The Federal Reserve estimates that that ATM fees now average $2.66 and in some cases the fees are $5 per transaction. The best data available suggests that the cost of processing a transaction is no more than 36 cents today. This amendment would require the new Consumer Financial Protection Bureau to ensure that fees charged to consumers at ATMs bear a reasonable relation to the cost of processing the transaction.
This amendment would create a Council of Inspectors General on Financial Oversight (CIGFO) which would simply connect the existing financial agency Inspectors General. CIGFO would be required to prepare an annual report to Congress and the Financial Stability Oversight Council (FSOC) on specific concerns and recommendations to improve financial oversight from each Inspector General who is a CIGFO member. This would provide an independent assessment of what issues need to be addressed to strengthen financial oversight on a regular basis, and require FSOC to respond in writing. Additionally, CIGFO would be authorized to form a Council of Inspectors General Working Group, utilizing IG resources to regularly monitor and report on the effectiveness and internal operations of FSOC.
This amendment would amend sections 412 and 926 of Sen. Dodd’s bill (S. 3217) as introduced. If enacted, the original text of these two sections would double or more the income and asset requirements for accredited investors and subject startup companies seeking investor capital to a review of up to 120 days by the SEC. This would stifle and curtail the availability of much needed seed capital for vital startup companies which are the job creation engine of our struggling economy.
To establish as a standing order of the Senate that a Senator publicly disclose a notice of intent to objecting to any measure or matter
This amendment will preserve the authority of the Federal Energy Regulatory Commission (FERC) to ensure just and reasonable electric and natural gas rates. FERC currently regulates certain market products that keep the cost of electricity stable and low for consumers. The underlying bill would allow the Commodity Futures Trading Commission concurrent jurisdiction over these products. That duplicative authority could result in the elimination of these products and increased costs for electricity consumers. This amendment will help avoid that type of unproductive cost.
This amendment would prohibit banks with taxpayer-insured deposits and their affiliates from engaging in proprietary trading or establishing hedge funds or private equity funds. This amendment will ensure that firms can no longer bet against asset-backed securities they had assembled and sold, ending the egregious conflicts of interest that pit firms such as Goldman Sachs up against their own clients.
The amendment would direct the Consumer Financial Protection Bureau to consider the impact of all proposed rules on community banks and credits unions with assets of less than $10 billion (the same institutions exempt from examination and enforcement by the Bureau). The amendment would also direct the Bureau to consider the impact of proposed rules on consumers in rural areas.
The Conrad/Crapo amendment would modify the bill to allow states to continue to set lending limits for banks with asset levels of $10 billion or less. This will help support small community banks, preserve access to credit in the communities they serve, and ensure that the largest banks that could pose a systemic risk cannot switch to a state charter to evade the national loan limits.
Amendment would Create a self-regulatory organization, the Credit Rating Agency Board, which would be overseen by the Securities and Exchange Commission. The Board would be populated with a majority of investors, a representative from the issuer industry and credit rating agency industry, and an independent member. Instead of letting issuers choose who will rate their products, the Board would have discretion to implement a system that assigns credit rating agencies to provide initial ratings to reduce conflicts of interest.
Amendment establishes an Office of the Homeowner Advocate (OHA). The office would assist homeowners, housing counselors, and housing lawyers in resolving problems with the Home Affordable Modification Program (HAMP).
This amendment ensures that as part of Wall Street Reform legislation, Washington state taxpayers are never again responsible for bailing out failing Wall Street firms. The amendment allows the FDIC to liquidate a failing Wall Street firm and to put the costs of that failure on the firm, its creditors, or the financial sector.
This amendment better protects the health of the Deposit Insurance Fund operated by the FDIC.
This amendment imposes a 50 percent tax on bonuses of employees at Wall Street institutions exceeding $400,000 – the salary of the President of the United States. This legislation applies to employees at Wall Street institutions that received more than $5 billion from the Troubled Asset Relief Program (TARP).
This amendment allows state regulators to be included in the Financial Stability Oversight Council (FSOC). This amendment ensures that the needs of our struggling community banks are taken into account as the FSOC considers very important issues affecting financial firms, the industry and the economy overall.
This amendment would prohibit the largest banks from growing even larger by purchasing thrift assets. A loophole currently exists that allows banks to break through the nationwide 10% deposit cap that was put in place in the Riegle Neal Interstate Branching Act of 1994 by purchasing thrift assets. This amendment would close that loophole. This will help prevent the big banks from growing even bigger by closing this loophole. This amendment strengthens the goal of preventing entities from becoming “Too-Big-to-Fail”.
This amendment strikes a provision that would allow the OCC to siphon funds the FDIC raises through examination fees on state-chartered banks, to subsidize the cost of examination of the bigger, nationally-chartered banks. This is nothing more than an unearned subsidy for nationally-chartered banks. This provision does not enhance safety and soundness or improve the FDIC’s ability to manage the deposit insurance fund. It will make the state-charter less attractive. It is opposed by our community banks and by our state banking regulator. Our community banks shouldn’t be subsidizing the big national banks. This will prevent increased fees and charges on households and businesses that bank with our community banks.