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Tag Archive: Finance Data Catalog

Bank fees are up, but disclosure is sorely lacking

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As banks continue to raise their fees for consumer accounts, and free checking appears to be going the way of the dodo, banks have a decidedly spotty record on clearly disclosing these fees to their customers--even though they are required to do so by law.

A survey out this week from the site BankRate.com says virtually every way a bank can charge money is up. Sixty percent more noninterest accounts carry fees and balance requirements than they did last year. ATM fees are at an all-time high for the seventh consecutive year. Maintenance fees for checking accounts have increased ...

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Law professors push for corporations to disclose political spending

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With corporate political spending--some of it secret--expected to explode in the 2012 election cycle, a group of law professors is petitioning the U.S. Securities and Exchange Commission (SEC) to make a formal policy requiring corporations to disclose such expenditures to shareholders and the public.

“Disclosure of corporate political spending is necessary not only because shareholders are interested in receiving such information, but also because such information is necessary for corporate accountability and oversight mechanisms to work,” reads the petition, which is headed by Lucian A. Bebchuk of Harvard Law School and Robert J. Jackson, Jr of Columbia Law School ...

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Comments on Dodd-Frank’s position limits rule came from petroleum marketing, airline industries

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A handful of groups--including some backed by petroleum marketing firms, airlines and unions--were responsible for the great majority of some 13,000 comment letters sent to the Commodity Futures Trading Commission about a single proposed regulation mandated by Dodd-Frank, according to an analysis by the Sunlight Foundation.

The CFTC is expected to issue a final rule, which limits how many futures contracts an investor is allowed to hold in any one security, on Sept. 22, though the agency has yet to confirm that date. The position limits rule received one of the highest number of public comments in the agency ...

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Dodd Frank: How rating agencies contributed to the financial crisis

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The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in response to the financial crisis of 2008, added new regulations and new regulators for some—but not all—of the institutions whose actions led to the crisis. Over the next several days, we’ll be taking a look at each of the major groups of contributors to the economic crisis, who the major players were, what political influence they brought to bear on Congress and regulators, how Dodd-Frank intends to regulate them, and, using our new Dodd-Frank Meeting Logs tool, what rules these groups are trying to influence as ...

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Dodd-Frank: How investment banks contributed to the financial crisis

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The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in response to the financial crisis of 2008, added new regulations and new regulators for some—but not all—of the institutions whose actions led to the crisis. Over the next several days, we’ll be taking a look at each of the major groups of contributors to the economic crisis, who the major players were, what political influence they brought to bear on Congress and regulators, how Dodd-Frank intends to regulate them, and, using our new Dodd-Frank Meeting Logs tool, what rules these groups are trying to influence as ...

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Goldman Sachs, financial firms flood agencies to influence financial law, new Dodd-Frank tracker shows

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Investment bank Goldman Sachs, one of the major players in the crisis that led to the economic meltdown of 2008, has had more meetings with government officials about the implementation of the law intended to reform the financial system than any other company or organization, an analysis of nearly a year’s worth of financial agency meeting logs shows.

The Sunlight Foundation Reporting Group has made those logs--published by five separate federal agencies--available in one location in and easy-to-search format, updated to include the most current information on contacts between officials and private interests seeking to influence federal regulators. 

Agency ...

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Dodd-Frank: Will the bill overturn decades of industry influence?

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The financial crisis had several authors--federal policies that opened the door to predatory mortgage lending, unregulated financial products, integrated firms that borrowed heavily from one another to invest in the "sure bet" of mortgage-backed securities, and hedge funds and insurers that sought to profit by mitigating risk through complex financial instruments. In the aftermath of the crisis, Congress passed and President Obama signed on July 21, 2010, the Dodd Frank Wall Street Reform and Consumer Protection Act to set new safeguards for the public, to rein in financial firms, to ensure oversight of new types of financial instruments, and to ...

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Agencies slow to provide new data required by Dodd-Frank

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One year after passing Dodd Frank Financial reform, much of the work of reforming America’s financial system still lies ahead. This is not too surprising considering the sheer size of the legislation. The law created 243 rules and requires agencies to produce 67 studies, according to Harvard Law School Forum on Corporate Governance and Financial Regulation. One-hundred-twenty-two deadlines are due between July 16 and July 21. 

The law also requires agencies to make new data from disclosures filed by financial firms public, but to do so agencies must overcome obstacles such as lack of funding and limited bureaucratic capacity ...

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One out of ten investment advisers disciplined

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Throughout his career as a broker-dealer, Anthony Gerard Manaia has been fired twice. He’s been the subject of 18 complaints by disgruntled investors, most of whom accused him of putting their money in risky investments without their knowledge.  He’s currently under investigation for his role in a scandal around offerings by a medical financing company that a federal agency has accused of misappropriating investor funds.

In July 2010 Manaia gave up his broker-dealer registration. Five months later, in January 2011, he hung out his shingle as an investment adviser. His website targets “high net worth individuals” and says ...

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Good investor data are hard to find

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In a recent report to Congress, mandated by the Dodd-Frank financial overhaul law, the SEC maintained that "because selecting a broker-dealer or investment adviser is one of the most important decisions that investors face, information to help them make this choice should be easy to find, easy to use, and easy to understand."

But if you do a simple google search for the name of your broker or investment adviser and “disciplinary action” or “fine” you are unlikely to come up with much. While the information on broker-dealers and investment advisers is all a matter of public record, you need ...

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