August 11, 2008

Law Codifies Student Loan Protections

Congress recently enacted a law that parallels the Code of Conduct that New York Attorney General Andrew Cuomo developed after his investigation of the student loan industry.

August 04, 2008

FASB Grants More Time

Under pressure from legislators, federal regulators, big banks, and auditors, the FASB postponed for a year a proposed accounting rule that would force banks to put more of their assets on their balance sheets.

July 25, 2008

Frank Wants HMDA Disclosures for Business Loans

Should the law require what it now prohibits — collecting race and sex data on business loan applicants?

June 30, 2008

Minor Regulatory Relief Bill Clears House

The House passed what can only be called a minor regulatory relief bill.

House Committee Rejects Internet Gambling Relief

Despite protests from the industry and regulators, legislation requiring banks to block Internet gambling payments remains in force.

June 23, 2008

Veto Threat Targets Senate Mortgage Bill

The mortgage-relief bill that the Senate Banking Committee passed on a 19-2 vote last month isn’t as popular as first believed, especially not with at the White House.

June 16, 2008

Second Bill Targets Interchange Fees

Supplementing an earlier bill to regulate interchange fees, a Vermont Congress member has filed a bill to mandate disclosure.

Bill Would Reform Credit Reporting Agencies

Rep. Patrick McHenry (R-N.C.) has introduced the Credit Rating Agency Transparency and Disclosure Act.

May 19, 2008

Banks Block FCS Expansion

Congress has approved the omnibus farm bill without adding authority for the Farm Credit System (FCS) to inaugurate its Horizons project.

May 05, 2008

Ban Proposed for Deceptive Credit Card and Overdraft Practices

Federal regulators have proposed banning as unfair or deceptive a number of common credit card practices. The measure would also restrict overdraft-payment activities.

April 07, 2008

Congress Questions Bear Stearns Bailout

The abrupt demise of Bear Stearns made for some gripping Capitol Hill testimony.

Treasury’s Reform Plan Angers Many

Some question why Treasury released a plan for reforming the structure of financial institution regulation now, in the middle of an economic crisis. Whatever the reasoning, the plan ran into heavy opposition.

Treasury Proposes Financial Services Reform

The Treasury Department has proposed a comprehensive blueprint for reform of the financial services industry and its regulators.

Frank Questions Internet Gambling Law

The Chairman of the House Financial Services Committee and the Federal Reserve Board agree on one thing. The current law on Internet Gambling is unworkable.

March 24, 2008

Frank Favors Regulatory Restructuring

First resolve the current crisis, the House Financial Services Committee Chairman says, then strengthen regulation to reduce systemic risk.

Student Loans in Crisis

Market turmoil threatens student loans. Congress members urge the Bush Administration to act.

March 17, 2008

Bill Would Protect Loan Modifications

If a mortgage lender or servicer agrees to modify a troubled loan (as the government is urging them to do) will the investor who owns the mortgage sue? A bipartisan duo in Congress would block such suits.

Credit Card Hearings Exclude “Victims”

The Credit Cardholders’ Bill of Rights got an airing at house hearings. Consumer and labor groups were angry when distressed borrowers were not invited to speak.

Bill Would Regulate Interchange Fees

Legislation introduced in the House would take the power to set interchange rates and terms away from credit card companies and financial institutions and give it to a new government entity.

March 10, 2008

GAO: Banks Don’t Deliver Account Disclosures

In over one-fifth of the branches the GAO dropped in on, employees could not produce the required account disclosure documents.

February 25, 2008

Student Loan Trouble Ahead

Congress members warn that student loans face securitization problems in the current financial market.

Industry Seeks Flexible FACT Act Regulation

The banking industry warned federal regulators of the need to retain flexibility in the final regulations and guidelines they adopt under section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).

February 11, 2008

“Credit Cardholders’ Bill of Rights” Proposed

While the Fed works on controversial new disclosure requirements for credit cards, some in Congress would like to go further. Several Representatives have introduced the “Credit Cardholders’ Bill of Rights.”

February 04, 2008

Stimulus Package Advances

The fiscal stimulus package sails through the House and awaits prompt Senate consideration. Trade groups seek to attach their favorites to the package.

January 28, 2008

Fed Cuts Rates; Stimulus Deal Achieved

Despite cynics’ view that Washington can never do anything, Congress, the Bush Administration, and the Federal Reserve have all responded to the deepening economic crisis in a big way.