The economy shrank unexpectedly by 0.1 percent in the fourth quarter of 2012, marking the first decline since the U.S. began its recovery from the recent financial crisis. GDP growth in the fourth quarter slowed down from the 3.1 percent … Read More…

The FDIC recently warned financial institutions to ensure that the new, innovative business technologies they use are compliant with internal policies, risk management practices and federal regulations. The FDIC cited the potential for widespread consumer adoption of mobile payments and … Read More…

Merchants were recently allowed to charge a “checkout fee” to consumers who pay using a credit card that could add up to between 1.5 percent and four percent of the total purchase. Merchants have historically been prohibited from surcharging customers … Read More…

Jeb Hensarling, the chairman of the House Financial Services Committee, recently expressed support for a court’s ruling of President Obama’s recess appointments as unconstitutional. “President Obama’s administration has too often demonstrated a disregard for legislative authority and the separation of … Read More…

Jaime Caruana, the general manager of the Bank of International Settlements, recently warned banks to keep an eye on the rising price of investments that have resulted from low interest rates. Investments such as U.S. junk bonds, which are issued … Read More…

As of Sunday, retailers will now be able to charge a “checkout fee” of up to four percent to customers who pay using a credit card, a change that will affect online shoppers across the country. Before the $7.2 billion … Read More…

On Wednesday, First Financial Network announced the offering of $85 million in commercial real estate loans, residential loans, C&I and Asset Based Lending whole loans, and loans from the failed Nova Bank on behalf of the FDIC. The loans from … Read More…

Customers of America’s largest banks withdrew money this month at the fastest weekly pace since the Sept. 11 terrorist attacks as the Transaction Account Guarantee — or TAG program — ended. Data from the Federal Reserve revealed that net withdrawals … Read More…

House Financial Services Committee Chairman Jeb Hensarling announced subcommittee assignments for the committee’s Republican members on Tuesday. “Given the state of our struggling economy, the work of our committee and subcommittees has perhaps never been more important to hard-working taxpayers,” … Read More…

During the annual World Economic Forum on Wednesday, global financial leaders advocated for additional regulation of the financial services industry, saying that the industry is still too complex and risky. “Why did we have such a huge financial crisis?” Min … Read More…

Elisse Walter, the new chairman of the SEC, spoke before the Investor Advisory Committee on the challenges facing the committee and the investors it is dedicated to. “And despite the often-mentioned 2-2 divide, I find that my fellow commissioners—as well … Read More…

The Thailand-based Siam Commercial Bank has responded to a letter from a customer who recently raised concerns about a new fee that will be implemented beginning Feb. 1. Edward Tan, who indicated that he is a Singaporean banker who visits … Read More…

President Obama’s recent appointment of Jack Lew to head the U.S. Treasury could signal that the administration is stepping away from financial reform. The contentious Volcker Rule ban on proprietary trading, which is set to be finalized by March, was … Read More…

As part of an effort to ramp up domestic demand, the Chinese government plans to reduce bank card payment fees and issue fee guidelines to banks handling payments. The Chinese government has contemplated the move for some time, though a … Read More…

During a Thursday hearing, Pam Davis, a witness for the Credit Union National Association, said that credit unions did not create the issues in the housing market that the CFPB’s mortgage servicing rules seek to correct. “There is absolutely no … Read More…

The CFPB adopted a new rule on Friday to require mortgage lenders to provide loan applicants with free copies of home appraisals to ensure that customers are aware of how the property’s value was determined. “This rule will guarantee consumers … Read More…

A recent study revealed that younger Americans unwilling to change their spending patterns are more likely to die with credit card debt. The study, which was co-authored by Lucia Dunn, an economics professor at Ohio State University, and Sarah Jiang, … Read More…

SEC Commissioner Daniel  M. Gallagher recently said before the U.S. Chamber Center for Capital Markets Competitiveness that while Dodd-Frank pushes for regulatory reform, the legislation is “overwhelmed by a grab bag of wish-list items.” “What continues to amaze me about … Read More…

A recent report from the National Consumer Law Center on the Home Affordable Modification Program, commonly known as HAMP, examined the government’s use of the program and provided recommendations for mortgage reform. HAMP is the most successful loan modification program … Read More…

Dodd-Frank rules on mortgage lending were intended to eliminate abusive practices by lenders, but the legislation may need to be simplified to prevent another housing bubble. The CFPB’s new rules on qualified mortgages are designed to ensure that mortgage borrowers … Read More…

President Obama is considering Morgan Stanley CFO Ruth Porat and Wal-Mart Foundation President Sylvia Mathews Burwell for two top economic positions. Rumors about Porat, Obama’s top choice for deputy Treasury secretary, have already elicited criticism because she has previous ties … Read More…

President Obama’s decision to nominate Jack Lew to replace outgoing U.S. Treasury Secretary Timothy Geithner could indicate that financial reform is taking a backseat, as Lew’s track record is devoid of any evidence to the contrary. A pre-recession press release … Read More…

A recent report by the Kansas City Federal Reserve Bank revealed that a cap on interchange fees mandated by Dodd-Frank has had little effect on small community banks. Dodd-Frank’s controversial Durbin Amendment classified banks into one of two groups: banks … Read More…

Jeb Hensarling, the recently appointed chairman to the House Financial Services Committee, has been critical of the CFPB’s ability-to-repay and qualified mortgage rule released last week. “These types of ‘one-size fits all’ solutions always—always—are fraught with unintended consequences,” Hensarling said. … Read More…

Joshua D. Wright, a former law professor and former scholar in residence at the FTC’s Bureau of Competition, was sworn in on Friday, replacing J. Thomas Rosch as an FTC commissioner. Rosch, whose term ended this past year, has served … Read More…

President Obama’s recent nomination of White House Chief of Staff Jack Lew to replace outgoing Treasury Secretary Timothy Geithner could signify that the administration is stepping away from financial reform in favor of other priorities. Though the 2010 Dodd-Frank Act … Read More…

U.S. Bank FlexPerks Visa customers in Utah and Oregon will be the first to try the bank’s Go Mobile payment service that allows customers to make a secure payment for everyday purchases using their iPhones. The service will be beta-tested … Read More…

A December study by the Government Accountability Office revealed that federal regulators did not consistently follow guidance on cost-benefit analyses from the Office of Management and Budget when they examined Dodd-Frank rules. Most federal regulators are considered independent government agencies … Read More…

A Manhattan bankruptcy court rejected a motion on Tuesday by the Commodity Customer Coalition, a non-profit representing former MF Global customers, to depose Jon Corzine, the former CEO of the failed mortgage brokerage. Judge Martin Glenn said that the CCC … Read More…

The CFPB may soon finalize its ability-to-repay rule, which will include the “qualified mortgage” definition, during a Baltimore field hearing planned for Thursday. The QM rule will implement a provision of Dodd-Frank requiring creditors to determine a consumer’s ability to … Read More…

The Obama administration touted the 2010 Dodd-Frank Act as an end to “too-big-to-fail,” but the legislation may actually benefit America’s megabanks. Small banks have voiced concern regarding the legislation’s impact, saying that Dodd-Frank will lead to the “Walmartization” of consumer … Read More…

David Skeel, a law professor at the University of Pennsylvania Law School, said in his new book that the controversial Dodd-Frank Act may cause more problems than the law aims to solve. Though Skeel said in his book, “The New … Read More…