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Sen. Jon Tester (D-Mont.) and a bipartisan group of U.S. senators on Tuesday formally launched their legislative attack on the Federal Reserve’s plan to regulate debit-card transaction fees, a move cheered by banks and credit unions but slammed by retailers.
The bill, dubbed the Debit Interchange Fee Study Act, comes amid mounting concerns over the Fed’s proposed fee caps and calls for a two-year time out on the regulation. Get the full story »
Federal regulators have lowered the estimated cost of bank failures by $8 billion over four years and are proposing no increase in the fees banks pay to replenish the fund that insures deposits. Get the full story »
U.S. regulators will put up a united front before a divided Congress on Thursday, promising to cooperate on hundreds of new rules aimed at preventing Wall Street excesses from triggering another financial crisis. Get the full story »
A leading U.S. banking group is urging Basel Committee negotiators working on new international capital standards to ditch part of their proposal. Get the full story »
President Barack Obama talks with members of Congress and guests after signing the Dodd-Frank Wall Street Reform and Consumer Protection Act in Washington, D.C. (Rod Lamkey Jr./Getty)
U.S. President Barack Obama today signed into law the most comprehensive financial regulatory overhaul since the Great Depression and vowed there will be no more taxpayer-funded bailouts for Wall Street.
“Because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes,” Obama said at a signing ceremony for the legislation approved by the U.S. Congress last week.
The bill targets the kind of Wall Street risk-taking that helped to trigger a global financial meltdown and also aims to strengthen consumer protections. Get the full story »
