Schapiro Highlights Past Year’s and Upcoming Initiatives at PLI Conference

SEC Chair Mary Schapiro reviewed the highlights of the past year along with upcoming rule initiatives in remarks at the Practising Law Institute’s conference known as “SEC Speaks.” Schapiro reported that the agency has brought in new leaders, streamlined its procedures and reformed the way it operates. In addition to creating more effective regulation, the […]

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 […]

Benefits Update – February 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, […]

Fed’s Kohn Warns of Interest Rate Risk Exposure

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Jan. 29, 2010. Federal Reserve Board Vice Chairman Donald Kohn warned that many  banks, thrifts and credit unions may be exposed to an eventual increase in short-term interest rates, and urged institutions to install sound practices to measure, monitor and […]

Swiss Seek to Salvage UBS Agreement; IRS Expects Continued Cooperation

By George L. Yaksick Jr., CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Jan. 28, 2010. Switzerland’s executive body, the Swiss Federal Council, announced on January 27 that it intends to salvage its landmark 2009 agreement with the United States to expose alleged tax evasion by U.S. nationals. The agreement cracked […]

Senate Approves PayGo, Debt Limit Increase

By Jeff Carlson, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Jan. 28, 2010. The Senate on January 28 approved by a 60 to 39 margin legislation (HJRes45) to boost the federal debt ceiling to $14.294 trillion, a $1.9 trillion increase. Prior to final passage lawmakers narrowly approved an amendment to […]