Americans for Financial Reform – Letters to Regulators: 17 Organizations Comment on CFPB Request for Information Regarding Consumer Access to Financial Records, February 21, 2017. “…Thank you for this opportunity to respond to the Consumer Financial Protection Bureau’s (“CFPB”) request for information regarding consumer-permissioned access to financial account and account-related data in usable electronic form.… Continue Reading
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Search Results for: Dodd-Frank
The Worst (and Best) Banks of 2016 – Data & Report
“After the 2008 financial crisis, everyone seemed to love to hate the financial sector. Working at a bank was no longer so glamorous and mountains of regulation was written for the protection of consumers. In July 2010, Congress passed and President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Included in Dodd-Frank… Continue Reading
New blog on financial regulatory reform
“President-Elect Trump’s transition website promises to “dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.” To help our clients keep up with the reorientation of the financial regulatory framework, Davis Polk is launching a new blog, FinRegReform.com. Our most recent entry on the blog is our memorandum… Continue Reading
Agencies Post Public Sections of “Targeted Submissions” for Eight Firms
“The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Tuesday posted the public portions of the required “targeted submissions” for the eight systemically important, domestic banking institutions. To foster transparency, the agencies required all of the firms to file a public portion of their targeted submissions. In April of this year, the… Continue Reading
GAO Reports – Army Patriot Modernization, SEC Conflict Minerals Rule
Patriot Modernization: Oversight Mechanism Needed to Track Progress and Provide Accountability, GAO-16-488: Published: Aug 25, 2016. Publicly Released: Aug 25, 2016: “While the currently fielded version of the Army’s Patriot surface-to-air missile system is an improvement over prior versions, the Army currently plans to spend about $2.9 billion between fiscal years 2013 and 2021 on… Continue Reading
Small-Business Financing after the Financial Crisis: Lessons from the Literature
Working paper – Small-Business Financing after the Financial Crisis: Lessons from the Literature, Stephen Matteo Miller, Adam J. Hoffer, David Wille. Aug 23, 2016. “Small businesses feature prominently in the US economy because they employ about 50 percent of the workforce and pay about 50 percent of American wages. Also, small businesses are often a… Continue Reading
Regulated Institutions to Submit Self-Assessments of Diversity Policies and Practices
“The federal banking agencies today provided information on how the financial institutions they regulate may begin to submit self-assessments of their diversity policies and practices as of year-end 2015, and issued Frequently Asked Questions (FAQs) about the process. Financial institutions are strongly encouraged to disclose on their websites their diversity policies and practices, as well… Continue Reading
Agencies Invite Comment on Proposed Rule to Prohibit Incentive-Based Pay that Encourages Inappropriate Risk-Taking in Financial Institutions
“Six federal agencies are inviting public comment on a proposed rule to prohibit incentive-based compensation arrangements that encourage inappropriate risks at covered financial institutions. The deadline for comments on the proposed rule, which was submitted for publication in the Federal Register, is July 22, 2016. Section 956 of the Dodd-Frank Wall Street Reform and Consumer… Continue Reading
Federal Reserve Board proposes rule to support U.S. financial stability by enhancing the resolvability of very large and complex financial firms
“The Federal Reserve Board on Tuesday proposed a rule [May 3, 2016] to support U.S. financial stability by enhancing the resolvability of very large and complex financial firms. The proposal would require U.S. global systemically important banking institutions (GSIBs) and the U.S. operations of foreign GSIBs to amend contracts for common financial transactions to prevent… Continue Reading
A Peek behind the Curtain of Bank Supervision
Liberty Street Economics Blog: “Since the financial crisis, bank regulatory and supervisory policies have changed dramatically both in the United States (Dodd-Frank Wall Street Reform and Consumer Protection Act) and abroad (Third Basel Accord). While these shifts have occasioned much debate, the discussion surrounding supervision remains limited because most supervisory activity— both the amount of… Continue Reading
Agencies Announce Determinations Provide Feedback on Resolution Plans of 8 Systemically Important, Domestic Banking Institutions
Federal Reserve news release: “The Federal Deposit Insurance Corporation and the Federal Reserve Board on Wednesday jointly announced determinations and provided firm-specific feedback on the 2015 resolution plans of eight systemically important, domestic banking institutions. The agencies have jointly determined that each of the 2015 resolution plans of Bank of America, Bank of New York… Continue Reading
The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress
Written Testimony of CFPB Director Richard Cordray Before the Senate Committee on Banking, Housing, and Urban Affairs By Richard Cordray, April 7, 2016. “Chairman Shelby, Ranking Member Brown, and Members of the Committee, thank you for the opportunity to testify today about the Consumer Financial Protection Bureau’s Semi-Annual Report to Congress. I appreciate our continued… Continue Reading
