Banking/Financial Institutions

Raj Date, the first deputy director of the Consumer Financial Protection Bureau, has started his own bank consulting firm.

The White House believes people making a profit are "up to no good," the GOP leader told bankers in Washington.

Credit unions are urging lawmakers to ignore what they are calling distortions by banks about their role in business lending through the financial crisis.

The National Association of Federal Credit Unions (NAFCU) sent a letter to lawmakers on Tuesday rebutting allegations by the banking industry that credit unions have refused to help take up the slack on business loans and, in turn, stabilize the economy during the financial crisis. 

"This is a remarkable and ironic statement considering it was the nation’s banks that engaged in the risky lending that led to the financial crisis to begin with," wrote NAFCU Vice President of Legislative Affairs Brad Thaler.

"In fact, their ads fail to mention that the banks they represent were bailed out by the American taxpayer to the tune of hundreds of billions of dollars through the TARP program because of the large number of subprime loans that they gave to hard-working Americans."

Rep. Duffy said if "community banks can't get dollars out the door" the whole community suffers.

A top Republican on the Senate Banking Committee is pushing for regulators to study new capital requirements for banks before signing off on any changes.

Sen. Richard Shelby (R-Ala.) introduced legislation Tuesday that would require bank regulators to conduct a study on the impact of new Basel III capital requirements, as well as other capital-boosting requirements in the Dodd-Frank financial reform law before finalizing any changes. Shelby served as the ranking member of the Banking panel in the 112th Congress, and remains a senior member of the committee.

"Congress needs a detailed analysis of current and new capital rules to ensure that taxpayers are protected without unduly impeding bank lending or economic growth," Shelby said. "Only a comprehensive examination of the impact on financial institutions large and small will meet this need."

Advocates of campaign finance reform are pushing the new chairwoman of the Securities and Exchange Commission (SEC) to make waves by exposing the political spending of corporations.

The Corporate Reform Coalition on Tuesday said 500,000 people, including more than 80 members of Congress, have signed a petition backing mandatory disclosure of political donations by publicly trade companies. They want SEC Chairwoman Mary Jo White to champion the cause.

“It's time for the SEC to step up to the plate,” said New York State Comptroller Thomas DiNapoli.

A bipartisan immigration plan with major implications for the economy is set to arrive on Capitol Hill this week.

Business groups are eager to see how the Senate’s Gang of Eight deals with visas for both high-skilled and low-skilled workers in the bipartisan plan. They say an “ample” amount of visas are needed to plug holes in America’s workforce. 

Lawmakers are also be entering their second week of poring over the White House’s budget plan.

A top Senate Democrat is calling for an investigation into reports that banks are failing to comply with the terms of a $25 billion mortgage settlement forged more than a year ago.  

Sen. Barbara Boxer (D-Calif.) on Friday urged federal officials to examine reports that banks are not providing protections for borrowers from foreclosure while negotiating a modification, setting up single points of contact to handle those issues or providing quick responses. 

"It is essential that you take swift action to ensure that the banks are meeting their obligations under the terms of the settlement and that struggling homeowners receive the assistance they need,” Boxer said in a letter to Attorney General Eric Holder, Secretary of Housing and Urban Development Shaun Donovan and National Mortgage Settlement Monitor Joseph Smith on Friday. 

One of the top government officials charged with overseeing the Troubled Asset Relief Program (TARP) has joined the law firm Venable LLP.

The firm announced Friday that it had hired Michael Rivera, formerly the chief investigative counsel for the Special Inspector General for TARP (SIGTARP), as a partner in its Washington office. Rivera will be joining the firm's SEC and white collar defense group.

While at SIGTARP, Rivera was responsible for guiding the watch dog's investigative oversight efforts, managing over 150 investigations into fraud and misconduct under the massive bank bailout program.

“Anyone who questions whether the government successfully pursued wrongdoing related to the economic crisis need only review Mike Rivera’s resume. He led what was arguably one of the country’s most significant government investigative and prosecutorial initiatives in history,” said Geoffrey Garinther, who chairs Venable’s litigation practice group. “Mike has exceptional experience handling criminal and civil investigations, including 17 years in private practice at a major international law firm defending companies and executives facing government investigations."

An accidental early release of Fed minutes sparks concern.

Major Wall Street banks, government agencies and industry groups got the sneak peek.

Gold's reputation as the safest of investments is getting tarnished.

President Obama asks Congress to dig deeper for IMF funding in budget.

The president will huddle with the heads of major Wall Street banks today.

Big banks dive into the prepaid card market.