Financial Regulatory Forum

from Christopher Whalen:

The cure for higher ATM fees is competition

September 30, 2011

Why are Bank of America and other large US banks increasing fees for the use of debit cards and other services?

How the BofA settlement deal got made

By Alison Frankel
June 30, 2011

There are only 30 lawyers at Gibbs & Bruns, the Houston litigation boutique that orchestrated Tuesday’s $8.5 billion settlement between Bank of America and mortgage bond investors. But good things come in small packages. This deal, struck with the noteholders in 530 trusts that issued securities backed by Countrywide mortgage loans, would not have happened without Gibbs partner Kathy Patrick. She put together a coalition of major institutional investors that BofA’s trustee on the securitizations, Bank of New York Mellon, could not afford to ignore. Patrick sent a red-alert warning to the bank last October, by announcing publicly that Gibbs & Bruns and its bondholder clients were gearing up for litigation. That move alone sent BofA’s stock down five percent. Then Patrick worked with lawyers for BofA and BoNY to structure a novel deal that makes sense for all of them.

ANALYSIS-Mortgage investors will have trouble fighting banks

By Reuters Staff
October 21, 2010

By Al Yoon and Matthew Goldstein

NEW YORK, Oct 20 (Reuters) – Houston attorney Kathy Patrick represents a group of powerful mortgage investors trying to wring money out of Bank of America, but many legal experts say her chances of winning are slim.

from The Great Debate:

Taxing spoils of the financial sector

April 22, 2010

If you want less of something, tax it.

That truism is often used as an argument against a tax on profits, or health benefits, or employment, but in the case of the rents extracted from the economy by the financial services industry here's hoping it proves more of a promise than a threat.

New York charges Bank of America, ex-CEO with fraud; SEC settles

By Reuters Staff
February 5, 2010

By Jonathan Stempel and Joe Rauch

NEW YORK/ORLANDO, Fla., Feb 4 (Reuters) – New York’s attorney general charged Bank of America Corp former Chief Executive Kenneth Lewis and former Chief Financial Officer Joe Price with fraud for allegedly misleading shareholders about the acquisition of Merrill Lynch & Co.

Major global banks split on regulation battle

By Reuters Staff
January 29, 2010

By Lisa Jucca and Martin Howell

DAVOS, Switzerland, Jan 29 (Reuters) – The world’s top financiers are at odds about how to fight back against a global push for tougher financial regulation, with commercial and investment banks struggling to reach common ground.

Barons of Wall St concede failures, defend pay

By Reuters Staff
January 13, 2010

By Kevin Drawbaugh

WASHINGTON, Jan 13 (Reuters) – Top executives of Wall Street’s biggest banks acknowledged broad failures as they testified to a U.S. commission looking into the financial crisis, while the White House said an industry apology was in order.

Bank of America’s Moynihan urges focus on “contagion risk,” not breakups

By Reuters Staff
January 13, 2010

CHARLOTTE, North Carolina, Jan 13 (Reuters) – Bank of America Corp Chief Executive Brian Moynihan said on Wednesday banking regulation needs to focus more closely on limiting “contagion risk” between financial firms, rather than breaking up the biggest U.S. banks.

US Treasury to net $936 million from JPMorgan warrants

By Reuters Staff
December 11, 2009

WASHINGTON, Dec 11 (Reuters) – The U.S. Treasury Department on Friday said it priced warrants in JPMorgan Chase & Co at $10.75 per warrant in a deal that will bring U.S. taxpayers net proceeds of $936.06 million.

U.S. banks give nod to prepaying fees, seek tweaks

By Reuters Staff
November 3, 2009

By Karey Wutkowski
WASHINGTON, Nov 3 (Reuters) – U.S. banks are lauding regulators for avoiding another emergency fee to replenish the deposit insurance fund, but are suggesting tweaks to a plan for them to prepay three years of regular assessments.