President Set to Create Bipartisan Fiscal Commission

By Paula Cruickshank, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Feb. 18, 2010. President Obama on February 18 will sign an executive order to create a bipartisan commission on deficit reduction.  The president has selected former Wyoming Republican Senator Alan Simpson and Erskine Bowles, former White House Chief of Staff […]

Corker Says Standalone Consumer Protection Agency a “Nonstarter”

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Feb. 16, 2010. A standalone financial consumer protection agency is a “nonstarter,” according to Sen. Bob Corker, R-Tenn., tapped by Senate Banking Committee Chairman Chris Dodd, D-Conn., to lead negotiations on the Republican side. Corker said February 12 that consumer […]

Dodd Turns to Corker after Reaching Impasse with Shelby

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Feb. 11, 2010. Senate Banking Committee Chairman Chris Dodd, D-Conn., said February 11 that he will work with committee member Sen. Bob Corker, R-Tenn., to negotiate an overhaul of financial regulation. The statement follows Dodd’s previous announcement that he and […]

European Parliament Rejects SWIFT Interim Agreement

By J. Preston Carter, J.D., LL.M., Editor, CCH Federal Banking Law Reporter, Financial Privacy Law Guide, State Banking Law Reporter and Bank Digest, Feb. 11, 2010. The European Parliament, on Feb. 10, 2010, voted 378-196 to reject the interim agreement between the European Union and the United States on the processing and transfer of Financial […]

Mortgage Modification Program Guidance Updated

Reprinted from the CCH Federal Banking Law Reporter, Feb. 5, 2010. The Treasury Department has issued updated guidance on the documentation requirements for the Home Affordable Modification Program that is intended to make it easier to convert trial modifications into permanent modifications. The new guidance requires that certain key documents, including income verification, must be […]

Wall Street Firms Criticize Volcker Rules, Dodd Sees Challenges

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Feb. 4, 2010. Wall Street firms voiced criticism with the administration’s recently announced Volcker Rules, while Senate Banking Committee Chairman Chris Dodd, D-Conn., said finding a way to implement the proposals is “no easy feat.” At a Feb. 4, 2010, […]

Obama Outlines Small Business Lending Fund

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Feb. 3, 2010. President Obama outlined his proposal to transfer $30 billion of Troubled Asset Relief Program (TARP) funds that were repaid by the nation’s largest banks into a new program to support small business lending. “This will help small […]

Dodd Expresses Strong Support for Volcker Rule

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Feb. 2, 2010. Senate Banking Committee Chairman Chris Dodd, D-Conn., expressed strong support for President Obama’s recent proposal that would block any bank from owning, investing in or sponsoring a hedge fund or private equity fund, or from participating in […]

Frank Sees Financial Reform Bill Signed this Spring

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Feb. 1, 2010. House Financial Services Committee Chairman Barney Frank, D-Mass., predicted that the Senate will complete work on a financial regulatory reform bill by March, and that President Obama will sign a “pretty good financial reform package sometime this […]