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- SEC lacks resources to implement Dodd-Frank, Walter says
The Securities and Exchange Commission lacks the resources needed to fully implement the Dodd-Frank Act, Chairman Elisse Walter is expected to tell the Senate banking committee today. "If the SEC does not receive additional resources, I believe that many of the issues to which the Dodd-Frank Act is directed will not be adequately addressed," she is to say, according to prepared remarks. Reuters
(2/13)      
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- CFPB, Dodd-Frank are on Senate banking committee agenda
Implementing the Dodd-Frank Act and monitoring the Consumer Financial Protection Bureau are top agenda items for the Senate banking committee, says Chairman Tim Johnson, D-S.D. In a memo outlining the coming year, he also says the panel will "expeditiously" consider President Barack Obama's nominations to key agencies. The Hill/On the Money blog
(2/12)
- More states challenge constitutionality of Dodd-Frank, CFPB
Eight states are joining three others already participating in a lawsuit to challenge the Dodd-Frank Act and the Consumer Financial Protection Bureau. Alabama, Georgia, Kansas, Montana, Nebraska, Ohio, Texas and West Virginia allege that Dodd-Frank burdens community banks and gives unelected people too much power. Oklahoma, South Carolina and Michigan in September joined a lawsuit filed by the 60 Plus Association, the Competitive Enterprise Institute and a Texas bank. MarketWatch
(2/13), AmericanBanker.com (free registration)
(2/13)
| Technology & Trends | | |
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- Foreclosure filings decline 28% in U.S.
U.S. residential foreclosure filings decreased 28% last month compared with January 2012, according to RealtyTrac. The number of filings, 150,864, was the smallest since April 2007. California legislation slowing first-time default was a big factor, RealtyTrac says. Bloomberg
(2/14)
| On One Hand, on the Other Hand | | |
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- Luxury brands see increasing U.S. demand
Wealthy Americans are spending on luxury again, and tourism from China to the U.S. is on the rise, driving brands including Hermes, L'Oreal and Burberry to make plans to invest in U.S. markets, executives say. "The stronger economy and loosening of visa restrictions for the Chinese mean that business this year will benefit from both affluent locals and tourism," said consultant Milton Pedraza. The Wall Street Journal
(2/13)
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- Judge dismisses ATM price-fixing suit against Visa, MasterCard
A U.S. district judge has dismissed a suit against Visa and MasterCard that was brought by the National ATM Council, which represents owners of automated teller machines. The group had alleged an anti-competitive environment based on a conspiracy by the card issuers to prevent ATM owners from charging varying fees for use of the transaction networks. "Notably absent from each of the complaints are facts showing the existence of an agreement, the essential element of any conspiracy," U.S. District Judge Amy Berman Jackson wrote. Bloomberg
(2/13)
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