“Last week’s Senate report on JPMorgan Chase’s ‘London Whale’ trades should have redoubled Washington’s resolve to carry out the basic derivatives safety measures of Dodd-Frank. But too many members of the House Agriculture Committee seem to have their heads buried in the sand.”
“Agencies like the CFPB only come around once in a century,” John Wasik writes on Forbes.com, citing AFR’s summary of the bureau’s work to date.
AFR’s Marcus Stanley was interviewed by Peter Barnes of Fox Business News on March 11.
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