Inside these posts: Financial reform

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CME more optimistic on CFTC position limits

The top U.S. futures exchanges expressed confidence that a revised plan to clamp down on commodities market speculation will not unduly burden the market.

The comments on Wednesday by the chief executives of IntercontinentalExchange and CME Group were more optimistic than in the past, when exchanges, banks and other market participants sharply criticized the U.S. Commodity Futures Trading Commission’s plan. Get the full story »

SEC lets bond issuers skirt Dodd-Frank

Bloomberg News | The Securities and Exchange Commission has indefinitely extended a rule exempting asset-backed bond issuers from reporting credit ratings in their marketing materials, undermining part of the Dodd-Frank financial reform law.

Financial stocks dip as bank mortgage woes mount

Stocks dipped Thursday after another disappointing jobs report and growing concern over how potentially damaging foreclosure documents will weigh on the health of major banks. But losses were mitigated by expectations that the Federal Reserve will have to act soon to strengthen the economy.

U.S. regulators vow team effort on financial reform

U.S. regulators will put up a united front before a divided Congress on Thursday, promising to cooperate on hundreds of new rules aimed at preventing Wall Street excesses from triggering another financial crisis. Get the full story »

SEC watchdog: Timing of Goldman case ’suspicious’

Goldman Sachs chairman and CEO Lloyd Blankfein at the Senate hearing on the role of investment banks during the financial crisis, Apr. 27, 2010. (Olivier Douliery/Abaca Press/MCT)

The timing of the Securities and Exchange Commission’s case against Goldman Sachs Group Inc. was “suspicious,” the federal regulator’s watchdog said Wednesday.

The SEC filed civil fraud charges against Goldman in mid-April, the same day the watchdog group released a damning report that accused the SEC of mishandling its probe of Allen Stanford’s alleged Ponzi scheme.

The report, authored by SEC Inspector General David Kotz, said the SEC had suspected as early as 1997 that Stanford was running a Ponzi scheme, but did nothing to stop it until late 2005. Get the full story »

Obama chooses Warren to launch consumer bureau

President Barack Obama and Elizabeth Warren on Sept. 17, 2010. (AP Photo/Susan Walsh)

Harvard law professor Elizabeth Warren, appointed Friday to launch the new Consumer Financial Protection Bureau, likely won’t be the agency’s first official director, but she will have a major say in who gets the powerful job.

Warren also will have a broader portfolio of duties, advising President Obama on “policies and programs that are designed to protect the financial interests of middle-class families,” the White House said.

CME plans soft launch on interest-rate swaps

CME Group Inc., which operates one of the world’s biggest clearinghouses, is planning a soft launch for interest-rate swaps clearing by the end of 2010, its chief financial officer said Tuesday.

CME staffers are working daily with dealers and buy-side market participants to prepare for the launch, CME Chief Financial Officer Jamie Parisi said at a Barclays Capital conference for analysts and investors. Get the full story »

Dimon sees cost of loans rising with reform

New capital rules are expected to increase bank loan prices for customers and may drive some to seek financing from non-bank financial institutions, JPMorgan Chase Chief Executive Jamie Dimon said in an investor presentation Tuesday. Get the full story »

U.S. bankers want part of Basel plan dropped

A leading U.S. banking group is urging Basel Committee negotiators working on new international capital standards to ditch part of their proposal. Get the full story »

Fed gets 60-day delay on bailout disclosure

A U.S. appeals court granted the Federal Reserve a 60-day delay in implementing a ruling to force the central bank to reveal details of its emergency lending programs to banks during the financial crisis. Get the full story »

Fed’s Hoenig: ‘Too big to fail” hurts small banks

The viability of community banks is threatened by policies that have conferred “too big to fail” status on larger banks, reducing their cost of capital, Kansas City Federal Reserve Bank President Thomas Hoenig said on Monday.

Hoenig, in prepared testimony to a field hearing of the U.S. House of Representatives Subcommittee on Oversight and Investigations here, said the community bank model was still viable, especially if allowed to compete on an equal footing with larger banks. Get the full story »

Goldman Sachs downgrades CME Group

CME Group Inc., the world’s largest futures market, was downgraded by Goldman Sachs Group because of slowing volume and longer-than-anticipated effects of financial reform.

FDIC $250K limit made permanent

From the Baltimore Sun | As part of the Wall Street Reform signed into law this morning by President Obama, federal insurance coverage on deposits at banks and credit unions will be permanently raised to $250,000.

CME ‚Äėpleased’ with Wall St. bill

CME Group Inc CEO Craig Donohue told employees he is ‚Äúpleased‚ÄĚ with many of the provisions in Washington’s financial reform bill, but raised concerns about the leeway it gives regulators.

The U.S. exchange and clearinghouse operator strongly supported a late addition to the bill that ‚Äúprohibits mandated linkages for clearing houses,‚ÄĚ also known as interoperability, Donohue and government relations head Linda Rich said in an internal memo dated June 30 and obtained by Reuters. Get the full story »

What financial reform means for you

As legislators on Capitol Hill trumpet a final agreement on sweeping financial reform, consumers might be wondering, “What’s in it for me?”

They will benefit in a big-picture way from many of the provisions in the bill, likely to be passed by Congress next week. It is meant to provide a more stable financial system, prevent government bailouts of banks and protect investors. Get the full story »