Moments ago, Senate Republicans blocked a Democratic proposal to freeze credit card rates on existing balances through the holiday season. The bill, sponsored by Senate Banking Committee Chairman Chris Dodd (D-Conn.), would prevent credit card companies from hiking rates and fees on existing balances until the industry reforms More…
The Federal Reserve’s new opt-in requirement for overdraft protections is progress, according to Democratic finance leaders, but legislation providing further consumer protections is still needed.
“Giving customers the chance to choose whether they want ‘overdraft protection’ is important,” Senate Banking Committee Chairman Chris Dodd (D-Conn.) said in More…
Sen. Chris Dodd (D-Conn.) is set today to unveil legislation overhauling the way the banking industry is regulated. On certain points, the Dodd bill mirrors the wish list outlined by the Obama administration over the summer, including the creation of a new federal agency designed to protect consumers from the More…
Senate leaders are trying to “hotline” a bill that would expedite previously passed credit card reforms to prevent companies from hiking rates and fees before the law takes hold, according to sources on Capitol Hill.
Senate Majority Leader Harry Reid (D-Nev.) has asked members of the Banking Committee More…
First they delayed the reforms; now they’re trying to expedite them.
The House approved legislation today to have its previously passed credit card reforms take effect next month, rather than three months later.
The bill is designed to fix a problem the lawmakers themselves created.
Testifying before House lawmakers yesterday, Sheila Bair, head of the Federal Deposit Insurance Corporation, endorsed much of the controversial proposal to grant the White House new powers to take over Wall Street investment firms when their failure threatens the larger financial system.
A timely, orderly resolution
Treasury Secretary Tim Geithner, who’s testifying this morning before the House Financial Services Committee on legislation empowering the White House to take over Wall Street firms when their failure threatens the finance system on the whole, just made a curious claim. Asked by Rep. Maxine Waters (D-Calif.) whether More…
Different bill; same concerns.
House Democrats introduced legislation Tuesday granting the White House broad new authority to bail out investment houses and other non-banks when their potential collapse is a threat to the larger financial system. But while the bill goes far beyond a similar White House proposal More…
The Federal Reserve on Thursday proposed a new program of monitoring executive compensation at the nation’s largest financial institutions, a move designed to prevent banks from using pay incentives that encourage risky transactions like those that recently toppled the global economy.
Democrats on Capitol Hill were all cheers when they passed first-of-its-kind credit card reform earlier in the year — only to become publicly indignant when the card companies began hiking rates and fees in advance of those changes taking hold.
So after some Democrats More…
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