Mississippi Business Journal » financial reform

Dodd-Frank: Credit risk will stay after sale

Ted Carter — Wed, 24 Nov 2010 12:59:23 +0000

If it’s toxic, you’re vested in it. That’s the rule shaping up as part of the Dodd-Frank reform law. The measure mandates that regulators develop rules requiring any securitizer to retain at least 5 percent of the credit risk for any asset that is securitized and sold, transferred, or conveyed to a third party. The [...]

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Say goodbye to traditional free checking

Associated Press — Wed, 20 Oct 2010 12:06:08 +0000

NEW YORK — Free checking as we know it is ending. The days when you could walk into a bank branch and open an account with no charges and no strings attached appear to be over. Now you have to jump through some hoops – keep a high balance, use direct deposit or swipe your [...]

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New FDIC has banks assuming more risk

Associated Press — Mon, 27 Sep 2010 22:08:58 +0000

WASHINGTON — Banks will have to share in the risk when they sell investments of the kind that rocked the financial system in 2008 under rules adopted Monday. The Federal Deposit Insurance Corp. is requiring banks hold at least 5 percent of the securities on their books, as part of new rules the regulator adopted [...]

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Banks buoyed by new global regulations

Associated Press — Mon, 13 Sep 2010 11:49:12 +0000

BASEL, Switzerland — Bank stocks rose today on news that global regulators have agreed on new banking rules aimed at averting another financial collapse. The new rules, which will gradually require banks to hold greater capital buffers to absorb potential losses, are likely to reshape the credit industry by imposing stricter discipline on credit cards, [...]

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Bernanke: Shut down banks that threaten system

Associated Press — Fri, 03 Sep 2010 06:06:05 +0000

WASHINGTON — Federal Reserve Chairman Ben Bernanke told a panel investigating the financial crisis that regulators must be ready to shutter the largest institutions if they threaten to bring down the financial system. “If the crisis has a single lesson, it is that the too-big-to-fail problem must be solved,” Bernanke said yesterday while testifying before [...]

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Bank survey: Customers opting to pay for overdraft protection

Wally Northway — Thu, 02 Sep 2010 11:15:26 +0000

WASHINGTON — A new survey shows 46 percent of bank customers report they did – or will – opt in to their bank’s overdraft program, saying they are willing to pay a fee for the service to ensure that debit card transactions will be approved even if their account is overdrawn. he survey was conducted [...]

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Bank CEOs to appear before ‘meltdown’ panel

Associated Press — Wed, 01 Sep 2010 12:12:17 +0000

WASHINGTON — An inquiry panel is hearing from former CEOs of two big banks that succumbed to the financial crisis, Lehman Brothers and Wachovia Corp., as it delves into the “too big too fail” predicament and potential systemwide risk from financial institutions. Federal bank regulators also are appearing today before the bipartisan Financial Crisis Inquiry [...]

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ABA executive ‘disappointed’ in Obama

Associated Press — Thu, 22 Jul 2010 11:15:04 +0000

The president and CEO of the American Bankers Association is unhappy with President Barack Obama for signing the financial reform bill yesterday, and he wants to make it known. In a statement, Edward L. Yingling said, “The American Bankers Association is disappointed with the legislation signed by the President (yesterday). While the Dodd-Frank Wall Street [...]

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Cochran: Financial overhaul will increase uncertainty

Wally Northway — Fri, 16 Jul 2010 14:47:18 +0000

WASHINGTON — Sen. Thad Cochran (R-Miss.) predicted an increased level of uncertainty among businesses and consumers once the financial regulatory reform bill is signed into law and implemented. Cochran voted against final Senate passage of the Financial Stability Act (HR.4173). With the June 30 House vote and yesterday’s 60-39 Senate vote, the measure now goes [...]

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Financial overhaul bill passes, but work not done

Associated Press — Fri, 16 Jul 2010 11:40:48 +0000

WASHINGTON — In the end, it’s only a beginning. The far-reaching new banking and consumer protection bill awaiting President Barack Obama’s signature now shifts from the politicians to the technocrats. The legislation gives regulators latitude and time to come up with new rules, requires scores of studies and, in some instances, depends on international agreements [...]

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