Monday, January 9, 2012

CFPB Launches Its Non-Bank Supervision Program

Author: David Schwartz J.D. CPA
On January 5, the Consumer Financial Protection Bureau (CFPB) launched its non-bank supervision program. The initiative is mandated by Dodd-Frank, and will be an extension of the CFPB’s bank supervision program that began last July.  The program is intended to ensure that banks and non-banks follow federal consumer financial laws.
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Thursday, January 5, 2012

Breaking the Law of Unintended Consequences

Author: David Schwartz J.D. CPA

The rush to reregulate the financial markets after the financial crisis understandably has many concerned about unintended consequences. Regardless of good intentions, the fixes put in place by legislators, central bankers, and regulators no matter how well thought out are bound to affect the complex and constantly evolving global financial markets in unanticipated ways.  Professor Roberta Romano of the Yale Law School shares these worries and proposes in her latest paper, "Regulating in the Dark," a mechanism for addressing and remediating the inevitable unintended consequences of hasty financial regulation.

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Tuesday, January 3, 2012

Harvard's Coates on Proposed Securities Law Reforms

Author: David Schwartz J.D. CPA
John C. Coates IV, professor of law and economics at  Harvard Law School, testified before the U.S. Senate Subcommittee on Securities, Insurance and Investment on December 14.  In his testimony, Professor Coates took up three themes related to pending proposals to revise securities laws to (among other things) deregulate widely held but unlisted companies and banks, to permit unregistered "crowdfinancing," and to loosen constraints on small public offerings.
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Tuesday, December 27, 2011

Basel Committee Issues New Core Principles for Effective Banking Supervision

Author: David Schwartz J.D. CPA
The Basel Committee on Banking Supervision has issued for consultation its revised Core Principles for Effective Banking Supervision. The consultative paper updates the Committee's 2006 Core Principles document as well as the associated Core Principles Methodology, merging the two into a single comprehensive document. The revised set of twenty-nine Core Principles have also been reorganized to foster their implementation through a more logical structure, highlighting the difference between what supervisors do themselves and what they expect banks to do.
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Monday, December 26, 2011

Regulators Extend Comment Period for Volcker Rule Implementation

Author: David Schwartz J.D. CPA

Treasury, the Fed, the FDIC, and the SEC have announced an extension of the comment period on the proposed regulations implementing the Dodd-Frank Act's Volcker Rule provisions.  Originally set to expire on January 13, 2012, the comment period has been extended a month until February 13, 2012.

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