Consumer Protection
More on Consumer Protection
By Sarah N. Lynch, Reuters
It does not seem like it would be difficult for regulators to block felons and other law-breakers from pitching private investment deals to unsophisticated customers, but nearly 20 months after proposing its "bad actor" rule, the U.S. Securities and Exchange Commission is having trouble finalizing it.
More than a year after the legal deadline for finishing its work on the rule, the agency is stymied by internal disagreements, limited resources and a heavy workload.
by Victoria Finkle, American Banker
Rep. Maxine Waters, who will take over as top Democrat on the House Financial Services Committee next year, is urging the Commodity Futures Trading Commission to delay implementation of certain derivatives rules set to go into effect Jan. 1.
The CFTC was mandated under Title 7 of the Dodd-Frank reform law to help overhaul the derivatives market following the financial crisis. But concern is growing over how and when some of the provisions are being implemented, including across national borders.
By Victoria Finkle, American Banker
The House is expected to vote as early as Thursday evening on a bill that would repeal the government's ability to seize and unwind large, failing financial institutions and eliminate a popular mortgage modification program.
The bill, which is designed to avoid the so-called "fiscal cliff" — automatic spending cuts and tax hikes that will be triggered automatically next year unless a bill is passed — is the first time the GOP has tried to tie that issue with a rollback of the Dodd-Frank Act.
By Peter Schroeder, The Hill
Leading Democrats are blasting Republican leaders for including a package of cuts alongside their backup tax plan that would eliminate major pieces of the Dodd-Frank financial reform law.
Rep. Barney Frank (D-Mass.) accused the GOP of trying to sneak the dismantling of the Wall Street overhaul through at the last minute as part of a broader series of spending cuts being considered as part of Speaker John Boehner's (R-Ohio) "Plan B" tax plan.
Congresswoman Maxine Waters (D-Calif.) issued the following statement today opposing H.R. 6684, the Spending Reduction Act of 2012, which would undo certain aspects of the Wall Street Reform and Consumer Protection Act.
While it is clear that the Republican Majority's H.R. 6684 is an attempt to generate votes for Speaker Boehner's "Plan B," when it comes to protecting the American middle class from another taxpayer bailout, H.R. 6684 gets a failing grade.
Congresswoman Maxine Waters (D-CA) was unanimously elected Ranking Member of the House Financial Services Committee today by the House Democratic Caucus. Following the election, Congresswoman Waters released the following statement:
By Anna Palmer and MJ Lee, POLITICO
But as the California congresswoman prepares to become the top Democrat on the House Financial Services panel, she is engaging in an aggressive outreach effort with some of the very institutions that she has heavily criticized for their role in the financial crisis and recent home foreclosure scandals.
From organizing industry roundtables to one-on-one meetings with Wells Fargo's CEO to holding fundraisers targeting banking donors, Waters is opening the door to big banks and Wall Street.
By Suzanne Barlyn
July 25 | Wed Jul 25, 2012 1:22pm EDT
(Reuters) - U.S. House lawmakers on Wednesday introduced legislation that would require certain investment advisers pay fees to help fund adviser examinations conducted by regulators.
Representative Maxine Waters from California, the second-ranking Democrat on the House Financial Services Committee, said in a statement that she introduced the bill "to provide a dedicated funding source" to help the U.S. Securities and Exchange Commission better police the roughly 10,000 investment advisers the agency will oversee.
Congresswoman Maxine Waters (D-Calif.) today introduced the Investment Adviser Examination Improvement Act of 2012, which would provide the Securities and Exchange Commission (SEC) with the authority to impose and collect user fees on investment advisors for the purpose of increasing the number and frequency of SEC examinations. This bill is co-sponsored by Reps. Barney Frank and Michael Capuano. The Congresswoman's statement on the introduction of her bill is below:
By Emily Stephenson
WASHINGTON, July 10 (Reuters) - A fresh burst of scandals, including allegations that major banks tried to manipulate global benchmark interest rates and another case of missing customer funds at a futures brokerage, has raised Washington's ire on both sides of the political aisle.