Ernst & Young Sued for Massive Accounting Fraud

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Dec. 21, 2010. Global accounting firm Ernst & Young LLP helped Lehman Brothers Holding, Inc., conceal its true liquidity position from the public by approving the temporary removal of tens of billions of dollars of fixed income securities from Lehman’s […]

Fed Proposes Sharp Cuts in Debit Card Transaction Fees

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Dec. 16, 2010. The Federal Reserve Board released proposed standards for determining debit card interchange fees that, if adopted, would result in fees falling to over 70 percent below their 2009 average. The newly-revised fees are scheduled to take effect […]

Ohio AG to Head CFPB Enforcement Team

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Dec. 15, 2010. Ohio Attorney General Richard Cordray will head the enforcement team at the new Consumer Financial Protection Bureau (CFPB), the Treasury Department announced. Cordray, a Democrat, was defeated in his re-election bid last month. “Richard Cordray has the […]

Sen. Warner Drafting Legislation Mandating Regulatory Pay as You Go

By James Hamilton, J.D., LL.M., Principal Analyst, CCH Federal Securities Law Reporter; and CCH Derivatives Regulation Law Reporter; Co-author, Sarbanes-Oxley Manual: A Handbook for the Act and SEC Rules, Dec. 15, 2010. Senator Mark Warner, D-Va., a key member of the Banking Committee, is drafting legislation requiring federal regulatory agencies to eliminate one outdated or […]

FDIC Moves on Dodd-Frank Capital Requirements

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Dec. 14, 2010. The Federal Deposit Insurance Corp. approved an interagency proposed rulemaking establishing that the capital requirements applied to thousands of insured banks nationwide must also serve as a floor for the capital requirements of the nation’s largest banks. […]

Bachus Picked to Lead House Financial Services Committee

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Dec. 8, 2010. The House Republican Conference has chosen Rep. Spencer Bachus, R-Ala., as the new chairman of the House Financial Services Committee. Bachus will succeed Rep. Barney Frank, D-Mass., when Congress reconvenes in January. Bachus said the committee will […]

Bank of America Settles Charges of Municipal Bond Market Rigging

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Dec. 8, 2010. Bank of America has agreed to resolve federal and state charges relating to bid-rigging and other anticompetitive activity in the municipal bonds derivatives market from 1997 to 2004, the Department of Justice (DOJ) announced. Under the agreement, […]

Council Advises Shareholders to Engage on Dodd-Frank Say on Pay

By James Hamilton, J.D., LL.M., Principal Analyst, CCH Federal Securities Law Reporter; and CCH Derivatives Regulation Law Reporter; Co-author, Sarbanes-Oxley Manual: A Handbook for the Act and SEC Rules, Dec. 7, 2010. Armed with an advisory vote on executive compensation bestowed on them by the Dodd-Frank Wall Street Reform and Consumer Protection Act, shareholders now […]

Warren Talking with Wide Swath of Financial Industry Stakeholders

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Dec. 2, 2010. Elizabeth Warren, tasked with heading up the new Consumer Financial Protection Bureau, said she is talking with a wide variety of stakeholders in the financial services industry, including state Attorneys General. Speaking to the Consumer Federation of […]

Mortgage Servicers Face Substantial Investments to Improve Procedures

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Dec. 1, 2010. The mortgage servicing industry will need to make “substantial” investments in order to improve its handling of distressed mortgages and foreclosures, Federal Reserve Board Governor Daniel Tarullo told Congress. At a Dec. 1, 2010, Senate Banking Committee […]