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News & Commentary
Content tagged with Compliance posted in February 2010
Living with the Credit Card Act, Part I
News  |  2/22/2010
I have a friend whom I'll call Bob because that is his name. Bob is bipolar, lives in a group adult home, and was the boyfriend of my mentally ill sister who passed away two summers ago. He receives a $720 monthly disability benefit check from the government, about $600 of which goes to the group home to pay for his room and board, the other $120 is his allowance for cigarettes, snacks and such; this is deposited in his checking account with a major bank. Bob has debit and credit cards from this
Fed Governor Tarullo Asks Congress for More Bank Data-Gathering Powers
News  |  2/16/2010
In a hearing held by the Senate Committee on Banking, Housing & Urban Affairs on Friday, Daniel K. Tarullo, Member, Board of Governors of the Federal Reserve System, made the case that the Fed should be given enhanced ability to collect data from banks.
BofA Gives "Clarity Commitment" to 1 Million Borrowers
News  |  2/11/2010
Former Countrywide unit has given a one-page loan summary to a million borrowers, in the interest of transparency.
Obama Criticizes Bank Bonuses Again
News  |  2/10/2010
In a blog entitled, "Clearing Up the Bonuses Issue," posted on the White House website, the Administration shares President Obama's latest comments on banker bonuses, which are anything but clear. In a recent Bloomberg interview due to air Friday, the President straddled a line between outrage at how much large bank CEOs such as Jamie Dimon and Lloyd Blankfein make and support for free markets and capi
U.K. Group Campaigns for Robin Hood Tax on Banks
News  |  2/10/2010
Actor Bill Nighy, film producer Richard Curtis, and 50 aid organizations in the U.K. are calling for a 0.05% tax on bank transactions, so that that money can be given to the poor.
Does the Goldman/AIG Mess Prove Volcker's Right?
News  |  2/8/2010
Kudos to Gretchen Morgenson and Louise Story of the New York Times for their article in yesterday's paper casting light on one aspect of Goldman Sachs' role in the financial crisis.
How the Volcker Rule Would Affect Banks
News  |  2/5/2010
Former Federal Reserve chair Paul Volcker himself says only the four or five largest U.S. banks are too large and would need to adjust to rules prohibiting proprietary trading.
NY AG Files Lawsuit Against Bank of America
News  |  2/4/2010
The New York Attorney general's office announced late this morning that it has filed civil charges against Bank of America, relating to the Charlotte, N.C.-based financial institution's acquisition of Merrill Lynch. The NY AG says that the bank, former CEO Ken Lewis and former CFO Joseph L. Price, misled investors when acquiring the investment firm in late 2008.
Volcker Explains His Bank Reform Rules
News  |  2/1/2010
Paul Volcker, a former chairman of the Federal Reserve and chairman of the president's Economic Recovery Advisory Board, and the person credited with President Obama's recent "Volcker Rule" preventing banks from proprietary trading and investing in hedge funds and private equity, detailed his thoughts on bank reform on the New York Times' Op-Ed page yesterday.

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