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

FDIC Overdraft Guidance - Web Seminar

Posted on February 07, 2011
Web Seminar Tuesday, February 8, 2011 12:30PM EST | The FDIC?s new guidance on overdraft protection programs (FIL 81-2010) has left institutions, and technology vendors that support them, with many more questions than answers when it comes to implementation...

FDIC's Overdraft "Guidance"

Posted on February 06, 2011
FDIC FIL-81-2010 (Nov. 24, 2010) presents nine "supervisory expectations" that will be difficult to implement. The effective date is July 1, 2011. One of the most controversial "expectations" is the requirement to monitor for excessive consumer use of an automated...

SAFE Act Mortgage Loan Originator Registration Begins

Posted on February 05, 2011
REGULATORY COMPLIANCE ALERT: The federal banking agencies (FRB, FDIC, OCC, OTS, NCUA, and the Farm Credit Administration) issued a press release announcing that the Nationwide Mortgage Licnesing System and Registry is now accepting registrations of mortgage loan originators as required...

JP Morgan and the Madoff Scandal

Posted on February 04, 2011
Irving Picard, the trustee seeking to recover funds for victims of the Madoff ponzi scheme, has filed suit alleging that JP Morgan Chase was "thoroughly complicit" and "at the very center of that fraud." Link to WSF Story: http://online.wsj.com/article/SB10001424052748703652104576122300990479090...

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SEC and Its Accounting Issues

Posted on February 04, 2011
SEC Chairman Mary Schapiro wants 800 additional employees to execute the SEC's Dodd-Frank responsibilities. However, the New York Times reports that "the guarantor of the soundness of financial markets fails at basic accounting." Since 2004, when the SEC began producing...

SIGTARP Speaks About Too Big To Fail

Posted on February 03, 2011
Neil Barofsky, Special Inspector General for the Troubled Asset Relief Program (TARP), spoke tonight on CNBC, noting that we have not adequately addressed the "Too Big To Fail" problem. The largest financial institutions in the U.S. economy have instead become...

SEC's New Executive Compensation Rules

Posted on February 01, 2011
On January 25, 2011, the SEC adopted rules implementing Dodd-Frank provisions that address shareholder approval of executive compensation and "golden parachutes." Newly adopted rules are: Rule 14a-21(a), governing shareholder advisory votes on executive compensation or "Say on Pay" votes, Rule...

Treasury's Inspector General Answers Congressional Questions About the Consumer Financial Protection Bureau

Posted on January 31, 2011
In a letter to House Financial Services Chairman Spencer Bachus and Congresswoman Judy Biggert, who chairs the House Financial Services Committee Subcommittee on Insurance, Housing & Community Opportunity, the Treasury Department's Office of Inspector General (OIG) has answered questions about...

Dow at 12,000 Briefly

Posted on January 29, 2011
The Dow Jones Industrial Average inched above 12,000 for the first time since June 2008 and then dropped back this week. Some suggest a "State of the Union bump," but the stock market if not the economy in general is...

Federal Open Market Committee Statement From This Week's Meeting

Posted on January 29, 2011
The Federal Open Market Committee (FOMC) of the Board of Governors of the Federal Reserve System issued its Statement from the meeting this week. Economic measures and information since the last FOMC meeting in December 2010 present little new news:....

Economic Crisis Threatens the Euro and the European Union

Posted on January 27, 2011
Princeton economics professor and Nobel Prize winner Paul Krugman discussed the "Economic Failure of the Euro" on NPR this week. Ireland, Greece, Portugal, and Spain are weak links in the European Union, struggling with deflation and high unemployment...

Financial Crisis Report

Posted on January 27, 2011
The Financial Crisis Inquiry Commission has issued its report but the analysis is nothing new and Republican members of the bipartisan commission have issued a dissenting response. Furthermore, the window of opportunity for meaningful Congressional response to the crisis with...

World Economic Forum Looks to China

Posted on January 24, 2011
For the World Economic Forum meeting in Davos, Switzerland, this week, "China's Role in World Recovery" is a hot topic. Link: http://www.weforum.org/ (ag) Jan. 24, 2011, in Economy,Global Markets

Acting Comptroller Discusses Basel III

Posted on January 24, 2011
Acting Comptroller of the Currency John Walsh discussed what he called "the two most significant policy initiatives completed during 2010": Tthe Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III capital framework during a speech at the...

Big Bank Trading Revenues Hit All Time High

Posted on January 23, 2011
Bloomberg News reporters Shannon Harrington and Matthew Leising report on brokers leaving small boutique firms and returning to work at the big bank trading operations. They note that: "Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup and Morgan Stanley...

