Agencies Finalize Rules on Risk-Based Pricing Notices

Reprinted from the CCH Federal Banking Law Reporter, Jan. 20, 2010. The Federal Reserve Board and the Federal Trade Commission have finalized rules that generally require a creditor to provide a consumer with a notice when, based on the consumer’s credit report, the creditor provides credit to the consumer on less favorable terms than it […]

Fed Seeks Full GAO Review of AIG Involvement

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Jan. 19, 2010. Federal Reserve Board Chairman Ben Bernanke said the Fed would welcome a “full review” by the Government Accountability Office of all aspects of its involvement in extending credit to American International Group (AIG), Inc. In a January […]

Obama Proposes Bank Fee to Recoup TARP Funds

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Jan. 14, 2010. President Obama, citing reports of “massive profits and obscene bonuses” in the financial sector, is proposing a Financial Crisis Responsibility Fee to be imposed over a 10-year period on financial firms with consolidated assets exceeding $50 billion. […]

Wall Street Firms Acknowledge Mistakes

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Jan. 13, 2010. The heads of major Wall Street financial institutions, appearing before a commission examining the causes of the 2008 financial crisis, acknowledged that their firms had made mistakes and called for stronger regulation that balances innovation and safety. […]

White House Considering Bank Fees to Recoup Bailout Funds

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Jan. 12, 2010. The White House is considering implementing a fee on banks in an effort to recoup Troubled Asset Relief Program (TARP) funds made available to the industry during the financial crisis, administration spokesmen said. “That’s one idea that’s […]

Dodd Will Not Seek Re-Election in November

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Jan. 6, 2010. Senate Banking, Housing and Urban Affairs Committee Chairman Chris Dodd, D-Conn., announced January 6 that he will not seek re-election to the Senate this November. “This is my moment to step aside,” Dodd said, noting that “this […]