Joe Mont

Don’t count Esther George, president and chief executive officer of the Federal Reserve Bank of Kansas City as a fan of the Dodd-Frank Act’s financial reforms. In a speech Friday at the Regional Policy Forum on Financial Stability and Macroprudential Supervision in Beijing, a conference focused on international efforts to ensure a more stable financial […]

Bowing to growing concerns about a fast-approaching deadline, the Commodity Futures Trading Commission’s Division of Clearing and Risk has announced it will extend the deadline for compliance with new pre-trade screening requirements for transactions executed on designated contract markets (DCMs) that do not have a system in place permitting futures commission merchants (FCMs) to set […]

On Wednesday, five federal agencies reopened the comment period on a proposed rule to establish margin and capital requirements for the swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants they oversee. The comment period, which originally ended in July 2011, will now be open until Nov. 26, 2012. Re-opening of […]

A key piece of the JOBS Act, passed in March, was allowing emerging growth companies an option to submit confidential draft registration statements to the Securities and Exchange Commission in advance of initial public offerings. That option for a secretive review, however, hit a major hurdle: the SEC didn’t actually have a system in place […]

The New York Stock Exchange and Nasdaq have each released proposals, subject to approval by the Securities and Exchange Commission, to meet “independence” requirements set forth in the Dodd-Frank Act for compensation committees and directors who make pay decisions. On June 20, the SEC issued final rules pertaining to compensation committees and compensation consultants. Rule […]

The Federal Deposit Insurance Corporation’s Division of Depositor and Consumer Protection has revised the classification system for citing violations that are identified during compliance examinations. Violations will be assigned to one of three levels based primarily on the impact to consumers. The new three-level violation system replaces the current two-level system (which only designated violations […]

Citing “deceptive marketing practices,” the Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau have announced a joint public enforcement action that orders Discover Bank, a subsidiary of Discover Financial Services and issuer of the Discover credit card, to refund $200 million to more than 3.5 million consumers. Discover Bank was also hit with a […]

Mere days before it begins supervising consumer reporting agencies, a study released by the Consumer Financial Protection Bureau (CFPB) on Tuesday compared the credit scores sold to lenders to those provided to consumers and found that the latter group often gets different information. According to the research, roughly one out of five consumers receives a […]

The federal banking regulatory agencies on Monday released new online tools intended to help community banks estimate the potential effect on their capital ratios by the agencies’ Basel III Notice of Proposed Rulemaking (NPR) and Standardized Approach NPR. In June 2012, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the […]