In This Issue:
Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings.
Leading the Past Week -
It was another busy week on the Hill and in the Administration, but it may have been most notable for events from the end of the week that may have only further served to add fuel to revitalized attacks on “big banks.” First, during a massive six-hour hearing about the “London Whale trade,” Chairman Levin received commitments from both regulators and representatives of JP Morgan that taken together, could lead to considerable changes throughout the industry, and certainly served to re-energize proponents of a strong Volcker rule. Later on Friday, the SEC announced that the hedge fund SAC would agree to pay a penalty of $616 million dollars to settle allegations of insider trading, though the settlement doesn’t foreclose additional charges against the members of the fund.
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Topics: CFPB, CFTC, FDIC, FHA, FHFA, JPMorgan Chase, Jumpstart GSE Reform Act, Mary Jo White, Nominations, Notice Requirements, Proposed Legislation, Richard Cordray, SEC
Published In: Consumer Protection Updates, Elections & Politics Updates, Finance & Banking Updates, Insurance Updates, Securities Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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