I know I return to this theme a lot in this column, but the Unintended Consequences Watch needs to be manned day and night. Today let’s talk about 17g-5. This esoteric sounding SEC rule is intended to diminish the perceived failings of the rating agency culture which has been fingered as one of the principal … Continue Reading
Today the American Bankers Association will publish its Summary and Analysis of the Regulatory Reform Conference Report. The project will provide detailed summaries of each title of the Dodd-Frank Wall Street Reform and Consumer Protection Act conference report, as well as analysis of which entities will be affected and how. The conference report has been … Continue Reading
The push for covered bond legislation – left on the cutting room floor when Fin Reg. was finalized during a marathon session last week (or should I say finalized subject to Senator Scott Brown’s continuing review) – is coming under renewed discussion by Congress (led by Representative Scott Garret) and the FDIC. The FDIC balked … Continue Reading
Notwithstanding our optimism, it appears that there was not enough support from the Senate side of the reconciliation committee to include the proposed covered bond amendment in the final financial reform bill approved by the reconciliation committee. However, the support received by the House and some members of the Senate committee indicates that covered bond … Continue Reading
Earlier this week, Representative Scott Garrett (R-NJ) introduced an amendment to the proposed financial reform legislation that will establish a regulatory framework for a covered bond market in the United States. The House side of the reconciliation committee quickly passed the measure – the Senate side is now considering it. This development is welcomed news … Continue Reading
The Senate reconvened reconciliation hearings at noon today with a deal brokered yesterday to place the new financial watchdog agency within the auspices of the Federal Reserve, rather than establishing an independent agency. This compromise by Congressional Democrats – which is engendering strong opposition from some important constituencies – could indicate a growing desperation to get … Continue Reading
Do you have any idea how often each of the House and Senate reform bills proposes to solve an intractably complex problem by simply asking the regulators to come up with rules? I don’t, but I found at least 20. Now it all goes to reconciliation, and my suspicion is that that number will not … Continue Reading
We’ve been promised that the House and Senate financial reform bills will be reconciled in a highly transparent and thoughtful way and be wrapped up and ready for the President’s signature by Independence Day. I’m trying to be upbeat about this. There are, after all, substantial benefits to be obtained from certainty, and once this … Continue Reading
This article was published by Matthew T. Clark and Stewart McQueen. The 2010 CREFC Annual Convention has begun in earnest. Day 1 began for many attendees with a meeting of the Securities and Loan Investors Forum. This meeting included a lengthy discussion of the Fair Value Purchase Option and a perceived conflict of interest existing when … Continue Reading
