Could Republicans gut parts of Wall St reform law?

Oct 12

 

By Kevin Drawbaugh

WASHINGTON | Wed Oct 6, 2010 12:42pm EDT

The new Consumer Financial Protection Bureau, as designed under Dodd-Frank, will be an independent unit inside the Federal Reserve, the U.S. central bank. Among its chief missions will be regulating mortgages and credit cards.

Under the law, the Fed will fund the watchdog directly. But some Republicans want to force the consumer bureau to request funding each year from Congress through the appropriations process, giving lawmakers more influence over its scope.

Consumer advocates and other backers of the watchdog fear such a change would make the bureau a political football.

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Defining “Big” in To Big To Fail (Non-Banks)

Oct 07

   By Jeffrey Sparshott and Victoria McGrane
   Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)–Top U.S. regulators on Friday took initial steps to identify when a financial firm outside the banking system becomes large or complex enough to threaten the markets.

The new Financial Stability Oversight Council, created by the Dodd-Frank financial regulation bill, is seeking public comment on draft regulations affecting large nonbank financial firms. The council held its first meeting Friday at the Treasury Department.

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Increasing the Transparency of the Federal Reserve Board (FRB) on Interchange Fees

Oct 03
The FRB (Federal Reserve Board)  is vested with broad powers  to regulate interchage fees.

In order to increase the transparency of this important organization,  the Center for Reguhlatory Effectiveness, a recognized regulatory watchdog,  has established an Interactive Public Docket (IPD) dedicated to venting its operations and alllowing the public to send it comments on a 24/7 basis.

The FRB operations are subject to the “good government” statutes which “regulate the regulators”. The “good government” statutes include the Data Quality Act and the Paperwork Reduction Act .

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HHS Provides Opt-Out Election Guidance for Self-Funded, Non-Federal Governmental Plans

Oct 03
Littler Mendelson on September 30, 2010

A letter (pdf) written by the Director of the Department of Health and Human Services’ Office of Consumer Information and Insurance Oversight (OCIIO) explains that sponsors of self-funded, nonfederal governmental health insurance plans can no longer opt out of as many Public Health Service (PHS) Act requirements in light of the changes made by the Patient Protection and Affordable Care Act (“Affordable Care Act” or “PPACA”). Specifically, for plan years beginning on or after September 23, 2010, sponsors of such plans can no longer opt out of the following PHS requirement categories, even if those plans are considered “grandfathered”:

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McDonald’s May Drop Health Plan

Oct 01

 

By JANET ADAMY

McDonald’s Corp. has warned federal regulators that it could drop its health insurance plan for nearly 30,000 hourly restaurant workers unless regulators waive a new requirement of the U.S. health overhaul.

 McDonald’s May Drop Health Plan: The chain has told regulators it may ditch its plan unless a new health-care requirement is waived, Janet Adamy reports.

  The move is one of the clearest indications that new rules may disrupt workers’ health plans as the law ripples through the real world.

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