Financial Services

The House Financial Services Committee approved by voice vote H.R. 1965, sponsored by Rep. Jim Himes (D-Conn.). H.R. 1965 would raise the bank shareholder threshold for SEC registration from 500 to 2,000. The threshold has not been adjusted since

The Labor Department has withdrawn a proposal to raise the standards that apply to financial professionals when they advise retirement plans — Individual Retirement Accounts, 401(k) plans, and the like. Under the withdrawn proposal, advisors wou

More than one-third of all U.S. households have used alternative financial services — nonbank money orders, nonbank check cashing, payday loans, pawn shops, rent-to-own stores, or refund-anticipation loans. This fact is among many newly derived

Ahead of the law’s deadline, BofA said it would stop honoring overdrafts — and stop charging a fee for the service.

Treasury Secretary Timothy Geithner was subjected to a verbal pummeling by members of a House committee looking into the AIG rescue.

Treasury says it saved the taxpayers a lot of money.

A government report suggests that big merchants’ gripes about credit card transfer fees are highly exaggerated at best.

Comments are due January 25.

Even prime credit card borrowers can expect higher interest rates and reduced credit limits.

Conventions are always fun events, but more excitement that usual ensued when labor and consumer groups sponsored an anti-bank rally at the American Bankers Association convention in Chicago.

The financial services industry opposes President Obama’s push for an independent Consumer Financial Protection Agency. But the proposal enjoys strong support from other sources.

Proposed legislation would regulate OTC derivatives.

The ABA released a white paper urging caution in changing the accounting rules for financial instruments.

The whirlwind of Truth in Lending revisions continues. The Fed amended Reg. Z to revise the disclosure requirements for private education loans.

Treasury’s nascent warrant-repurchase program treats small and large banks differently.

The Obama Administration has proposed legislation that would require all advisors of hedge funds and other private pools of capital to register with the SEC.

The SEC has proposed requiring public companies receiving money from TARP to provide a shareholder vote on executive pay in their proxy solicitations.

Settlement includes civil money penalties.

The agency says Certified Development Companies can now make loans to help small businesses refinance certain existing debt.

Treasury says the ten are now free to return $68 million to the Treasury.