Law and regulation

Just three years ago, the very idea of a consumer protection agency was dismissed by most bankers and industry representatives as a pipe dream. But after a brutal legislative fight this year, the Consumer Financial Protection Bureau may prove to be the most important agency to watch in 2011.

One of the chief goals of the Dodd-Frank Act was to end the notion of "too big to fail," but months after the law's enactment, a debate persists over whether that goal will be met.

Deciding which financial firms beyond banks are systemically important is one of the biggest decisions still to be made by regulators under the Dodd-Frank Act.

Opposing advocacy groups complain that new whistleblower rules could allow too much internal corporate interference or provide whistleblowers with too much financial incentive.

The company said it has already taken appropriate provision for the fine, so payment won't affect current income.

The New York attorney general's lawsuit claims that the accounting firm explicity approved the transactions, which were designed to temporarily reduce the leverage on Lehman's balance sheet.

If the FDIC has its way, federal regulators would not wait for Congress to create national servicing standards, but instead write such rules as part of risk retention guidelines.

Some transaction participants appear to be rushing to market questionable Build America Bond, bank-qualified or other municipal bond deals before tax incentives expire at the end of the year and risking Internal Revenue Service enforcement action for violations of tax requirements, according to market sources.

The Securities and Exchange Commission Monday proposed a lengthy new rule to establish a permanent registration system for municipal advisory firms as well as individual advisers that would replace a temporary system for firms the SEC put in place in September.

The law firm approved the appointment of the former Comptroller of the Currency on Monday to chair the firm's financial institutions group and to advise clients on ...

If you want to know why the ABA blames the ICBA for undercutting the industry's lobbying on regulatory reform legislation, you have to start in Nebraska.

The Financial Services Authority has fined a former executive from Toronto Dominion Bank $1.2 million for intentionally mispricing trading positions in credit derivatives to cover his losses and banned him from working in the financial services industry.

The provisions of Dodd-Frank put the SEC in a better position to handle its workload, the groups say.

The Financial Services Authority has fined a former executive from Toronto Dominion Bank $1.2 million for intentionally mispricing trading positions in credit derivatives to cover his losses and banned him from working in the financial services industry.

The House approved an $858 billion extension of the Bush-era tax rates and unemployment benefits late Thursday night, a day after the Senate approved the bill, sending the bill to President Obama’s desk.

Treasury Secretary Tim Geithner supported calls for a national servicing standard on Thursday, adding his voice to other regulators who have promoted the idea.

Outgoing House Financial Services Committee Chairman Barney Frank sharply criticized incoming chairman Rep. Spencer Bachus on Wednesday, ridiculing the Alabama Republican for reportedly saying "Washington and the regulators are there to serve the banks."

The Financial Industry Regulatory Authority has censured Citigroup Global Markets after finding the financial services firm failed to report transactions promptly to its Trade Reporting and Compliance Engine.

On the same day it proposed new capital requirements for all institutions, the FDIC's board of directors approved a 2011 agency budget of $3.96B, a 0.7% drop from the previous year.

The Bush tax cut and unemployment benefit extension legislation passed a key procedural hurdle in the Senate on Monday, overcoming the 60-vote threshold needed to come up for a vote later in the week.