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NEWS ABOUT: Dodd-Frank

JPMorgan Chase Pushed for Trading Loophole

What could possibly go wrong?

(Newser) - Jamie Dimon and other top executives at JPMorgan Chase personally pushed for loopholes in the nation's new regulatory laws allowing for the type of risky trading that resulted in the bank's new $2 billion loss , reports the New York Times . In fact, one meeting in February between bank... More »

Shareholders to Citi CEO: No $15M Payday for You!

'There's good pay, and there's obscene pay'

(Newser) - Do you think Citigroup CEO Vikram Pandit deserves to make $15 million? Neither do Citi's shareholders, who yesterday voted against a proposed pay package for the company's top five executives that would have given Pandit that payday, the New York Times reports. It's one of the few... More »

Bank of America Readying New Fees

Will likely drive off free checking customers

(Newser) - The public relations disaster that was Bank of America's plan to charge customers monthly debit card fees was apparently so much fun that bank execs can't wait to try it again: In what the Wall Street Journal calls a sign of "stresses" in the banking industry, BofA... More »

Fed Rule Writing Shrouded in Secrecy

Public meetings are rare, and dissent isn't disclosed

(Newser) - The Federal Reserve has been busily rewriting the rules of the financial system for years now, and it's been doing almost all of it behind closed doors. The Fed has held 47 votes on new regulations since Dodd-Frank was passed in July 2010, and only two of those were... More »

Hey, Wall Street: Shut Up About Bonuses

Matt Taibbi says bankers are still overpaid

(Newser) - Matt Taibbi was incredulous when he read a recent New York piece in which Wall Street denizens whined that Dodd-Frank was limiting their bonuses. "I watch what I spend," one banker lamented, "but my girlfriend likes to eat good food," which adds up fast. "Quelle ... More »

Feds Test Simplified Credit Card Agreement

Short form in plain English could become industry standard

(Newser) - The government's consumer finance watchdog has created a credit card agreement that's five times shorter than usual and written in plain English. The Consumer Financial Protection Bureau is asking for the public's feedback on the prototype, which can be viewed here . The agreement is just over 1,... More »

What Wall Street Reform? 77% of Deadlines Blown

Bureaucracy, opposition threaten to derail Dodd-Frank altogether

(Newser) - It's been 15 months since the Dodd-Frank financial reform bill was passed, but so far the federal agencies responsible for implementing the bill have missed 77% of the rule-making deadlines, reports Politico . But officials are divided on what the delay means: Some Democrats think Republicans are stalling in hopes... More »

Barney Frank Ridicules 'Outlandish' Gingrich

Former speaker should be blaming Republicans for financial mess, he says

(Newser) - Barney Frank is still firing back at Newt Gingrich's suggestion that Frank and Chris Dodd be jailed because of their roles in the financial mess. In a new statement, Frank reminds Gingrich that Republicans ran the show in Congress from 1995 to 2006, and he says the GOP did... More »

BofA CEO: We Have a Right to Make a Profit

'Our customers will understand' $5 debit card fee

(Newser) - Bank of America CEO Brian Moynihan defended his bank’s controversial new $5 debit card fee in a CNBC interview yesterday, saying that most customers would avoid it, and that the bank had given customers plenty of warning about it. Asked to respond to President Obama’s statement that banks... More »

Geithner on BofA Fees: We Will Prevail

Treasury secretary slams new debit card charges

(Newser) - Tim Geithner joined President Obama in railing against Bank of America last night on CNN , promising that the White House will get tougher in the fight against new fees. The Obama administration is "going to push back harder,” said the Treasury secretary, who noted that the $5 monthly... More »

Citi Goes Wild With Credit Card Offers

Have they sent you one yet?

(Newser) - Citigroup is moving aggressively to expand its credit card business, hoping to capitalize on rivals who are toning down their efforts in the area. The bank sent out a whopping 346 million card offers to North American customers in the third quarter alone—which, the Wall Street Journal observes, is... More »

Banks Jack ATM Fees, Blame Reform

Chase is experimenting with a $5 fee for non-customers

(Newser) - If you’re far from an ATM belonging to your own bank, brace yourself to shell out a few bucks. Banks across the country are hiking ATM fees, Credit.com reports. Chase, for example, is charging non-customers $5 to use their ATMs in an Illinois pilot program—and that’s... More »

Very Quietly, GOP Looks to Repeal Financial Reform

But Dodd-Frank law is more popular with public than health care

(Newser) - When House Republicans began efforts to repeal Obamacare, they did so with much fanfare. Not so for their efforts to repeal another major Obama effort: the financial reform Dodd-Frank law. Republicans quietly took the first step toward repeal yesterday, introducing the first five bills targeting Dodd-Frank at a lightly attended... More »

Democrats Break Financial Reform Filibuster

Scott Brown, Olympia Snowe and Susan Collins cross party line

(AP) - Congress is all but guaranteed to pass the most sweeping financial regulatory reform since the Great Depression this afternoon. In the early session this morning, the Senate voted 60-38 to end debate on the Dodd-Frank bill, setting up a final vote that is scheduled for 2pm this afternoon. Republicans could... More »

Byrd's Death Sets Back Financial Reform

Scott Brown and Susan Collins wavering

(Newser) - Robert Byrd is dead, and the financial reform bill might not be far behind. Byrd’s demise comes just days after the Senate and House had hammered out a final version of the legislation, and dashes hopes that it could be voted on this week. West Virginia’s Democratic governor... More »

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