Reexamining Compensation Structure for Mortgage Servicers

Posted on January 21, 2011
The Federal Housing Finance Agency (FHFA), has directed secondary mortgage market GSEs Fannie Mae and Freddie Mac to work with FHFA and the Department of Housing and Urban Development (HUD), to consider alternatives for mortgage servicing structures and servicing compensation...

Financial Stability Oversight Council Study on Concentration

Posted on January 21, 2011
This week, the Financial Stability Oversight Council (FSOC) released its "Study and Recommendations Regarding Concentration Limits on Large Financial Companies." FSOC was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act to identify and address systemic risk in...

Optimism for Community Banks

Posted on January 18, 2011
The American Banker reports optimism about community banks in advance of the 4th quarter financials that will soon be coming in. According to today's article, industry analysts believe that credit quality at community banks could be getting better because many...

Banks Sell Advertising to Appear in Online Banking Accounts

Posted on January 17, 2011
Seeking to generate revenue, banks are beginning to sell advertising to outside businesses such as McDonalds or Macy's. Then if you use your debit card to pay, a coupon will pop up. Banks say that customer account information will remain...

Bernanke Sees Economic Recovery

Posted on January 12, 2011
In testimony before Congress last week, Federal Reserve Chairman Ben Bernanke said, "We have seen increased evidence that a self-sustaining recovery in consumer and business spending may be taking hold." He did say that it would take four to five...

New Overdraft Rules

Posted on January 12, 2011
The American Banker reports that: "The FDIC?s new guidance on overdraft protection programs (FIL 81-2010) has left institutions, and technology vendors that support them, with many more questions than answers when it comes to implementation. Sources say more clarification from...

Goldman Sachs Releases Report Commissioned After SEC Lawsuit

Posted on January 11, 2011
Reuters reports that Goldman Sachs released a self-study report it commissioned after the SEC sued the company for placing its own interests above investors and selling mortgage bonds without full disclosure. According to the article: Goldman "pledged to be more...

Federal Reserve Inflation Hawks

Posted on January 11, 2011
CNN Money reports on "The Attack of the Inflation Hawks." The Federal Reserve's Open Market Committee includes four regional Federal Reserve Bank Presidents, who rotate onto the committee. FROM CNN: "This year, three of the four voting positions go to...

Holly Petraeus to Head CFPB's Office of Servicemember Affairs

Posted on January 10, 2011
Holly Petraeus has been named head of the Consumer Financial Protection Bureau's new Office of Servicemember Affairs. She recently served as Cirector of the Better Business Bureau?s Military Line program, a partnership with the Department of Defense Financial Readiness Campaign...

State Financial Institution Regulators Cooperate With Consumer Financial Protection Bureau

Posted on January 10, 2011
The Conference of State Bank Supervisors (CSBS) has signed a Memorandum of Understanding with the Consumer Financial Protection Bureau (CFPB). This agreement will establish a foundation for coordination among state and federal supervisors of consumer financial products and services...

B of A and Ally Settle with Fannie & Freddie

Posted on January 09, 2011
Since the first of the year, the Federal Housing Finance Agency (FHFA) has approved three separate agreements reached by Fannie Mae and Freddie Mac with two counterparties ? Ally Financial and Bank of America ? to resolve claims based on...

US Bancorp & Wells Fargo Lose a Significant Mortgage Foreclosure Case

Posted on January 07, 2011
Two major lenders lost a key case in Massachusett's highest state court. Stock prices for US Bancorp and Wells Fargo fell in response to this loss. The case was not all bad news for the banks and other financial institutions....

Investment Banking & Facebook

Posted on January 06, 2011
USA Today reports that Goldman Sachs has invested $500 Million in Facebook. The deal estimates Facebook's market value at approximately $50 Billion, topping that of Nike, eBay, and Time Warner. (ag) Jan. 5, 2011 (9:50 p.m. in San Francisco), in...

FOMC Minutes for December 14th Meeting Are Available Today

Posted on January 04, 2011
Federal Open Market Committee (FOMC) minutes for the Dec. 14, 2010, meeting are now available on the Federal Reserve website. Minutes always include staff review of the economy which provides background for the FOMC decision regarding target federal funds rate...

Enjoying Cable Cars and Great Weather

Posted on January 04, 2011
I'm in San Francisco this week for the American Association of Law Schools (AALS) Conference. It's a welcome change from Minnesota snow and ice. I'm looking forward to seeing my colleagues with the Financial Institutions Section -- always a source...

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