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Last Entry: March 31, 2011 at 14:13:05

What Happens If Congress Doesn't Raise the Debt Ceiling?

Posted on March 31, 2011
Jamie Dimon, JP Morgan Chase CEO, addressed that question this week at Fifth Annual Capital Markets Summit, sponsored by the U.S. Chamber of Commerce Center for Capital Markets Competitiveness. While Congress debates whether to act on raising the debt ceiling,...

Dodd-Frank "Living Wills"

Posted on March 30, 2011
FDIC and the Federal Reserve Board have jointly proposed a rule to implement Dodd-Frank provisions that require financial institution holding companies with assets greater than $50 Billion as well as systemically important nonfinancial companies supervised by the Federal Reserve to...

More About QRMs: Banking Agencies' Proposed Rule Forthcoming

Posted on March 30, 2011
From the FDIC Press Release: "The staffs of the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the Federal Housing Finance Agency, and the Department of Housing...

Asset Quality: Have U.S. Banks Turned the Corner?

Posted on March 28, 2011
The Federal Reserve Bank of St. Louis publishes a quarterly newsletter, The Central Banker. An article in the Winter 2010 issue suggests that the answer to the question about whether U.S. Banks are recovering from the subprime mortgage crisis is...

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What's a QRM?

Posted on March 28, 2011
QRM is a "qualified residential mortgage," an important concept in secondary mortgage market reform. Regulators are expected soon to set parameters for QRMs. Generally speaking, QRMs are mortgages that have underwriting and terms that have had a low historical default...

Reg Z Amendments Implementing Credit Card Act

Posted on March 27, 2011
The Federal Reserve Board has adopted amendments to Regulation Z (Truth in Lending) to clarify prior Federal Reserve rules implementing the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act). Credit card issuers must rely on credit-related...

Commentary on Credit Card Interchange Fees

Posted on March 26, 2011
On December 16, 2010, the Federal Reserve issued a Proposed Rule to Limit Debit Card Interchange Fees. The idea is to save merchants from paying interchange fees unrelated to the banks' costs, with the further thought that consumers would reap...

Fed Governor Speaks About the Effect of the Financial Crisis on Those Near Retirement and on Small Business Owners

Posted on March 25, 2011
Federal Reserve Governor Elizabeth A. Duke spoke yesterday on "Changed Circumstances: The Impact of the Financial Crisis on the Economic Condition of Workers Near Retirement and of Business Owners." Here are some of her conclusions: "Among the preretirement age group,...

CSBS Reports on ICBA Annual Meeting

Posted on March 25, 2011
Today's CSBS Examiner, the weekly publication from the Conference of State Bank Supervisors (CSBS), gave the following report from the Independent Community Bankers of America (ICBA) annual meeting in San Diego this week. "Speaking to reporters, ICBA President and CEO...

Richard Fisher Speaks About Government Responsibility

Posted on March 24, 2011
Richard Fisher, President and CEO of the Federal Reserve Bank of Dallas, is one of the most interesting, thought-provoking speakers on economic issues today. He presents complex ideas in a way that is accessible to an every-day audience. His speech...

FDIC Teleconference on Overdraft Protection Guidance

Posted on March 24, 2011
FDIC Financial Institution Letter FIL-16-2011 announces that FDIC will host a teleconference on Tuesday, March 29, 2011, to discuss FDIC's Final Overdraft Payment Supervisory Guidance. This will be an opportunity to send questions in advance and hear FDIC Staff responses...

So That's Operational Risk

Posted on March 23, 2011
Douglas Robertson, "So That's Operational Risk! (How operational risk in mortgage-backed securities almost destroyed the world's financial markets and what we can do about it)," Office of the Comptroller of the Currency, Economics Working Paper 2011-1, March 2011, is available...

SEC's Insider Trading Litigation Against Galleon

Posted on March 23, 2011
SEC v. Galleon Management, LP, et al., 09-CV-8811 (SDNY) (JSR), was filed by the SEC on October 16, 2009, against Raj Rajaratnam, Galleon Management, LP, and others, alleging a widespread and repeated insider trading scheme involving hedge funds, industry professionals,...

Secondary Mortgage Market Reform

Posted on March 23, 2011
One of my points of focus over the next few weeks is Secondary Mortgage Market Reform. I'll begin by posting a link to the Obama Administration's Report to Congress: Reforming America's Housing Finance Market. The Report traces U.S. housing finance...

Goldman Sachs' CEO Testimony in the Galleon Litigation

Posted on March 23, 2011
The Galleon insider trading case makes a great story: High-profile companies and individuals, nefarious insider trading for personal gain, and the SEC's pursuit of truth and justice. It could be a novel. Lloyd Blankfein, CEO of Goldman Sachs, told the...

