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Changing Financial Regulations

UNITED STATES
Banking and Financial Industry Regulatory Reforms

Updated January 2011 -

For almost three years the global banking and financial sectors have been in turmoil or entering the “recovery” stage.  Thanks to excessive risk-taking by boards and senior management of the major financial services holding companies, the damage has also spread far beyond the financial services sector and helped TO plunge the US and other countries’ economies into the Great Recession.

 

During the presidential election campaigns of 2008, and throughout 2009 and 2010 the political and public policy dialogue has revolved around increasing financial regulation and oversight reform.  To help make certain that “this will never happen again,” the US Congress, the Obama White House, new cabinet secretaries, investors, issue advocates & activists, and others have been busily prescribing financial services and banking regulation remedies.

 

After months of deliberation, “financial reform” is now the Law of the Land – the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed by the US Senate and the House of Representatives signed by President Barack Obama on July 21, 2010. 

 

The process moves on to the work of various regulatory agencies for creation of the rules and regulations that will make the legislation a workable oversight of the operation of the entire US financial system. The rule-making will stretch out well into 2011…and perhaps beyond.  It could be many months before the new laws are finally implemented through specific rules, regulations and guidelines. Already efforts are underway to undermine the Dodd-Frank provisions.

 

In the United States, the financial service organizations and bank holding companies have been closely watching the proposed statutes and regulatory rulemaking and lobbying to make sure that their voice is heard.  Those efforts continue into the arcana of the rule-making process.

 

Once the Rules of the Road are finally established we will see how these will be applied and the impact they will have on the operations, profitability and competitiveness of the American financial system at home -- and in the world marketplace.  While the European Union and member-states are also discussing various financial reforms and enacting some new laws and regulations, these have yet to achieve the level of comprehensive reforms adopted in the US through Dodd-Frank.

 

President Barack Obama said on January 8, 2009 that he would propose a “substantial overhaul of the US financial regulatory system, which “needs to be updated to the meet the needs of the 21st Century.”  Having said that, the Dodd-Frank reform legislation was more a creation of the Congress than the Administration, making it subject to all the rigors of lobbying from myriad perspectives.

 

Stay Tuned – Many questions are unanswered:  How will the coming moves affect investors…analysts…asset managers…corporate boards…”C” suite executives…advocates…?  In this Hot Topic section we help you track news, commentary, research and actions taken in the critical areas of financial services reforms in the United States of America.

GLOBAL
Banking and Financial Industry Regulatory Reforms

The movement to reform banking and financial services is not confined to the USA.  Over the past four decades there has been a steady harmonization, or at least collaboration among leading industrial nations in recent years focused on banking, brokerage, financial services, financial instruments, and capital markets mechanisms.

At the end of the Bush Administration, leaders of the “G-20” nations agreed that more cooperation is needed among nations to address the serious problems affecting domestic and global capital markets. 

President Barack Obama agrees and underscored the importance of working with the G-20 leaders in a pre-inaugural speech (January 8, 2009), and will propose his program to overhaul of the United States financial regulatory system before the leaders of the large developed nations and emerging nations leaders meet (the G-20) meet again in April 2009. The G-20 leaders will meet in London to continue work on a coordinated response to the global economic slowdown and will address system risks in the financial system.

Stay Tuned in this Hot Topic section to important developments in the important G-20 global collaboration as proposed new or amended regulations are identified, and be better prepared as this important gathering of sovereign leaders sets out the future of global and domestic regulation of banking, financial services, financial instruments, and addresses other aspects of the global capital markets.


Latest on United States Changing Financial Regulations

February 19, 2014 Fed Toughens Rules for Large Foreign Banks

Source: ABC NEWS

The Federal Reserve will require the largest foreign banks operating in the United States to hold higher levels of capital reserves to protect against potential loan losses. The stricter regulations the Fed adopted Tuesday are...

February 13, 2014 Banks left guessing on Volcker rule

Source: FT.com

The world’s largest banks could be left scrambling to meet a key reporting date for the Volcker rule because US regulators disagree on what the requirements are, people familiar with the matter said. The differences highlight a...

January 31, 2014 U.S. seeks $2.1 billion from Bank of America in fraud case

Source: Reuters

The U.S. government has raised the amount it is seeking in penalties from Bank of America Corp (BAC.N) to $2.1 billion after a jury found the bank was liable for fraud over defective mortgages sold by its Countrywide unit.

Displaying results 25 to 27 out of 996
Latest on International Changing Financial Regulations

January 10, 2014 European Central Bank Set to Do Whatever It Takes to Keep Recovery on Track

Source: NY Times

FRANKFURT — The European Central Bank is ready to take decisive action to keep Europe’s tentative recovery afloat, the bank’s president, Mario Draghi, said on Thursday after the bank left interest rates unchanged at a record...

December 26, 2013 Banks pay for past sins as U.S., Europe levy record fines

Source: Reuters

U.S. and European regulators fined banks record amounts this year, imposing penalties and settlements of more than $43 billion as authorities work more closely across borders to clean up the financial sector.

December 19, 2013 Eurozone ministers agree banking deal ahead of summit

Source: BBC News

EU leaders are heading to a summit in Brussels, hours after a long-awaited pact was agreed on how to respond to failing eurozone banks

Displaying results 25 to 27 out of 379
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