recent survey by industry analyst Javelin Strategy and Research reveals that most consumers believe that debit card regulations like the Durbin Amendment actually benefit banks, demonstrating the mixed-message environment for consumers when it comes to payment methods. “[Financial institutions] especially took a big public... Read More...

High-end stores, not consumers, benefiting from Durbin Amendment

In an effort to increase revenue for merchants on debit card transactions, the Durbin Amendment put caps on the fees those merchants have to pay, but some retailers benefit more from the fee cap - high-end retail stores. Before the Durbin Amendment, $1,000 purchases cost a retailer $15.02 in swipe fees, Mainstreet.com reports. Now these... Read More...

Obama vows to uphold Dodd-Frank

President Obama promised to uphold the Dodd-Frank Act during his State of the Union address on Tuesday and suggested that he would rid the 2013 budget of tax loopholes. “So if you're a big bank or financial institution, you are no longer allowed to make risky bets with your customers' deposits," Obama said.... Read More...

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