In the past two years, JPMorgan Chase and Bank of America have donated tens of thousands of dollars to a Florida nonprofit where congresswoman Corrine Brown, D-Fla., serves on the board of directors. Yet JPMorgan disclosed this contribution in a lobbying report while Bank of America did not.
There is nothing illegal about the bank’s non-reporting, experts and the megabank say. That’s because disclosure of Bank of America’s gifts—since they came from the bank’s charitable foundation—are not mandated under a law that requires all lobbying entities to report their honorary contributions to the secretary ...
Continue readingWall Street revolver takes regulatory insight to Bank of America
One Wall Street revolver will continue a very successful post-regulatory agency career with a newly created position at Bank of America, the nation's largest bank.
Gary Lynch, who was the head of enforcement at the Securities and Exchange Commission in the 1980’s, most recently left Morgan Stanley where he was the financial giant’s vice chairman and before that an executive vice president and chief legal officer for the firm. Prior to his time at Morgan Stanley he was the chief legal counsel for Credit Suisse – an international financial services company.
Lynch will now be the global chief ...
Continue readingData lacking on overdraft fees
More than six months after new federal rules went into effect that prohibit banks from charging consumers overdraft fees unless they “opt in” to such an arrangement, government data are lacking on how this has changed banks’ bottom lines.
“This is the most expensive form of credit, and consumers most likely to use it are the most vulnerable. You’d think regulators would want to know exactly how much revenue banks are taking in,” says Jean Ann Fox, director of financial services with the Consumer Federation of America.
The federal regulations came after years of controversy over banks’ practice of ...
Continue readingBig lobbyists battle for big and small clients over Dodd Frank fee cap
As the House Committee on Financial Services readies for next week's hearings to discuss new regulations for the banking industry, lobbyists lined up to battle over the changes, extending a battle between small banks, big banks and big retailers.
In a letter submitted to Congress on Tuesday, Feb. 8, the American Bankers Association said the potential changes, "will cause severe harm to the entire banking industry and, in particular, to community-based banks and the communities they serve."
The ABA's dire warning is a response to proposed regulations by the Federal Reserve on debit card and credit card fees ...
Continue readingDaily Disclosures
A roundup of what we’re noticing in the Reporting Group as we dig into government data and disclosures: By the... View Article
Continue readingBig bailout recipients contribute to New York pols, Republican Senate aspirants
They received billions in help from the federal government to stay afloat during the worst days of the financial crisis... View Article
Continue readingRevolving Door From Capitol Hill to Big Banks
Concerned about seeing their huge profits cut, six big banks are leading the charge to weaken or block new financial... View Article
Continue readingThe bailout makes a move towards transparency
Today, in a huge win for transparency, the U.S. Court of Appeals in Manhattan ruled that the Federal Reserve Board must disclose records containing information about how it intervened to bail out banks during the financial crisis.
Since Bloomberg News filed the lawsuit in November of 2008, the Fed has claimed that if the information is released it could do more harm to the already weakened banks by stigmatizing them, thus hurting their ability to compete.
Supporters of Bloomberg’s lawsuit say the public has the right to know where their money is going. These records tell which ...
TARP Recipient Banks Need to Disclose Political Giving
Today, the Center for Political Accountability (CPA), a non-partisan group working to create transparency and accountability with corporate political spending,... View Article
Continue readingTreasury Taking a Bath on TARP
Via twitter, via Right Org, comes this very cool way of tracking the Treasury Department's Troubled Asset Relief Program investments from Ethisphere -- almost like an S&P index of stocks of publicly traded firms that have received money from TARP:
For the week ended February 13, 2009, the aggregate Ethisphere TARP Index is down a total of $86.5 billion, out of the original investment principal of $195.5 billion for a total balance of $109 billion. However, the Adjusted Ethisphere TARP Index, which excludes the calamity investments, has an aggregate loss $27.6 billion as of the week ...Continue reading
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