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Cordray testifies on CFPB enforcement, oversight responsibilities

Consumer Financial Protection Bureau Director Richard Cordray testified before the House Financial Services Committee on Thursday that the agency is focused on consumer education and the goals of oversight and enforcement. “One of our main objectives is to make sure the costs and risks of financial products are clear [to consumers]," Cordray... Read More...

BB&T Corp. hit hardest by declining swipe-fee revenue

SNL Financial, a financial data firm, announced on Thursday that BB&T Corp., based in Winston-Salem, N.C., was one of the institutions hit hardest by the Durbin Amendment. SNL Financial revealed that following the enactment of the Durbin Amendment, BB&T lost approximately $145.2 million in debit-fee revenue in the fourth quarter, a 70 percent... Read More...

Senate approves Obama nominations to FDIC board

The Senate approved President Obama’s nominations to major banking agencies involved in implementing Dodd-Frank financial reforms on Thursday, including the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. Thomas Curry will head the OCC, while Martin Gruenberg, JPMorgan Chase & Co. financial advisor Jeremiah... Read More...

Dallas Fed report advocates big bank break-up

An essay from the Dallas Federal Reserve Bank’s annual report, endorsed by bank President Richard W. Fisher, charges that a handful of “too big to fail” banks are still standing in the path of economic recovery. Harvey Rosenblum, the head of the Dallas central bank’s research department, writes that these financial giants have... Read More...

Bipartisan support increases for Dodd-Frank changes

As the Dodd-Frank debate cranks up, bipartisan support is beginning to develop among lawmakers and rule-writers pertaining to changes that should be made to the financial reforms contained within the 2010 legislation. The bipartisan support comes as a wave of fresh air for the political climate that has traditionally been punctuated with the... Read More...

Volcker Rule could increase energy prices

A report released on Wednesday by business information provider IHS, Inc. revealed that the Volcker Rule could affect banks’ ability to serve energy companies, resulting in rising gas, electricity and natural gas prices. The study aims to measure the Volcker Rule’s impact on the energy market. Though the study was commissioned by Morgan... Read More...

Chamber of Commerce continues to put pressure on Dodd-Frank

In a Wednesday summit on financial markets, U.S. Chamber of Commerce President Tom Donohue challenged the Consumer Financial Protection Bureau, as well as other provisions that have evolved from the 2010 Dodd-Frank Act. Donohue said that the CFPB was “the mother of all regulators,” and that the agency has “virtually unlimited power to... Read More...

Chamber of Commerce decries slow implementation, rule-writing of Dodd-Frank

The Chamber of Commerce, America’s biggest business lobby, recently announced that it has serious concerns regarding the slow implementation and rule-writing of the 2010 Dodd-Frank Act. “At each stage of the Dodd-Frank Act implementation…business has been told, ‘Don’t worry, we will get this right,’” the Chamber said, according... Read More...

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