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HFSC to vote on Emigrant Bank bill amid scrutiny

The House Financial Services Committee will vote today on a hot-button piece of legislation that would amend the Dodd-Frank Act to allow Emigrant Bank to keep preferred securities in its Tier 1 capital level. Emigrant Bank at present has $10.5 billion in assets, but on Dec. 31, 2009, the bank had more than $15 billion. As a result, it is... Read More...

Visa shares fall following increased regulations

Visa Inc.’s shares fell on Wednesday after the company reported decreased debit-card spending in April and May as a result of increased regulations. U.S. payments volume, a measure of the total dollar amount of transactions made with debit and credit cards, fell by three percent in April and remained flat over the first four weeks of May... Read More...

CFPB requests public input on checking account overdraft programs

The Consumer Financial Protection Bureau has issued a request for information related to checking account overdraft programs to gain an increased understanding of how the policies and practices affect American consumers. The CFPB is currently seeking public comment regarding banks’ overdraft programs, as well as their pros, cons and risks to... Read More...

Regulatory probes becoming more difficult, risky

American corporate executives and directors are becoming increasingly worried about the legal and business challenges that their institutions will face as a result of regulatory enforcement and legal probes. At an educational roundtable last week, panel members said that the 2010 Dodd-Frank Act and the Foreign Corrupt Practices Act pose large... Read More...

CFTC finalizes swaps record-keeping, reporting requirement rule

The Commodity Futures Trading Commission has approved a final rule that would expand swaps record-keeping and reporting requirements to fold in swaps that had previously been left out of the rule. The final rule would expand to include swaps that were entered into before the enactment of the 2010 Dodd-Frank Act and those that were entered into... Read More...

Sterne Agee analysts say some banks will fall short in annual stress tests

As banks with more than $10 billion in assets prepare to conduct annual stress tests mandated under the 2010 Dodd-Frank Act, analysts at the Chicago-based Sterne Agee have predicted that not all banks will perform well. Sterne Agee analyst Todd Hagerman said that financial institutions with more than $10 billion in assets are required to... Read More...

Kansas Rep. Pompeo says federal bureaucracy hindering job creation

Rep. Mike R. Pompeo (R-Kan.) recently said that federal regulations and excessive taxation have become hindrances to job creation. “It is difficult to create jobs when you face an overwhelming tax burden, as well as countless compliance and reporting rules,” Pompeo said during an interview with The Washington Times. “That’s why we need... Read More...

Senator Toomey clarifies position on Dodd-Frank

U.S. Senator Pat Toomey (R-Pa.), in a letter to The Washington Post editor, responded to suggestions that he did not support the regulation of financial institutions through the 2010 Dodd-Frank Act. In Dana Milbank’s May 23 column, Milbank quoted Toomey as saying “we’ve gone down the wrong road” with Dodd-Frank, adding that Toomey said... Read More...

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