Foreign exchange—or forex—hedging is used by technology companies like Apple and Samsung as insurance against currency fluctuations, but new Dodd-Frank rules governing the practice place an added burden on technology firms. Globalization has led to the import and export of … Read More…

A recent FICO study revealed that student loan debt has increased substantially and that default rates on student loans are on the rise, due in part to a difficult labor market. Nearly 12 million American consumers had two or more … Read More…

Despite a bipartisan vote last week, Rep. Maxine Waters (D-Calif.), the ranking member of the House Financial Services Committee, and HFSC Republican Chairman Jeb Hensarling continue to dispute the effectiveness of the Dodd-Frank Act. After the Wednesday vote, Waters praised … Read More…

The Federal Reserve announced on Monday that the results from supervisory stress tests conducted in accordance with the Dodd-Frank Act will be released on March 7. The Fed conducts annual stress tests, though some large companies are also required to … Read More…

A recent study by Fundtech revealed that a significant majority of banks expect that Section 1073 of Dodd-Frank will impose numerous costs on the institutions but will have little benefit for American consumers. Section 1073 requires that consumers be allowed … Read More…

The controversial conflict minerals provision of the Dodd-Frank Act that requires firms involved in resource extraction to disclose payments made to foreign governments will soon face its first legal challenge in a U.S. appellate court. Proponents of the measure maintain … Read More…

In its Monday downgrading of Canadian banks’ credit ratings, Moody’s said that rising consumer debt and high home prices could result in problems for financial institutions if the economy takes a turn for the worst. Moody’s said that it had … Read More…

Michigan Republican Rep. Pat Somerville was appointed this past week to serve as the vice chair of the state House Committee on Financial Services and was assigned to the committees on commerce, local government and tax policy. “We have been … Read More…

The State National Bank of Big Spring, a community bank based in Texas, has challenged the Dodd-Frank Act in court, saying that certain provisions of the legislation violate the separation of powers and the Constitution’s bankruptcy clause. Under the Orderly … Read More…

A recent report from the Government Accountability Office revealed that while regulators have made progress in implementing some of the reforms mandated by Dodd-Frank, other rules remain incomplete. As of December, regulators had issued final rules for approximately 48 percent … Read More…

Members of the House Financial Services Committee have found themselves at a disagreement just days into the new session of Congress. Rep. Maxine Waters (D-Calif.), the new ranking member of the HFSC, said that she is “hopeful” she will be … Read More…

On Wednesday, the House of Representatives voted 285-144 to extend debt ceiling negotiations, suspending the government’s borrowing restriction until late May. The legislation, which includes a provision that would force the Senate to develop a budget plan by suspending legislators’ … Read More…

The American Bankers Association will hold a number of telephone briefings to help financial institutions and professional review the thousands of pages of mortgage rules released by regulators this month. The series is aimed at chief lending officers, senior bank … Read More…

The Oregon-based Northwest Credit Union Association plans to fight three bills that would subject credit unions to a new tax, as well as extra reporting and community outreach requirements. Lynn Heider, the director of communications at NWCUA, said that banks … Read More…

Thomas Hoenig, the vice chairman of the FDIC, recently called for the removal of federal insurance as a “safety net” for non-bank activities and a return to the framework of the Glass-Steagall Act. “For decades the principle of limited subsidy … Read More…

As a result of the way Amazon Marketplace processes payments, U.K. customers buying large-ticket items may be in a bind if a major problem with their purchase arises and the retailer refuses to help. Under section 75 of the 1974 … Read More…

On Friday, MasterCard announced that it would open up some of the company’s proprietary technology to other American debit networks as part of an effort to support EMV transactions. The EMV standard, named for Europay, MasterCard and Visa, is a … Read More…

Richard Fisher, the president of the Dallas Federal Reserve Bank who has long indicated that “too big to fail” remains a problem for the U.S., kept the debate alive during a Wednesday speech. “I submit that these institutions, as a … Read More…

The FTC has reached a settlement with the remaining defendants in a claim against Rumson, Bolling & Associates that permanently bans them from the debt collection business over their abusive and deceptive business practices. Three debt collection firms, including Forensic … Read More…

On Thursday, the CFPB released a rule to require mortgage servicers to provide simplified billing statements and extra notice of rate changes to borrowers, and the rule raises an exemption threshold on monthly mortgage statements. The CFPB rule, which will … Read More…

A recent survey by Demos found that middle-income Americans 50 years of age and older have more credit card debt, on average, than younger Americans, a finding opposite of that reported in a 2008 survey. The report revealed that older … Read More…

Banks have refocused attention on travel rewards cards as a result of the Durbin Amendment cap on debit interchange fees. U.S. Bank plans to increase introductory bonus points on its FlexPerks Travel Rewards card for the second time in the … Read More…

Rep. Dennis Ross (R-Fla.) introduced a revised version of the Bowles-Simpson Plan of Lowering America’s Debt Act on Monday that excludes credit unions from seven reforms intended to reduce government spending. Ross said late last year that the credit union … Read More…

GFI, a leading interdealer broker, announced the rebranding of FENICS TraderSM, its multi-bank foreign exchange options platform, on Monday in the face of new changes mandated by the controversial Dodd-Frank Act. Launched in February 2011, the platform, which will be … Read More…

Though the Dodd-Frank Act was intended to protect taxpayers and consumers, the likelihood that financial advisers will legally have to put client interests before others is decreasing as Wall Street continues to fight investor-protection measures. Rep. Barney Frank (D-Mass.) and … Read More…

Comptroller of the Currency Thomas Curry spoke to the California Bankers Association on Friday and discussed some of the challenges and opportunities the banking industry is likely to face in 2013. “California in many ways provides a microcosm of the … Read More…

The National Credit Union Administration announced on Friday that it plans to award a low-income designated credit union with a $50,000 grant to develop a proposal that would result in long-term savings for credit unions. “Pursuing collaborations and developing new … Read More…

The CFPB announced its ability-to-repay and qualified mortgage rule last week, and the rule’s definition of “rural” has raised some questions about the types of loans covered under the definition. Under the authority granted by the Dodd-Frank Act, the CFPB … Read More…

The FTC announced on Thursday that it had reached a settlement with a criminal background report enterprise that was charged with operating as a consumer reporting agency and was not in compliance with the Fair Credit Reporting Act. Filiquarian Publishing … Read More…

The Bank of England’s Monetary Policy Committee voted on Thursday to hold the official bank rate at the record-low level of 0.5 percent and maintain its economic stimulus program at $605 billion. “Most members of the committee are probably pretty … Read More…

Newly elected Rep. Ann Wagner (R-Mo.), who was recently named to the so-called “A-list” House Financial Services Committee, said that Dodd-Frank will be a major issue of discussion in coming months. “It may have been a good idea to begin … Read More…

The U.S. Small Business Administration listed JPMorgan Chase as America’s number-one small business lender for 2012, the third consecutive year the bank has taken the top slot. Chase approved 40 percent more SBA loans than its nearest competitor in 2012, … Read More…