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CFPB using authority to investigate all banks, non-banks

The Consumer Financial Protection Bureau said in its semi-annual report that the watchdog agency is investigating all banks and non-banks that span the range of the agency’s oversight authority. “Enforcement has endeavored to focus its investigative resources on the violations of law that cause the greatest harm to consumers,” the... Read More...

Dodd-Frank uncertainties grow as rules take effect

Though the Commodity Futures Trading Commission has finalized Dodd-Frank terminology and definitions, uncertainty remains, as rules dependent on those finalizations take effect one after another. “From our point of view, and also our clients’, the most difficult element is the short time frame—just 60 days to implement in some cases,”... Read More...

Keating says Glass-Steagall would not have prevented financial crisis

Frank Keating, the president and CEO of the American Bankers Association, recently said that he was “dismayed” by suggestions that America’s largest banks should be broken up to end too-big-to-fail. “The banking industry strongly believes that no bank—or company—should be too big to fail,” Keating said, CNBC News reports.... Read More...

Insurance industry calls for strong oversight of Dodd-Frank’s regulatory burden

The National Association of Mutual Insurance Companies recently said that Congress should use its oversight capabilities to prevent the expansion of federal agencies established by the law. Charles M. Chamness, the president and CEO of NAMIC, testified before the House Financial Services Subcommittee on Insurance, Housing and Community... Read More...

Consumers may soon be subjected to “checkout fee” at register

Consumers may soon be subject to a “checkout fee,” a surcharged paid by the customer when they use plastic to complete a purchase. “You’re going to start to see retailers really weighing what they’re going to charge consumers for using a credit card,” Kelli Grant, a consumer expert at Smart Money magazine, said, according to CBS... Read More...

U.S. Chamber of Commerce says Dodd-Frank hurts insurance industry, American businesses

The U.S Chamber of Commerce recently said that the 2010 Dodd-Frank Act may have a negative impact on the insurance industry’s capabilities as an advisor, which will ultimately hurt American businesses. “Common sense solutions—streamlining the number of regulators, hiring the expertise needed to understand the markets, making the... Read More...

N.Y. Berkshire Bank proposes lawsuit in latest Libor scandal

Berkshire Bank, a lender with 11 branches based in New York and New Jersey, has charged in a proposed lawsuit that the bank’s interest income was affected by manipulation of the London interbank offered rate. The lawsuit alleges that Libor manipulation enabled consumers to pay less for loans and that “tens, if not hundreds, of billions of... Read More...

U.K. launches Libor probe, U.S. DoJ prepares to issue indictments

Though British regulatory authorities have yet to file charges in the recent Libor scandal, the U.S. Department of Justice is preparing indictments against trader groups from several banks. The U.K.’s Serious Fraud Office initially declined to get involved in the multiyear investigation, though the office did initiate a criminal probe... Read More...

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