November 24, 2008

Congress Members Critical of TARP Implementation

Lawmakers at a recent oversight hearing expressed increasing frustration over Treasury’s refusal to use any part of the $700 billion bailout package to directly stem foreclosures.

Treasury Opens CPP to Private Banks

The Treasury released the term sheet for applications to its Capital Purchase Program certain privately held financial institutions.

Senators Seek TARP Relief for Small Businesses

Three Senators have urged Treasury Secretary Henry Paulson to purchase government-backed small business loans through TARP.

November 17, 2008

TARP Redirected to Support Consumer Spending

Implementing a plan he had hatched in secret, Treasury Secretary Henry Paulson, Jr. abruptly shifted the $700 billion Troubled Assets Relief Program toward supporting consumer spending and providing capital for nonbank lenders.

Regulators Urge Banks to Loan

Federal bank regulators issued an interagency statement on November 12 emphasizing the need for all banking institutions to continue lending to creditworthy borrowers.

November 03, 2008

FTC Delays Red Flags Rule for Some

The Federal Trade Commission released an Enforcement Policy Statement that postpones enforcement of the new “Red Flags Rule” for six months, until May 1, 2009, for certain businesses subject to FTC regulation.

Congress Member, Comptroller in Spat over Bank Merger

Rep. Steven C. LaTourette and Comptroller of the Currency John Dugan have engaged in a heated exchange of opinion regarding the recent acquisition of Cleveland’s National City Corporation by Pittsburgh-based PNC Corporation.

October 27, 2008

Financial Crisis Renews “Too Big To Fail” Controversy

Industry consolidation — including government-assisted acquisitions — leads to calls to break up “too big to fail” institutions.

Paulson Explains CPP

Treasury Secretary Henry Paulson filled in some of the blanks about his department’s Capital Purchase Program (CPP) during an October 20 press conference.

ABA Wants BSA Enforcement Reform

The American Bankers Association (ABA) has released a set of recommended policy changes with regard to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) enforcement.

October 06, 2008

Market Turmoil Forces Call Report Changes

The OCC, Fed, and FDIC are seeking comments on proposed Call Report changes that they expect to phase in during 2009.

September 29, 2008

Congress Stumbles on Path to Bailout

Bringing the rival Presidential candidates into the negotiations over the financial bailout bill did not turn out well.

House Approves Credit Cardholders’ Bill of Rights

Signaling a tougher stance, the House approves a restrictive credit card bill.

September 22, 2008

Regulators Propose Changes in Goodwill

The regulatory agencies are considering possible liberalization of the rules governing banks’ treatment of goodwill on their books.

September 01, 2008

Treasury Cautioned on Tax-Exempt Bonds

A bipartisan group of House members has joined big banks in asking the Treasury to go slow on writing rules that would make it less attractive for banks to buy tax-exempt bonds.

August 11, 2008

Law Codifies Student Loan Protections

Congress recently enacted a law that parallels the Code of Conduct that New York Attorney General Andrew Cuomo developed after his investigation of the student loan industry.

August 04, 2008

FASB Grants More Time

Under pressure from legislators, federal regulators, big banks, and auditors, the FASB postponed for a year a proposed accounting rule that would force banks to put more of their assets on their balance sheets.

July 25, 2008

Frank Wants HMDA Disclosures for Business Loans

Should the law require what it now prohibits — collecting race and sex data on business loan applicants?

June 30, 2008

Minor Regulatory Relief Bill Clears House

The House passed what can only be called a minor regulatory relief bill.

House Committee Rejects Internet Gambling Relief

Despite protests from the industry and regulators, legislation requiring banks to block Internet gambling payments remains in force.

June 23, 2008

Veto Threat Targets Senate Mortgage Bill

The mortgage-relief bill that the Senate Banking Committee passed on a 19-2 vote last month isn’t as popular as first believed, especially not with at the White House.

June 16, 2008

Second Bill Targets Interchange Fees

Supplementing an earlier bill to regulate interchange fees, a Vermont Congress member has filed a bill to mandate disclosure.

Bill Would Reform Credit Reporting Agencies

Rep. Patrick McHenry (R-N.C.) has introduced the Credit Rating Agency Transparency and Disclosure Act.

May 19, 2008

Banks Block FCS Expansion

Congress has approved the omnibus farm bill without adding authority for the Farm Credit System (FCS) to inaugurate its Horizons project.

May 05, 2008

Ban Proposed for Deceptive Credit Card and Overdraft Practices

Federal regulators have proposed banning as unfair or deceptive a number of common credit card practices. The measure would also restrict overdraft-payment activities.