BU Now » regulatory reform

Fed may retain power

Dick Taffe — Mon, 08 Mar 2010 21:16:56 +0000

Under a regulatory reform measure being considered in the Senate, the Federal Reserve may yet retain oversight power over the nati0n’s biggest banks, with states and the FDIC watching over smaller banks. Risk-management expert Mark Williams, author of “Uncontrolled Risk” who teaches finance in the School of Management, thinks it’s too soon to be trusting the Fed with enhanced authority.

“If the Fed was privately run, it would be out of business. Before the Fed is given more responsibility or allowed to continue business as usual, it needs to demonstrate to the American people it has fixed weaknesses in oversight and monetary policy.”

Contact Mark Williams, 617-358-2789, williams@bu.edu

Regulators pressuring banks

Dick Taffe — Fri, 31 Jul 2009 15:34:38 +0000

Federal regulators reportedly have ratcheted up significantly the number of “memorandums of understanding” probation notices sent to troubled banks this year. The notices can force banks to shore up capital reserves or change management. School of Law Professor Cornelius Hurley, a former counsel to the Federal Reserve Board of Governors and now director of the Morin Center for Banking and Financial Law, says the moves underscore the need for regulatory reform.

“One does not get the sense that federal enforcement policy among the Fed, OCC, OTS, and the FDIC is coordinated in any way, as it would be if Obama’s original idea of a consolidated prudential regulator were implemented.”

Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu

“Bolder” financial reg overhaul?

Dick Taffe — Wed, 15 Jul 2009 13:13:25 +0000

Two former SEC chairman are proposing an overhaul of U.S. financial regulation that is significantly “bolder” than that recently proposed by the Treasury Department. School of Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and former counsel to the Fed Board of Governors, can compare the proposals.

Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu

Slowing financial regulatory reform

Dick Taffe — Tue, 09 Jun 2009 14:06:44 +0000

Reports say the Obama administration is cooling on the idea of seeking a swift, major reduction in the regulatory agencies overseeing the financial system. Former Deputy Comptroller of the Currency Robert Bench, now senior fellow at the School of Law’s Morin Center for Banking and Financial Law, says it’s smarter to set priorities.

“This is absolutely the worst time for Washington to be discussing musical chairs.”

Contact Robert Bench, 617-353-5428, bobbench@bu.edu

Single bank regulator eyed

Dick Taffe — Thu, 28 May 2009 13:54:01 +0000

The Obama administration is reportedly close to recommending creation of a single agency to regulate banking as a keystone to an overhaul of the entire financial regulatory system. From the School of Law ‘s Morin Center for Banking and Financial Law both Professor Cornelius Hurley, a former Federal Reserve counsel, and Robert Bench, former deputy Comptroller of the Currency, can comment on the implications of such changes.

Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu

Contact Robert Bench, 617-353-5428, bobbench@bu.edu

G-20 and international regulatory reform

Dick Taffe — Thu, 02 Apr 2009 20:38:53 +0000

Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and former counsel to the Fed Board of Governors, says the G-20 communique outlining new international financial regulatory reforms marks a new era.

“The specificity of the G-20 pact signals a new era of cross-border cooperation on an array of regulatory matters. On a broad range of issues – from banking to hedge funds to systemic risk – look for U.S. hegemony to be replaced by international consultation and cooperation.”

Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu