Regardless of whether White House Chief of Staff Jacob Lew has a smooth transition to Secretary of the Treasury, or Republicans stonewall the nomination, his predecessor has already set the date for his last day on the job. Geithner set the stage for his departure on Jan. 25 with comments made at the White House, […]
Joe Mont
Posted inFrom the Archive
CFPB Defines Qualified Mortgages, Issues ‘Ability-to-Repay’ Rule
The Consumer Financial Protection Bureau on Thursday announced a new rule that require lenders to ensure prospective buyers have the ability to repay the mortgages offered to them. The rule prohibits risky lending practices, such as “no doc” and “interest only” offerings, that led to widespread foreclosures and fueled the 2008 housing collapse. A first […]
Posted inFrom the Archive
Enforcement Director Robert Khuzami Latest to Leave SEC
After four years on the job—a tenure both praised for its high-profile prosecutions and challenged by others for not being tough enough—Robert Khuzami, director of the Securities and Exchange Commission’s Division of Enforcement, is stepping down. Khuzami is the latest in a series of Commission departures. Among those who have made post-election departures: Chairman Mary […]
Posted inRegulatory Enforcement
When the Big, Breaking Story Is Completely Made Up
Imitation, they say, is the sincerest form of flattery. Unless it comes in the form of a fake press release, then there is nothing but trouble for the companies that get spoofed. Phony press releases, media kits, and other bogus company communications—issued mainly by stock manipulators, political pranksters, and activists—may not be an everyday problem, […]
Posted inUncategorized
Another Supply-Chain Disclosure Rule Battle
It is a safe assumption that few companies would ever want to risk their reputation by associating with terrorist groups or abetting human rights violators. Nevertheless, a new rule that would oblige companies to investigate if they are free of such ties in two particularly troublesome countries is meeting with resistance from industry associations and […]
Posted inFrom the Archive
Mortgage Providers Pay $8.5 Billion, End Independent Reviews
Ten mortgage servicing companies have reached an agreement with the Office of the Comptroller of the Currency and the Federal Reserve Board and will pay more than $8.5 billion in cash payments and other assistance to wronged borrowers. In 2011, the regulators issued a report identifying “critical weaknesses” in the foreclosure practices of 14 mortgage […]
Posted inFrom the Archive
Banks Get Four Extra Years to Meet Basel Liquidity Rule
On the surface, one might be lulled into viewing statements issued over the last two days by the Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, as a steadfast affirmation of its mission to make the world’s banks safer and more resilient. In fact, despite […]
Posted inFrom the Archive
Banks Granted Additional Time for Swap Push-Out, Bailout Ban
Banks, including some of the nation’s largest, can have an extra two years—and possibly even a third—to prepare for new restrictions that kick in this summer if they are designated as swap dealers. Section 716 of the Dodd-Frank Act requires federal depository institutions deemed to be “swap entities,” to “push out” nonconforming activities into a […]
Posted inFrom the Archive
SEC Blasts Back Against Claims by Oil and Gas Companies
With a vigorous defense of its rulemaking process, the Securities and Exchange Commission has issued a point-by-point rebuttal to a legal challenge lodged against it by oil, gas, and mining companies. The 81-page brief filed with the U.S. Court of Appeals for the District of Columbia on Wednesday follows the Commission’s decision in November not […]
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Fiscal Cliff Deal Leaves Lingering Questions for Companies
Good news greeted America’s corporate leaders this morning. After months of relentless bickering, Democrats and Republicans reached a down-to-the-wire agreement to avert the so-called fiscal cliff, a conflagration of tax hikes and deep, across-the-board government spending cuts. The bad news, however, concerns what wasn’t included in the deal and the missing pieces that assure continued wall-to-wall […]
