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Tag Archives: Dodd-Frank

Federal Judge Offers Sharp Rebuke to Wall Street and Praise to the CFTC

Posted in Banks and Financial Services, In the Courts

Yesterday I wrote about how Wall Street is starting to move away from lobbying against Dodd-Frank, to actually implementing it.  Today, I find myself writing about another sign that Wall Street is losing its battle against Dodd-Frank, and this time it comes from a federal judge.  For Wall Street, used to winning in court, this… Continue Reading

Bankers and Politicians Disapprove of Dodd-Frank, but Is There Really an Alternative?

Posted in Banks and Financial Services

Following recent lawsuits, court decisions, and presidential debates, more Americans than ever are becoming familiar with the Dodd-Frank Act, which was passed in 2010 to increase the government’s ability to regulate big banks.  Many politicians and lobbyists have argued for repealing the Dodd-Frank Act, but a recent New York Times editorial poses an interesting question:… Continue Reading

CFPB “Cooperating” With Other Agencies in its Consumer Complaint Portal

Posted in Banks and Financial Services, Consumer Protection

Yesterday, Richard Cordray, Director of the Consumer Financial Protection Bureau (“CFPB”), appeared before the House Committee on Financial Services to summarize and respond to questions on the CFPB’s semi-annual report, released on July 30th and available here.  Cordray took a calm and measured approach to presenting the CFPB’s work thus far.  He highlighted the substantive… Continue Reading

SEC Approves Maximum Whistleblower Reward of 30%

Posted in Whistleblowers

It’s about time.  Under the now toddler age (2-year old) Dodd-Frank whistleblower program, the SEC finally granted an award.  Yes, an award to a whistleblower.  And the award was the maximum percentage allowed:  30% of what the SEC recovered.  And the bad news:  well what have they been doing for two years – one award? … Continue Reading

Ready, Set, Action: Why the Government Must Act Immediately Regarding Regulation of Financial Markets

Posted in Banks and Financial Services

Today government regulators from the SEC and CFTC testified before the Senate’s Banking Committee.  They came before the committee to testify about the needs of much more comprehensive regulation regarding derivative markets.  In 2010 Congress passed the Dodd-Frank reforms, which were partly aimed at wrangling in wild, out of control, derivative markets that aided the… Continue Reading

Déjà Vu, Over and Over Again

Posted in Banks and Financial Services

Has anything really changed since the financial crisis of 2008?  It seems that the too-big-to-fail banks are still too-big-to-fail.  If you are reading this now, you are obviously aware of JPMorgan Chase’s disclosure of more than $2 billion in losses last week as a result of what time and time again are referred to as… Continue Reading

The Volcker Rule Train Refuses to be Derailed

Posted in Banks and Financial Services, Consumer Protection

­­­­All aboard and full steam ahead on the Volcker Rule Train.  Next stop: Final Draft.  ETA: September, 2012? At least that’s what an article by Ben Protess and Peter Eavis predicts, citing anonymous sources with knowledge of the issue (a journalist’s best friend).  The Dodd-Frank Bill initially set a deadline of July 2012, but there… Continue Reading

Kudos to Senator Grassley: The IRS Whistleblower’s Office Worst Nightmare

Posted in Whistleblowers

Cross Senator Chuck Grassley, Iowa (R) at your own peril.  Especially on the topic of whistleblowers. Senator Grassley, who has served on the U.S. Senate for more than three decades, has been an outspoken and courageous proponent of the benefit of whistleblowers.  As a conservative, fiscally responsible public servant he understands the tremendous value—return on… Continue Reading

SEC Reveals Whistleblower’s Identity, While Dodd-Frank Inspires Whistleblowers in Droves

Posted in Whistleblowers

In Wednesday’s Wall Street Journal, Scott Patterson and Jenny Strasburg break news that the SEC accidentally revealed Peter C. Earle’s identity to his company during the investigation of his supposed-to-be-anonymous whistleblower claim.  In 2009, prior to the passage of Dodd-Frank and when whistleblowers were literally hundreds of times scarcer, Earle went to the SEC and… Continue Reading

Professional Purgatory: Beware Brave Whistleblowers

Posted in Whistleblowers

Beware, whistleblowers.  Once you attempt to point out wrongdoing, your company  will more than likely come back at you hard.  And when they do, be careful because the retaliation will be stealth-like.  Protecting whistleblowers has become a priority in the Dodd-Frank era, so they don’t berate you, or fire you, or demote you.  Instead, they… Continue Reading

The Consumer Financial Protection Bureau Folds in the Face of Pressure from Credit Card Companies (Premier Bank): Say it Ain’t So

Posted in Banks and Financial Services

The Consumer Financial Protection Bureau was at the heart of the Dodd-Frank reforms.  It was not too long ago that if you whispered the initials “C” “F” “P” “B” to leaders of banks and other financial institutions they would turn ashen-faced and fall into a cold sweat.  They bemoaned what they called the “unlimited” power… Continue Reading

“The lady doth protest too much, methinks…” – Volcker Must Be On To Something

Posted in Banks and Financial Services

It will be okay, big guys. Investment banks will allow for the liquidity you supposedly so dearly fear losing. The market will adapt and the reduced risk in the U.S. financial system will restore confidence and integrity to the markets. The economy grew for decades under the Glass-Steagall Act. Would we really be upset to see that growth again–growth all can benefit from, not just traders?

You Will Be Missed, Barney Frank

Posted in Consumer Protection

Barney Frank leaves us at a time when Washington needs him more than ever… We will miss his quick wit, outspoken courage, unconventional speaking style, and most importantly, his legacy for speaking from the heart–something we don’t get enough of in our nation’s capitol.

More Regulation, More Prosperity

Posted in Consumer Protection

At least once a week a new report comes out detailing inadequacies or improprieties by one or more of the companies involved in the housing bubble and financial crisis… While we read the reports and follow the news, the foreclosures continue, along with the unregulated credit ratings, robo-signings, and predatory lending. Nothing material about our current practices has changed.