Financial Regulatory Forum

Credit rating agency bill backed by US House panel

October 29, 2009

By Kevin Drawbaugh
WASHINGTON, Oct 28 (Reuters) – Credit rating agencies, which have been widely blamed for failing to spot problems that helped trigger the global financial crisis, would be more tightly regulated under legislation approved on Wednesday by the U.S. House of Representatives Financial Services Committee.

ANALYSIS-German ratings agency idea a tough challenge

October 28, 2009

LONDON, Oct 28 (Reuters) – The German government’s idea for a new European-based credit rating agency comes at a vulnerable time for the tarnished sector but such a body will have to offer more than a copycat service if it is to succeed.

ANALYSIS-Activists hit compromises on U.S. financial reform

October 20, 2009

U.S. Representative Barney Frank (D-MA), chairman of the House Financial Services Committee, holds a field hearing in Boston, Massachusetts March 23, 2009. (File photo) REUTERS/Brian Snyder By Kevin Drawbaugh
WASHINGTON, Oct 20 (Reuters) – The watering down of U.S. financial regulation reform in Congress drew questions on Tuesday from consumer advocates wondering what will be left of the Obama administration’s plan once lawmakers are done.

US Congress panel trims credit rating agency bill

October 20, 2009

By Kevin Drawbaugh and Rachelle Younglai
WASHINGTON, Oct 20 (Reuters) – A U.S. congressional committee has dropped a key provision from a financial reform bill aimed at reducing investor reliance on credit ratings, according to draft legislation released on Tuesday.

Congress to examine SEC failure to probe warnings on Moody’s

September 30, 2009

Committee Chairman Edolphus Towns (D-NY) (C), ranking member Rep. Darrell Issa (R-CA) (L) and Rep. Dennis Kucinich (D-OH) (R) talk to reporters after a hearing of the House Oversight and Government Reform Committee on Capitol Hill in Washington, June 25, 2009.    REUTERS/Jonathan Ernst    (UNITED STATES POLITICS BUSINESS) (FILE) WASHINGTON, Sept 30 (Reuters) – A congressional panel will expand its examination of credit rating agencies to look at why U.S. securities regulators ignored warnings from former Moody’s Corp executives about the company’s weak compliance department and ratings process.

US SEC scolds, moves to reform credit agencies

September 17, 2009

sec2    WASHINGTON, Sept 17 (Reuters) – Credit agencies will have to disclose more of their ratings history, and banks will have to share data used to rate financial products with all credit agencies, under rules adopted by U.S. regulators on Thursday. (more…)

California probes credit rating agencies

September 17, 2009

California Attorney General Jerry Brown REUTERS/Robert Galbraith (UNITED STATES)   SAN FRANCISCO, Sept 17 (Reuters) – California Attorney General Jerry Brown issued subpoenas on Thursday to Standard & Poor’s, Moody’s Investors Service, and Fitch Ratings as he launched an investigation of whether they broke state law with the ratings they provided mortgage-backed securities. (more…)

U.S. SEC mulls stricter rules for credit agencies

September 15, 2009

By Rachelle Younglai
WASHINGTON, Sept 15 (Reuters) – The U.S. Securities and Exchange Commission may force banks to share data used to rate bonds with all credit rating agencies, reducing the risk that investors will buy securities with inflated ratings, two people familiar with the regulator’s thinking said.