FOMC Says Economy Is Improving

Posted on March 21, 2011
In the Federal Open Market Committee (FOMC) Statement released March 15, 2011, the Federal Reserve said that "the economic recovery is on a firmer footing." The labor market is improving gradually. Household spending and business investment in equipment and software...

Top 10 Consumer Complaints

Posted on March 21, 2011
The Federal Trade Commission (FTC) has released its list of the top ten categories of consumer complaints received by the FTC in 2010. For the eleventh straight year, identity theft tops the chart. Top 10 Consumer Complaints for 2010 Identity...

FDIC Chairman Sheila Bair Delivers Candid Remarks to ABA Government Affairs Summit

Posted on March 20, 2011
FDIC Chairman Sheila C. Bair spoke to the American Bankers Association (ABA) Government Relations Summit on March 16, 2011. She noted that this might be her last opportunity to address the group before her term ends in June 2011. Among...

The New ARMs

Posted on March 19, 2011
Adjustable Rate Mortgages (ARMs) were one of the easily abused loan products during the subprime lending heyday. "Teaser rates" and payment options too complicated to understand left many unsophisticated borrowers facing loan interest rate repricing that could send their monthly...

Congressional Oversight Panel Findings about the TARP Program

Posted on March 18, 2011
The Congressional Oversight Panel (COP) released its Final Report on the Troubled Asset Relief Program (TARP). Congress initially approved $700 Billion for TARP in fall of 2008. Although the final cost of the program is very much less than that,...

FDIC Sues Washington Mutual Executives -- and their wives

Posted on March 18, 2011
Directors and officers of financial institutions received a strong message about their legal responsibilities. In a signal that it is very serious about pursuing officers and directors of failed banks and thrifts, FDIC filed suit in Seattle, charging former WaMu...

Hamline University Law School's Business Law Institute

Posted on March 17, 2011
Thanks to Michael Perino, the Business Law Institute's first guest speaker. Perino is the author of the 2010 book, THE HELLHOUND OF WALL STREET. He is currently the Dean George W. Matheson Professor of Law at St. John's University School...

So Just How Bad Was This Recession, Comparatively Speaking?

Posted on March 17, 2011
The Minneapolis Federal Reserve Bank has a great set of interactive graphs comparing the 2007-2009 Recession with economic downturns and recoveries in 1948, 1953, 1957, 1960, 1969, 1973, 1980, 1981, 1990, and 2001. Aspects compared include length and depth of...

Banking Law Prof Back After Hospital

Posted on March 09, 2011
Thanks to all who helped out with my classes while I was unexpectedly in the hospital!!!

Executive Compensation Discussion in Washington, D.C.

Posted on February 11, 2011
On February 25, 2011, I will be attending a Business Briefing in Washington, D.C., with Professor Raghavendra Rau, Sir Evelyn de Rothschild Professor of Finance, Cambridge University Judge Business School. His topic is "Performance for pay? How does executive compensation...

Full Disclosure or Caveat Emptor?

Posted on February 11, 2011
NY Times Columnist Floyd Norris points out that, fifty years ago, U.S. Supreme Court Justice Arthur Goldberg wrote that the securities laws "substitute a philosophy of disclosure for the philosophy of caveat emptor." Norris suggests that the caveat emptor doctrine...

Kevin Warsh to Leave the Federal Reserve Board of Governors

Posted on February 11, 2011
Federal Reserve Governor Kevin Warsh will leave the Board at the end of March. The New York Times notes that his departure is significant because he has been the sole link to conservatives, Republicans in Congress and Wall Street. Link...

Dodd-Frank Implementation

Posted on February 10, 2011
The Senate Banking Committee will conduct a hearing on "Oversight of Dodd-Frank Implementation: A Progress Report by the Regulators at the Half-Year Mark" on Thursday, February 17, 2011. The witnesses will be: Ben S. Bernanke, Federal Reserve Board Chairman Sheila...

Will the NYSE end up in foreign hands?

Posted on February 09, 2011
Deutsche Boerse is negotiating to acquire NYSE Euronext in a deal that Reuters reports "would create the world's largest trading powerhouse and put a bastion of American capitalism into foreign hands." Today's announcement came only hours after the London Stock...

Secondary Mortgage Market Reform in 2011

Posted on February 09, 2011
Bloomberg interviewed Congressman Barney Frank about overhauling Fannie Mae and Freddie Mac. Here's a link to the interview: http://www.bloomberg.com/video/66599338/ (ag) Feb. 9, 2011, in Secondary Mortgage Market

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