Financial Reform Conferees Hold First Public Meeting

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, June 10, 2010. House and Senate conferees opened their first public meeting on H.R. 4173, the Restoring American Financial Stability Act of 2010, with Republicans complaining of being shut out of the negotiating process. Senate Banking Committee Ranking Member Richard […]

Benefits Update – June 2010

From the editors of CCH’s BENE and BAN products, here are hot topics from recent Employee Benefits Management Directions newsletters as well as recent explanatory updates in Employee Benefits Management. Also included are recent explanatory updates to the Benefits Answers Now product. If you have any comments/suggestions concerning the information provided or the format used, […]

Senate Conferees to Financial Reform Bill Named

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, May 25, 2010. Twelve senators have been named as conferees to the conference committee on H.R. 4173, the broad overhaul of financial regulation the Senate passed last week, which now has to be reconciled with legislation approved by the House […]

Frank Says Lincoln Derivatives Proposal “Goes Too Far”

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, May 25, 2010. House Financial Services Committee Chairman Barney Frank, D-Mass., said a proposal within the Senate financial reform bill from Senate Agriculture Committee Chairman Blanche Lincoln, D-Ark., that would force banks to spin off their derivatives trading activities, “goes […]

Senate Adopts Financial Reform Legislation

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, May 21, 2010. After three weeks of debate, the Senate voted 59 to 39 May 20, 2010, in favor of a vast overhaul of financial regulation aimed at preventing a repeat of the 2008 financial crisis. The bill now has […]

Banks Post Best Quarterly Earnings in Two Years

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, May 20, 2010. The banking industry posted its best quarterly earnings in two years, as first quarter net income rose to $18.0 billion from $5.6 billion a year earlier, the Federal Deposit Insurance Corporation reported. The main factor behind the […]

Senate Votes for More Scrutiny of IMF Bailouts

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, May 18, 2010. The Senate has unanimously approved an amendment to financial reform legislation that seeks to protect U.S. taxpayers from paying for the bailouts of foreign governments. Under the amendment sponsored by Sen. John Cornyn, R-Texas, the administration would […]

Senate Votes on State AG Powers

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, May 18, 2010. Under a compromise amendment to financial reform legislation approved by the Senate May 18, 2010, state attorneys general would be allowed to enforce new rules issued by the proposed Consumer Financial Protection Agency. However, state attorneys general […]

Financial Crisis and Transparency Discussed at First Meeting of PCAOB’s Investor Advisory Group

At the inaugural meeting of the PCAOB’s Investor Advisory Group, members discussed lessons learned from the financial crisis and the establishment of the PCAOB’s Financial Fraud Resource Center. The Fraud Center is being established in response to a recommendation from the Treasury Department’s Advisory Committee on the Auditing Profession (“ACAP”) and its primary objectives are […]

SEC, CFTC Form Joint Advisory Committee

SEC Chairman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler announced the formation of a joint committee that will address emerging regulatory issues. The establishment of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues was one of the 20 recommendations included in the agencies’ harmonization report issued last year. In addition, the […]