Major Rollback of Dodd-Frank Signed into Law

President Trump has signed the biggest rollback of bank rules since the financial crisis in a major repeal of provisions of the Dodd-Frank legislation. The new law eases restrictions on all but the largest banks, raising the threshold to $250 billion from $50 billion under which banks are deemed too important to the financial system…

The $24 Million Reasons Dems Back America’s Worst Banks

Why would 16 Democratic senators join their Republican colleagues in pushing a bill that lays out a rich banquet of goodies before some of America’s worst bankers, and increases the risk that taxpayers will have to bail them out?Here are 24 million reasons: These 16 Democrats have collectively received $24,488,961 in campaign contributions from savings and…

Phil Angelides Strongly Objects to Rolling Back Dodd-Frank Protections

Phil Angelides, who chaired the committee evaluating the causes of the financial meltdown and recommending changes to prevent another one, has written a very strong letter objecting to proposals to roll back the protections of Dodd-Frank. March 5, 2018 The Honorable Mike Crapo Chairman, U.S. Senate Committee on Banking, Housing, and Urban Affairs 239 Dirksen…

Report: Conflicts of Interest on the FINRA Board

Ann Marsh of Financial Planning says that a new report documents conflicts of interest on the FINRA board, the self-regulatory body with jurisdiction over financial services. A new report by a group of securities arbitration attorneys calls into question FINRA’s ability to protect investors given alleged conflicts of interests on its board. The report was…

WSJ CFO Network, Washington 2017

The Wall Street Journal’s CFO Network gathering is always engaging and informative. This year VEA Vice Chair Nell Minow attended to appear at breakout sessions on board effectiveness and shareholder activism, and reported back on what she learned: The speakers included Senators John McCain on national security (he said his biggest fears are North Korea…

The Women of Abacus Bank Talk About the Failed Prosecution and the New Documentary

On Huffington Post, VEA Vice Chair Nell Minow writes about a new documentary about the failed prosecution of the only bank indicted following the subprime financial meltdown, Abacus. “Abacus: Small Enough to Jail” is a new documentary from “Hoop Dreams” director Steve James about a tiny, family-run Chinatown bank that was the only financial institution…

We Strongly Oppose the Oxymoronic “CHOICE” Act

We join with the Council of Institutional Investors in strongly opposing the falsely named “CHOICE” Act, which would eliminate critical shareholder rights and market responses that ensure the integrity of our financial markets. The proposal would sharply reduce the number of shareholder proposals and shareholder oversight on ceo pay, restrict the ability of independent proxy…

Push to Get Rid of Another Crucial Shareholder Protection: SOx 404

Business groups want to soften a Sarbanes-Oxley rule that requires companies to have auditors weigh in on their “internal controls”—the policies and procedures intended to prevent errors or fraud on their financial statements.Sarbanes-Oxley requires companies to evaluate whether these controls are effective and to have their auditor pass judgment on that assessment. Shareholder advocates say the rule, known as Section 404(b), helps…

What the CFPB ‘Commission’ Debate Is Really About | Bank Think

Corporations are happily preparing their wishlists for getting rid of consumer and employee protections under the new administration and the Republican-controlled Congress and Senate. Look for them to be disguised as “reform,” as pointed out in this piece from Adam J. Levitin in American Banker. The financial services industry is pushing hard for Congress to…