Center for American Progress, Joe Valenti | May 22, 2014: “In 2009, President Barack Obama signed into law the Credit Card Accountability, Responsibility, and Disclosure Act, or Credit CARD Act. This law ended credit card industry practices in which interest rates could change at any time and in which hidden provisions enabled companies to charge significant fees without justification.… Continue Reading
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Systemic Risk and the Asset Management Industry
Douglas J. Elliott, Fellow, The Brookings Institution: “The recent devastating global financial crisis has focused policymakers on sources of risk to the financial system that could have spillover effects on the economy as a whole. This search for “systemic risk” has ranged widely, going well beyond the banks that are at the heart of the… Continue Reading
Institutions for Macroprudential Regulation: The UK and the U.S.
Donald Kohn, Brookings – Institutions for Macroprudential Regulation: The UK and the U.S. – “The U.S. and the world economy still haven’t fully recovered from the global financial crisis that provoked the worst recession since the Great Depression. Nonetheless, a lot of effort already has gone into reducing the risk that we put the world through something… Continue Reading
Policy Center: New Recommendations to Streamline U.S. Financial Regulatory Structure
“The Bipartisan Policy Center (BPC) today published a new report through its Regulatory Architecture Task Force with recommendations to make better sense of the fragmented U.S. financial regulatory system. The report is authored by the task force’s co-chairs Richard H. Neiman, former New York State Superintendent of Banks and member of the congressional Troubled Asset Relief Program (TARP) oversight panel; and Mark Olson, former… Continue Reading
The Consumer Financial Protection Bureau (CFPB): A Legal Analysis
CRS – The Consumer Financial Protection Bureau (CFPB): A Legal Analysis “In the wake of the worst U.S. financial crisis since the Great Depression, Congress passed and the President signed into law sweeping reforms of the financial services regulatory system through the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), P.L. 111- 203.… Continue Reading
The Volcker Rule: A Legal Analysis
CRS – The Volcker Rule: A Legal Analysis, David H. Carpenter, Legislative Attorney; M. Maureen Murphy, Legislative Attorney. March 27, 2014. “On December 10, 2013, more than two years after the statutorily mandated deadline, five federal financial regulators published final regulations (hereinafter, the regulations) implementing Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (hereinafter, Section 619 or the statute). Together these… Continue Reading
NACS v. Board of Governors of the Federal Reserve System – Opinion
No. 13-5270 NACS, FORMERLY KNOWN AS NATIONAL ASSOCIATION OF CONVENIENCE STORES, ET AL., APPELLEES v. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, APPELLANT. Appeal from the United States District Court for the District of Columbia (No. 1:11-cv-02075). Decided March 21, 2014. “TATEL, Circuit Judge: Combining features of credit cards and checks, debit cards have become not… Continue Reading
Federal Reserve Board announces release dates for the latest supervisory stress tests results
“The Federal Reserve Board on Tuesday announced that results from the latest supervisory stress tests conducted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act will be released on Thursday, March 20, and the related results from the Comprehensive Capital Analysis and Review, or CCAR, will be released on Wednesday, March 26.… Continue Reading
Human Rights Meets Securities Regulation
Sarfaty, Galit A., Human Rights Meets Securities Regulation (September 23, 2013). Virginia Journal of International Law, Vol. 54, p. 97, 2013. Available at SSRN: http://ssrn.com/abstract=2390192 “Recent domestic legislation is blurring the line between securities regulation and human rights law. Securities law has traditionally regulated corporate disclosure on financial information, such as income statements and investment… Continue Reading
Regulatory Reform, Stability, and Central Banking
Hutchins Center on Fiscal and Monetary Policy – Brookings – Paul Tucker Harvard Kennedy School and Business School January 16, 2014 “…Although at times preoccupied with local reform debates, the capitals of the world’s major economies confronted common issues in redrawing the rules of the road for finance. Combined with a shared desire to preserve open, global financial markets, this… Continue Reading
CRS – Shadow Banking: Background and Policy Issues
Shadow Banking: Background and Policy Issues, Edward V. Murphy, Specialist in Financial Economics, December 31, 2013. “One view of the financial crisis of 2007-2008 is that it was not centered in traditional banking. The term shadow banking “ … refers to credit intermediation involving leverage and maturity transformation that is partly or wholly outside the traditional banking system.” That is,… Continue Reading
Privacy Protection for Customer Financial Information
CRS – Privacy Protection for Customer Financial Information, M. Maureen Murphy, Legislative Attorney, January 9, 2014 “One of the functions transferred to the Consumer Financial Protection Bureau (CFPB) under P.L. 111-203, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), is authority to issue regulations and take enforcement actions under the two major federal statutes that specify conditions under… Continue Reading
