dodd-frank act

Credit Default Swaps: Still Here, Still Able to Wreak Havoc

JPMorgan Chase's rapid $2 billion trading loss reportedly involved credit default swaps -- the same investments that played such a large role in the financial crisis. Here's why credit default swaps still pose such a threat to the U.S. economy.

Bank Fees: What's the Breaking Point for Customers?

Bank of America learned pretty quickly last month that customers think $5 a month is too much to pay to use a debit card. But is there such a thing as a reasonable bank fee? One in three people say they're prepared to walk away from their financial institution to avoid a fee, a new survey reveals.

Online Banks Booming as People Flee Wall St. Giants

While thousands of Americans unleash their anger at big banks in protests around the country, many more are registering their dissatisfaction from their keyboards. In the wake of last week's news that Bank of America is adding a new $5 fee for debit card use, online-only banks saw waves of new customers coming through their virtual doors.

Bank Fees Push More Americans to Credit Unions

Big Wall Street banks haven't been winning many fans lately with their new fees and constant search for loopholes in the Obama administration's consumer protection laws. Bank of America's new fees on debit cards could be the last straw for some. The alternative many Americans are turning to: credit unions.

Denied Credit? New Fed Rule May Interest You

Have you ever been turned down for a loan? Had your credit line slashed or interest rate bumped up? Well, starting Thursday, banks and other lenders will be required tell you a bit more about why. The FTC and the Fed are implementing a new rule requiring lenders to show consumers the credit score data they used to make their decision.

Do You Know How Your Financial Adviser Gets Paid?

Most investors don't know how their financial advisers are compensated -- many even think they are getting their advice for free. It's not a trivial matter: How you pay your adviser affects the rules they must adhere to, and the degree to which they have to put your interests first.

Oil Speculators: Manipulators or Savvy Investors?

As the price of oil has soared over the past few months, an army of commentators has accused "speculators" of manipulating the oil market to profit from the misery of the American people. But how much are these big investors to blame for our pain at the pump, and how much is simply a matter of supply and demand?

New Mortgage Regulations Could Bruise Housing Market

New regulations limiting mortgage brokers' compensation go into effect on April 1. While they're meant to protect mortgage borrowers from unscrupulous brokers, they could have an adverse impact on the nation's struggling housing market.

Are CEOs Worth the High Salaries and Big Bonuses?

CEO bonuses rose 30.5% in the past year, but are the heads of large U.S. firms really earning their hefty compensation packages by creating increased profits and shareholder value? A closer look reveals wide disparities: There are some Bargain CEOs, but also some Hogs and Value Destroyers.

The Fix for High Oil Prices? Regulate the Speculators

As the crisis in Libya continues to shake world oil markets, many voices are calling for President Obama to tap into the Strategic Petroleum Reserve. With gasoline prices up 33 cents a gallon in the last month, that's a tempting idea. It's also the wrong one.

FDIC Proposes Limits on Banker Pay

The federal government says excessive pay at financial institutions was one of the main causes of the recent economic crisis. It now wants to make sure bank executives and traders take less risk, by insisting they defer a large part of their compensation.

Consumers May Get Hit With Higher Debit Card Fees

New rules proposed by the Fed for debit card transactions may mean that consumers end up paying much more for using their cards, while big retailers save billions. The proposed rules would sharply limit the transaction fees sellers have paid, which could push banks to recoup that money directly from buyers.

More Top Obama Economic Aides to Step Down

Two of President Barack Obama%u2019s top economic advisers plan to quit. White House National Economic Council Deputy Director Diana Farrell and Treasury Department Assistant Secretary for Financial Institutions Michael Barr both plan to leave in the coming weeks, The Wall Street Journal reported.

Higher FDIC Fees May Benefit Bank Customers

The FDIC is changing the way banks pay for insurance, and big banks will soon pay much more than their smaller rivals to protect deposits. Even so, many bank customers will be better off at large banks, which may now have a greater interest in attracting deposits.

SEC's Mary Schapiro Says Midterm Elections Won't Affect Regulation

Mary Schapiro, chairwoman of the SEC, said she doesn%u2019t expect that the recent mid-term elections will affect the overhaul of the U.S. financial regulation. As long as financial regulation bill Dodd-Frank is on the books, the SEC will enforce it, Schapiro said.

New Congress: How Will Gridlock Affect Economy?

With the two houses divided, the parties will have to compromise to get legislation passed. But will they? The challenge will become acute if the Fed's latest stimulus gambit falls short, leaving the economy gasping. The GOP's aversion to spending could be tested.

Economist Joseph Stiglitz: Put Corporate Crooks in Jail

In an interview, the Nobel Prize winning economist decries the institutionalized system of skewed incentives that allowed Wall Street bankers and other corporate execs to gamble with the country's wealth, and then get away largely scot-free. What happened to "with justice for all," he asks.

Wall Street Compensation to Hit New High

Pay on Wall Street is on pace to break a record high for a second consecutive year, growing 4% in 2010 at nearly three dozen of the top financial institutions.

UBS, Credit Suisse Face Tougher Capital Rules

UBS and Credit Suisse Group will have to almost double their capital holdings because Switzerland has set out to further tighten the reins on its megabanks, requiring them to hold capital well in excess of new international standards agreed upon in the Basel III rules.

Is the Financial System Safe Now -- or Just Safer?

Since Lehman Brothers went bankrupt in September 2008, regulators around the world have begun erecting a scaffolding of new rules and regulations designed limit excessive risk-taking. The big question is: Are they enough to prevent another financial crisis?

Legal Briefing: Need a Job? Sue Over Patent Marking

In Wednesday's legal news, the Texas Attorney General has appealed a judge's decision to grant a divorce to two men who were married out of state; the SEC vows to pursue overseas ratings fraud; and companies that incorrectly claim their products are patented can be sued for $500 per product.

Is Dodd-Frank Reshaping Wall Street Already?

Some top financial institutions are moving surprisingly quickly to reshape the way they operate in the wake of the financial regulation reform law. Question is: Did the legislation force their hands, or is this just a good time for big banks to rethink their business?

A Key Bond Market Thaws, but It May Be Only Temporary

The market for asset-backed securities has reopened after being essentially frozen for a week, in the first example of how unintended consequences from the Dodd-Frank overhaul can create mischief in the financial markets.