InfoBytes, September 17, 2010 - Weekly In-depth review of news & developments in the financial services industry


Topics In This Issue

• Federal Issues

• Courts

• Firm News

• Banking

• Consumer Finance

• Litigation

• Privacy/Data Security

• Credit Cards

Excerpt from "Federal Issues"

Elizabeth Warren Appointed Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau. On September 17, President Obama named Elizabeth Warren to serve as Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau. Neither appointment requires confirmation by the Senate. As Special Advisor, Warren will play a key role in establishing of the Bureau of Consumer Financial Protection (BCFP), which was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act this past July. For a copy of the White House press release announcing the appointment, please click here.

Banking Agencies Support Basel III Agreement. On September 12, U.S. banking regulators (represented by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Insurance Deposit Insurance Corporation) expressed their support for the Basel III Agreement of the G-10 Governors and Heads of Supervision. The Basel III Agreement seeks "to increase the quality, quantity, and international consistency of capital, to strengthen liquidity standards, to discourage excessive leverage and risk taking, and to reduce procyclicality in regulatory requirements." The Basel III Agreement also seeks to reduce the incidence and severity of future financial crises and to foster a more stable international banking system.

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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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