FDIC Under Scrutiny For Not Announcing Settlements

By: Tuesday March 12, 2013 8:06 am

The Federal Deposit Insurance Corporation (FDIC) has been complying with a “no press release” clause added to its settlements by banks that break the law. The clause is added to keep the regulator quiet on reputation damaging legal settlements. Typically settlements are announced by regulators in hopes of deterring would be law breakers but the [...]

Merkley, Levin Call Out Obstructionist Regulators Holding Up Volcker Rule

By: Thursday October 25, 2012 10:43 am

Almost four months after the deadline passed on finalizing the Volcker rule, the firewall on most types of proprietary trading set up between investment and commercial banks, the regulators tasked with writing the rule are no closer to a resolution. The Treasury Department last promised that the rule would get written by the end of [...]

Sheila Bair Changes Media Narrative on Housing Policy

By: Wednesday September 26, 2012 11:41 am

It turns out that a whole bunch of observers can scream their collective heads off about Obama Administration housing policy for three-plus years, to almost no avail, but it takes one person with foreknowledge in the room to get the herd to nod their heads sagely. I took a look at Sheila Bair’s new book [...]

Banks Charging “FDIC Fees” Against FDIC Wishes

By: Friday August 24, 2012 6:58 am

What we’ve learned over the past few years is that banks base a large segment of their profits on their ability to flat-out rip off their customers. Here’s a great example, courtesy McClatchy. Banks have been charging their business customers what is labeled an “FDIC fee,” presumably to recoup costs from the deposit insurance fund [...]

Banks Release Living Wills for Contingency of Winding Down Their Firms

By: Thursday July 5, 2012 6:57 am

As part of Dodd-Frank, systemically important financial institutions (SIFIs) had to put out “living wills” that explained how they would wind themselves down with the least overall disruption in the event of their failure. This was a contested proposition in Dodd-Frank, because many made the compelling point that a megabank with important connections all over [...]

FDIC: Banks Enjoy Highest Quarterly Profits Since 2007

By: Thursday May 24, 2012 11:36 am

There’s a credible school of thought that you can determine whether or not banking industry reforms like Dodd-Frank are working by whether or not industry profits have slowed. Well, the FDIC has your answer: Bank profits in the first quarter of 2012 reached their highest quarterly income levels in nearly five years, a federal banking [...]

JPMorgan Ignored Risks in Pursuing Fail Whale Trade

By: Tuesday May 15, 2012 8:15 am

One thing to understand about the Fail Whale debacle at JPMorgan Chase is that there were lots of warning signs. The trades were public knowledge for over a month; in fact, that’s part of the reason they failed so spectacularly, as hedge funds got wind of the trades and started taking the other side of [...]

FDIC’s New Resolution Authority Rules Would Still Have to Be Triggered By Others

By: Thursday May 10, 2012 11:35 am

The FDIC has put together a new format for how they would wind down a systemically important financial institution that got itself into trouble. This is part of the resolution authority granted by the Dodd-Frank financial reform law. When the next crisis brings a major financial firm to its knees, U.S. regulators will seize the [...]

Recapping Thursday Action in Congress – There Was Some!

By: Friday March 30, 2012 6:21 am

Let’s briefly recap Congress’ busy day yesterday, as they head out for a two-week recess (Spring Break ’12 Cancun?): • I already mentioned the passage of the Paul Ryan budget. If you believe that politics have anything to do with policies, it is confounding for House Republicans to mostly walk the plank again, passing a [...]

The Broken Regulatory State

By: Monday February 27, 2012 8:15 am

If anything, the foreclosure fraud settlement has shown a breakdown in the ability of regulatory agencies to deal with the aftermath of fraudulent conduct. They simply have no ability to offer a regulatory response that’s commensurate with the behavior. If the behavior does lead to a negotiated settlement, then it comes with unsatisfying “neither admit [...]

Financial, Labor Regulators Would be Crippled Without Key Appointments

By: Monday December 19, 2011 10:58 am

The recess appointment fight nominally only concerns Richard Cordray, the nominee to run the Consumer Financial Protection Bureau. Republicans want to block his confirmation because they stop the agency from gaining regulatory powers over non-bank financial institutions if they remain without a director. So they’re using the nomination fight as a proxy to force changes [...]

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