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Tag Archives: Volcker Rule

Witnesses Criticize, Call for Repeal of Volcker Rule

Witnesses testifying before the House Financial Services Committee Wednesday warned lawmakers that the controversial Volcker Rule could tighten bank liquidity and make U.S. financial institutions less competitive with banks overseas. Once finalized by regulators, the rule ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô unless modified or repealed by lawmakers ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô will enact a provision under the Dodd-Frank Act that prohibits U.S. banks from engaging in short-term proprietary trading practices. Douglas Elliott, a fellow with the Brookings Institution, called for an outright repeal of the Volcker Rule.

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Federal Agencies Extend Commentary Period for Volcker

Fed

Financial institutions now have more elbow room for their commentary, thanks to the decision by four federal agencies to extend commentary for a controversial rule under the Dodd-Frank Act. The FDIC, Federal Reserve, Office of the Comptroller of the Currency, and Securities and Exchange Commission acted in unison Friday by agreeing to delay commentary deadlines for the Volcker Rule, which proposes to ban short-term proprietary trading for financial institutions. The agencies will receive public commentary over the rule until February 13, 2012.

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Frank Retires, Leaving Namesake Law With Uncertain Future

Rep. Barney Frank, a liberal icon on Capitol Hill and co-author of the financial reform law that bears his name, announced that he will not seek reelection Monday. A newly redistricted area of Massachusetts ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô which he represented for 40 years ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô adds less than half a million new constituents and straddles an area with which he is unfamiliar, according to Frank. He pledged to continue his public advocacy efforts from outside the Beltway and finish his term in office. Analysts say his departure makes repeal more likely for the Dodd-Frank Act.

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Credit Unions Vie with Banks for Consumers, Mortgages

Rising debit card fees drove some 650,000 consumers to credit unions over October, with social media movements responsible for galvanizing the exodus, according to a recent survey. The Credit Union National Association laid claim to the figures in a survey for which the trade group polled some 5,000 credit unions nationwide. The ruckus over debit card fees began in September when the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós largest lenders floated the idea of an increase in monthly payments for debit-card users. This only marks the latest in a string of public relations problems.

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Bank Shares Plunge as Euro Bonds Infect MF Global

Multiple news reports faulted MF Global with fallout for stocks and shares among major lenders Monday as the New York Federal Reserve delisted the embattled securities firm. The Dow Jones industrial average spun into a 276-point tailspin to hit 11,955 points by end of day, taking with it the shares for several mortgage lenders that lifted last week when European leaders announced a bailout package for debt-ridden Greece. At least one news outlet said the downfall of MF Global lent credibility to the Volcker Rule.

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Hearing Portrays a Public Divided Over Dodd-Frank

As debate heats up about whether to repeal the Dodd-Frank Act, witnesses testifying before the House Financial Services Committee Monday appeared as divided over the issue as the general public, with some criticizing the law and others praising it. The leaders of banks and credit unions largely panned the financial regulatory overhaul, highlighting the demand for more resources and manpower in compliance issues even as regulators themselves continue to scrutinize new loans. Others said that Dodd-Frank benefited the recovery.

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OCC: Volcker Rule Will Cost Banks $1B to Comply

The recently proposed Volcker Rule will sap nearly $1 billion in revenue from the nation's banks as lenders spend more time, resources, and manpower complying with regulations, according to a recent government study. The Office of the Comptroller of the Currency estimated that the rule as drafted by the FDIC, Federal Reserve, and other federal authorities will result in expenditures totaling $100 million for state, local, and other governments. The rule continues to stir controversy following its proposal earlier this month.

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