Tagged: Treasury Department

FDIC gets more authority over banks

During the Crash of 2008, the Federal Deposit Insurance Corporation said it lacked access to need information to evaluate the risk being taken by banks which later either collapsed or needed taxpayer bailouts to stay afloat.  Now regulators at the Federal Reserve and Treasury Department have given the FDIC specific, unlimited authority to examine banks.  Law Professor Cornelius […]

Financial regulatory reform crunch time

Capitol Hill negotiators from the House and Senate committees dealing with financial regulatory reform are getting down to the details of working out differences between the bills passed in respective chambers, with Democrats holding the majority votes in both.  Former Federal Reserve Bank examiner Mark Williams, who teaches finance in the School of Management and […]

Small banks slow at bailout payack

While most of the huge banks which got taxpayer bailouts last year have paid back their TARP loans, hundreds of community banks haven’t.  Robert Bench, a former deputy Comptroller of the Currency and now a senior fellow at BU Law’s Morin Center for Banking and Financial Law, says it’s no surprise.  Too many real estate […]

Citigroup CEO says things ‘different’

Citigroup CEO Vikram Pandit told a Congressional panel that the bank is “fundamentally different” since it took $45 billion in taxpayer bailout money last year.  But Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, says Congress should be asking why taxpayers were’t given more effective oversight of Citigroup after […]

Financial reform update

Major components of financial-reform legislation are  taking shape, with the Obama administration relaxing its insistance on a stand-alone consumer protection agency and the “Volker Rule” allowing regulators to bar banks from risky investments losing support.  Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, said cutting the “Volker Rule” is a loss. […]

More power to Treasury secretary?

Senate Banking Committee Chairman Chris Dodd will propose a council of regulators — headed by the Treasury secretary — be created to monitor systemic risk across the financial spectrum.  Former Federal Reserve Bank examiner Mark Williams, who teaches finance in the School of Management is is author of “Uncontrolled Risk” about the fall of Lehman […]

Treasury less than candid with bailout

A report from the inspector general overseeing the government’s bailout of the banking system says the Treasury Department was less than candid last fall about the health of the bailed-out banks.  Visiting law Professor Elizabeth Nowicki, a former SEC attorney and Wall Street lawyer, says such lack of transparancy is what caused a run on […]

White House Outlines Offshore-Tax fixes

With the White House unveiling a $210 billion plan to tax more of U.S. firms’ overseas earnings and crack down on tax-avoidance loopholes, School of Law Professor Daniel Berman, a former Treasury Department official and now director of the graduate tax program, can look at the historical track record of presidents on such proposals. “Many […]