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Tag Archive: Financial Reform

Major banks use one lobbyist to team up on Dodd-Frank

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The international law firm, Cleary, Gottlieb, Steen and Hamilton LLP, is lobbying Congress on behalf of three of the world’s biggest financial institutions regarding the derivatives market -- one of the major issues tackled by the Dodd-Frank financial reform legislation, according to disclosure forms filed this year.

A lawyer with the firm, Edward Rosen is lobbying Congress on behalf of Credit Suisse, BNP Paribas and Wells Fargo regarding the Commodity Futures Trade Commission’s (CFTC) proposal to regulate swaps dealers, increase transparency in the derivatives market and force standardized derivatives into a clearinghouse to ultimately lower the risk incurred from ...

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Financial regulation deadlines missed

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In April, federal financial agencies missed every single rulemaking deadline--26 of them--mandated by the massive Dodd-Frank financial overhaul law, according to a recent report by the law firm Davis, Polk & Wardell.

And with the year anniversary of the law's passage coming in July, a huge number of deadlines--108--are coming up this summer, many of which agencies are also likely to miss because of the huge workload. Most of these deal with the regulation of the risky derivatives market, and fall under the responsibility of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

"It has ...

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Wall Street revolver takes regulatory insight to Bank of America

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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 ...

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Bernanke is positive about economy, despite poor markets

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The Federal Reserve Chairman, Ben Bernanke, said he believes the economy will continue to grow this year despite high unemployment rates, weak job growth and an “exceptionally weak housing sector”.

In the Fed's Semiannual Monetary Policy Report to Congress, Bernanke highlighted the positive direction the economy has taken citing as evidence the real GDP's return to where it was before the financial crisis occurred.

In today’s hearing conducted by the Senate Banking Committee, the focus seemed to be on the Fed’s decision to buy securities issued by the Department of Treasury and the effectiveness of that ...

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Top financial regulators meets with industry leaders, lobbyists

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Elizabeth Warren, who has been charged with setting up the new Consumer Financial Protection Bureau, reported more meetings with individuals outside the government in December than any other Treasury official working on implementation of the Dodd-Frank financial law.

Warren, who also played an advisory role to the bank bailout oversight committee, reported 15 such meetings with a total of 204 different individuals representing a wide range of interests, from Brian Moynihan, CEO of Bank of America, to representatives of financial trade associations, to those from a long list of consumer groups, such as Consumer Federation of America and the Center ...

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Big lobbyists battle for big and small clients over Dodd Frank fee cap

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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 ...

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Conflict minerals comment period delayed under corporate and congressional pressure

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After a powerful committee chairman and several corporate interests wrote to the Securities and Exchange Commission (SEC) requesting an extension of the comment period for the agency’s proposed regulations requiring that companies disclose when they use “conflict minerals,” the agency granted the request.

The new regulations are mandated under a little-noticed provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act calling for companies using conflict minerals to disclose whether they were mined by rebels in the Democratic Republic of Congo (DRC) or neighboring countries, where metals such as gold are mined under inhumane conditions and fund war ...

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