FDIC Vows ‘Open Door Policy’ on Reform Rule-Making

The Federal Deposit Insurance Corp., the insurer of Americans’ bank accounts, is promising an open door policy when it begins the arduous task of creating rules under the sweeping Wall Street reform law signed by President Obama last month.

Geithner to Financial Industry: Don’t Wait on Us to Reform

In a speech today, U.S. Treasury Secretary Timothy Geithner had a message for the financial industry: Don’t wait on the Obama Administration to draft reform rules to “start changing how you do business.”

Visa Profit Slips But Beats Estimates; Reform Impact Unclear

Visa Inc., the top credit and debit card payment network, posted its third-quarters profit at $716 million, or 97 cents a share, slipping 2 percent compared to a year ago but beating Wall Street estimates. For its quarter ended June 30, the transactions processing giant exceeded analysts’ expectations of 93 cents per share.

Obama: Reform Ends Era of ‘Bad Loans’ That Fueled Crisis

Wall Street Reform was signed into law today by President Obama, promising an end to taxpayer-funded bailouts and a new consumer financial protection agency that will protect Americans from abusive practices in the credit card and mortgage industries. The financial crisis of 2008 prompted calls for sweeping reform, but Obama and Democrats fought Republican opposition through heated debates, negotiations and relentless lobbying.

Senate Passes Historic Financial System Reform

In a 60-39 vote, the Senate today approved a landmark overhaul of financial system oversight that includes a new entity to protect consumers carrying the most common loan products, including credit cards and mortgages. Nearly two years since the onset of the financial crisis – the Wall Street reform legislation now awaits the signature of President Obama.

Bailout Benefits Elude Struggling Smaller Banks: Report

The U.S. Treasury made it tougher for small banks to benefit from its bailout program, applying a “one-size-fits-all” approach that will make it difficult or impossible for these struggling banks to repay taxpayers, according to a watchdog report released today.

House Passes Financial Reform; Senate Vote Delayed

The House has approved landmark oversight reform of financial institutions, but a vote on the consolidated bill in the Senate will be postponed until later in July. House lawmakers Wednesday voted 237 to 192 to approve the negotiated version of reform after several days of deals by a House-Senate conference committee.

Obama: Tax Big Banks to Recover ‘Every Dime’ from Bailouts

A day after House and Senate negotiators agreed on a final Wall Street reform bill, President Obama today issued another challenge to lawmakers: Impose a $90 billion, ten year tax on banks. In his weekly address, the president said the tax would go toward recovery taxpayer money from the bailouts that began in late 2008 at the peak of the financial crisis.

Wall St. Reform: Auto Dealers Exempt from New Credit Overseer

House-Senate leaders worked until dawn today to complete the most significant overhaul of Wall Street oversight since the Great Depression, paving the way for a final vote next week and a signature from President Obama by July 4. Last-minute dealing led to fewer restrictions than initially proposed on derivatives trading and proprietary risk-taking by major banks.

Retailers Win, But MasterCard, Visa Catch Break in Fee Deal

Retailers large and small are closer to a years-long goal of lower “interchange fees” – the per-transaction cost charged by banks on the MasterCard and Visa debit cards used by customers. But under a new compromise, the network card giants got a break by dodging regulation now directed at major banks that issue the debit cards, including Bank of America, JPMorgan Chase, Citigroup and Capital One.

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