The Bond Buyer reports on resistance to House legislation that would “let big banks and swap dealers escape Dodd-Frank’s fiduciary duty provision,” relieving them of any duty to “put clients’ interests ahead of their own.”
MetLife CEO Steve Kandarian warns of dire consequences if large insurance companies are designated systemically important and deserving of special oversight. Such a move, he said, “could disrupt an entire industry just as the economy is regaining its footing.”
Ed Mierzwinski of US PIRG (also the head of AFR”s consumer protection task force) appeared on WBUR-FM with a Washington Post reporter and a Heritage Foundation fellow.
Litigation Daily’s Susan Beck nudges the probable next SEC chair to take on the rating agencies and their built-in conflict of interest.
While Republicans threaten to once again insist on weakening changes in the CFPB’s governing structure before considering a nominee for director, Richard Cordray may be winning over some elements of the banking world, according to Bloomberg.
Two and a half years after passage of the Dodd-Frank Act, two-thirds of its mandated rules have yet to be issued, and more than a hundred of its deadlines have been missed, writes Mark Gongloff of the Huffington Post. “Meanwhile, no banker has yet gone
“Mortgage servicers will face greater limits on their ability to foreclose on a borrower while simultaneously negotiating a loan modification under new rules issued by the U.S. Consumer Financial Protection Bureau,” Bloomberg’s Carter Dougherty reports. The new rules “go further” than the bureau’s first proposal
AFR Executive Director Lisa Donner talks to NPR about the importance of holding mortgage lenders accountable for unaffordable loans.
The rules… are “likely to resemble” an October draft that “extended a legal safe harbor to loans issued at prime interest rates to borrowers whose total debt-to-income ratio doesn’t exceed 43 percent.”
Fund backed by physical copper “effectively creates a corner on the market,” AFR’s Marcus Stanley tells The New Republic.