Wednesday, June 6, 2012

Geithner challenges banks for specific Dodd-Frank gripes

Welcome to the morning roundup. Here's a look at what's news in banking and finance.

Dodd-Frank. U.S. Treasury Secretary Tim Geithner is reportedly challenging bankers to provide him specific examples of where the Dodd-Frank financial reform law is costing them an inordinate amount of money or placing burdens on them, Bloomberg reports. Bankers have long decried the law as doing both.

Europe. The European Central Bank kept its one-week refinancing rate at a historic low of 1 percent despite pressure to reduce it even further, the Wall Street Journal reports.

Wells in Tampa. Wells Fargo is offering Tampa residents down payment assistance and $15,000 home renovation grants as part of a $7 million program in the Florida city, the Tampa Bay Times reports. It's not simple to qualify, however. People must be Tampa residents, have income no greater than 120 percent of the median, qualify for a mortgage, take an 8-hour course and commit to staying in the home for five years.

JPMorgan losses. The Office of the Comptroller of the Currency will be looking into whether JPMorgan Chase provided clear and accurate information to regulators about its activities in the chief investment office, which racked up $2 billion-plus in losses, the Wall Street Journal says. Regulators are set to testify at a Senate hearing today.


Anonymous said...

The man who isn't even competent enough to file honest personal tax returns challenges banks to explain how onerous regulations are hurting them. Like he'd have even the slightest clue what they're talking about if they do. Hilarious.

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