Isn’t that nice?
May 24, 2010 | federal legislation, industry | Comments (0)Wall Street breathes a sigh of relief over bill. From The New York Times:
Despite the outcry from lobbyists and warnings from conservative Republicans that the legislation will choke economic growth, bankers and many analysts think that the bill approved by the Senate last week will reduce Wall Street’s profits but leave its size and power largely intact. Industry officials are also hopeful that several of the most punitive provisions can be softened before it is signed into law.
Though there is anger in some quarters, other financial executives seem resigned to the changes, acknowledging that after the industry’s excesses set the stage for the deepest recession since the 1930s, there were bound to be major reforms.
Next step
May 24, 2010 | federal legislation, industry | Comments (0)Conferees will be appointed today. Over the next few weeks they will try to develop a compromise bill. The “conference report” will need to be brought back to the House and Senate for final approval.
What’s to be worked out
May 24, 2010 | federal legislation, industry | Comments (0)The Hill discusses the differences between the House and Senate financial reform bills.
What’s it all mean?
May 22, 2010 | federal legislation, industry | Comments (2)Received this comment:
So..what does all this mean for the industry? Since Hagan’s amendment didn’t make it, we are out of the woods for now, or is there something else nestled deep in the bill? We are all aware of the Consumer Protection Agency having potential jurisdiction over pdl’s, but is that it??? I heard a few rumblings about a national database and rollover restrictions, but is that just gossip about the Consumer Protection Agency?
Excellent questions. We don’t even know if there will be a Consumer Protection Bureau (within the Fed) or a stand alone Agency. That has to be worked out between House and Senate negotiators. Either will have some type of jurisdiction over payday lending. It’s been the vagueness of this jurisdiction that has concerned the industry from day one. Way premature to know whether a national database will be created or rollover restrictions will be part of it. After the House and Senate negotiators work out a final bill, there will be an accompanying “conference report” (none legislative language that explains the bill). Perhaps that will give us clarity.
Comment of the Day
May 22, 2010 | Uncategorized | Comments (0)Mr. Pundit, you are the greatest! But, come on — wiped out? Wimp
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Rest up. We will sure need you the next few weeks.
Lots of coverage
May 22, 2010 | federal legislation, industry | Comments (0)Reporters are finally getting into the details of the legislation and how it will affect each industry:
The big hammers are aimed at titans who tanked the economy, but the package tries to prevent a repeat of the trouble people got into as mortgages got too big, credit card interest shot up and other financial products turned out to be more expensive than advertised.
Among major provisions are the creation of a new agency that would monitor consumer financial products, requirements that complex financial instruments called derivatives be traded on exchanges, prohibitions against trading with a bank’s own capital and procedures for winding down failing complex institutions.
The most obvious remaining uncertainty involves the nation’s 18,000 or so car dealers, who had mounted a vigorous campaign to be excluded from the new agency’s oversight. The dealers, who swarmed Capitol Hill to make their case, maintained that they simply facilitate car loans on behalf of financial institutions and therefore should be exempt.
Dodd and Frank to the Oval
May 21, 2010 | federal legislation, industry | Comments (1)Senator Chris Dodd and Congressman Barney Frank will be meeting with the President at 11:30 to discuss financial reform.
Light blogging today
May 21, 2010 | federal legislation, industry | Comments (3)I’m wiped out. I’ll do updates if I hear of anything industry specific that I think you’d want to know. Have a great weekend!
Senate bill is consider tougher
May 21, 2010 | federal legislation, industry | Comments (0)From The Hill:
The bill emerging from the Senate is tougher in many respects than the legislation the House passed in December, after Obama first proposed a series of regulatory reforms in June 2009.
That’s something of a surprise, since the hard edges of House legislation in the past have been softened by the Senate, where a super-majority of 60 votes is needed for procedural votes.
Fraud charges filed by the Securities and Exchange Commission against Goldman Sachs as the Senate began its debate, however, created a tougher atmosphere for banking lobbyists hoping to win changes to the bill.
“I’m still sort of shocked where we’ve gone,” said Sen. Bob Corker (R-Tenn.), who spent weeks in private negotiations with Senate Banking Committee Chairman Chris Dodd (D-Conn.) in an unsuccessful effort to strike a bipartisan bill.
Biased story of the year
May 21, 2010 | federal legislation, industry | Comments (0)I can make this prediction even as early as May. The Los Angeles Times is unhappy the financial reform bill wasn’t more restrictive on payday lending.
