Posts Tagged ‘wall street reform’

“We are not Wall Street banks, but we face the same regulatory regime

Monday, November 5th, 2012 by Geoffrey Lyons

More mid-size and regional banks are increasing their lobbying activity in the wake of Dodd-Frank.

The colossal law contains a number of provisions these “middle children” feel should be limited to their bigger brothers.  Chief among these provisions are the Volcker Rule and a “living-will” requirement that commands big banks to detail “resolution plans” in the event of collapse.

The banks’ mission won’t be to wheedle their way out of Dodd-Frank, but rather to encourage regulators to tailor the rules with them in mind.  In other words, they’d like to be treated as a separate species from Wall Street.

To give an idea of how seriously they’re taking this, SunTrust has so far upped its lobbying expenditures fifteen-fold for 2012.  PNC has gone from spending $570,000 in 2010, to $1.53 million in 2011.

More on this as it unfolds.

Finance lobbyists weigh in on Dodd-Frank

Monday, December 6th, 2010 by Vbhotla

The passage of the Dodd-Frank Wall Street Reform Act has made it a great time to be a lobbyist for the financial services industry.  The number of lobbyists retained by the SEC and CFTC rose sharply in the third quarter as the agencies anticipate rules to implement the bill.  The SEC has hired 45% more lobbyists than it sought in the second quarter, and the CFTC called on an additional 22%.

According to a Washington Post story, “experts say these figures likely represent only a fraction of the people appearing on behalf of clients before those agencies because many rulemaking meetings” do not trigger LDA disclosure.   The story goes on to report, that most insiders project the frenzy will last several years, which is good news for newly-in-demand finance lobbyists on all sides of the issues.

With 243 rules and 67 studies already underway, there are quite a few interests to be considered and plenty of work to go around.  Some firms have already sought to hire additional associates to help meet the demand for lobbyists experienced in various aspects of financial affairs and regulation.

Former Oklahoma governor Frank Keating will lead the charge against the bill on behalf of the nation’s banks as the new president of the American Bankers Association, a post he will assume Jan. 1 with the retirement of the association’s current president, Edward Yingling.