Barbara Rehm has a thoughtful piece in today’s American Banker on the requirement under the Dodd-Frank Act that systemically significant financial institutions be required to prepare their own “living wills.” These large institutions are required to prepare plans for how they should be dismantled in the event of looming bankruptcy. The idea is that...
The Journal of Regulation & Risk North Asia has just published its issue for the Summer/Autumn 2010. Do not be misled by the title: a sign of these global times is that the issue is full of mutually relevant commentary on issues concerning US, European and international financial regulation and is going to be...
The Dodd-Frank Act has placed unprecedented responsibilities on the financial regulators to ensure financial stability and bank safety and to promote consumer protection. Many commentators have been skeptical of the reforms contained in the Act for this reason: after all, weren’t regulators part of the problem to begin with? So it is critically important...
Under the Dodd-Frank Act the Federal Reserve is now empowered to regulate interchange fees charged by card issuers to merchants when customers use their debit cards. The Fed is required to ensure that the fees are “reasonable and proportional.” (An exception has been provided for cards issued by small banks, i.e. those with less...
The seemingly impossible has happened! Congress has just passed massive financial reform legislation. The scale of reform introduced by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is now certain to be signed into law, is literally monumental. Dodd-Frank contains by far the most sweeping set of reforms to financial activity that...
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