Financial Services Regulatory Reform Update - December 3, 2010

With the 111th Congress limping towards the finish line, it was interesting to see that two of the three biggest issues impacting the financial services industry this week emanated out of the administration and not Congress. Perhaps this is a precursor for how Washington will operate under the new gridlock everyone is anticipating for the next two years. Those three issues were: (1) the release of President Obama’s National Commission on Fiscal Responsibility and Reform (the “Deficit Commission”) report, (2) the release of a report by the Federal Reserve, mandated by Dodd-Frank, that disclosed who borrowed and how much money they took from the Fed during the financial crisis, and (3) negotiations surrounding the extension of the so-called “Bush tax cuts” and other tax incentives set to expire at the end of the year.

Despite the fact that the Administration seemed to be driving the news coverage, Congress did return to work on Monday for the start of its second lame duck session, the length of which remains unknown, though it is anticipated to ikely wrap up by the 17th of December when the recently enacted CR runs out. Any hope that anything beyond the tax cuts and funding the government could get passed took a serious hit when all the Republican Senators sent a letter to Majority Leader Reid indicating they will not consider any legislation until those two items are resolved. Clearly, the Republican Party eagerly looks towards 2011 and the 112th Congress.

In This Issue: DEFICIT COMMISSION RELEASES AND QUASHES REPORT; FED DISCLOSES DATA FROM FINANCIAL CRISIS LENDING; CHANGES IN THE MARKET FOR DEBIT AND CREDIT CARDS; SEC TO POSTPONE OPENING NEW OFFICES; DEPARTMENT OF LABOR “TARGETS” THE TARGET DATE FUND; BASEL III DETAILS FINALIZED; OFFICE OF FINANCIAL RESEARCH TAKES FIRST ACTIONS; HOUSE JUDICIARY COMMITTEE HOLDS HEARING ON FORECLOSURE PROTOCOLS; AND MORE...

Please see full update below for more information.

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Published In: Administrative Agency Updates, Elections & Politics Updates, Finance & Banking Updates, Securities Updates, Tax 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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