Holder: No Bank is Too Big to Jail. Attorney General Eric Holder said yesterday that his March 6 remarks suggesting that some banks may be too big to prosecute were misconstrued.
Senate to Vote on Cordray Nomination Next Week. Senate Majority Leader Harry Reid (D-Nev.) said yesterday that he will hold a vote next week on the nomination of Richard Cordray to continue as director of the Consumer Financial Protection Bureau, Read more
Reps. Stivers, Perlmutter Seek Flexibility in Mortgage Disclosure Rule. AmBA and several other trade groups sent joint letters yesterday to Reps. Steve Stivers (R-Ohio) and Ed Perlmutter (D-Colo.) thanking them for their help in urging the Consumer Financial Protection Bureau to adjust a provision in its proposed mortgage disclosure rules that could cause costly delays in closings. Read more
TBTF HEARING UNDERWAY; NEW REPORT SUGGESTS ISSUE SOLVED. The House Financial Services Oversight and Investigations Subcommittee is holding a hearing this morning (currently underway) on whether the orderly liquidation authority under Title II of the Dodd-Frank Act “enshrines taxpayer-funded bailouts.” Read more
AmBA COMMENTS ON FASB IMPAIRMENT STANDARD. AmBA urged the Financial Accounting Standards Board (FASB) in a comment letter yesterday to consider the “U.S. Banking Industry Model” for its impairment accounting standard, rather than FASB’s proposal requiring life-of-loan estimates on loan and debt security allowances Read more
Bernanke Signals Toward Higher Capital Requirements. Significant steps are being taken to address “too big to fail,” and regulators have the authority to do more if needed, Federal Reserve Board Chairman Ben Bernanke said Friday. Read more
AmBA SUPPORTS DELAY FOR NFIP RATE INCREASES. AmBA wrote to Sen. Mary Landrieu (D-LA) yesterday in support of her amendment to delay rate increases in the National Flood Insurance Program (NFIP) for 180 days. Read more