Finance

Congressman joins colleagues in urging bailed out Wall Street firms to stop taking advantage of responsible customers

WASHINGTON, Oct 30 - Today Congressman Mark Schauer (D-MI) co-sponsored the Credit Card Rate Freeze Act, legislation that would immediately freeze interest rates on consumer credit card accounts ahead of federal credit card reform legislation slated to go into effect early next year.

Earlier this week, Schauer joined 45 of his House colleagues in sending a letter to the CEOs of Bank of America and Citigroup, which together have received $45 billion in federal bailout funds, urging them to reconsider their decision to charge new credit card fees on customers in good standing.    » read more »

October 29, 2009 -- Washington, D.C. -- Speaker Nancy Pelosi issued the following statement today following the House passage of the Small Business Financing and Investment Act. The legislation will comprehensively reform small business lending programs to spur job creation and meet the needs of American small business. The House passed the bill by a vote of 389 to 32.

“Small businesses are the engines of our economic growth and the number one source of good-paying jobs nationwide. As we emerge from this recession, our recovery will depend on small business owners and entrepreneurs – the men and women who take risks, embrace opportunity, hire workers and pay them a decent wage, and reach for their piece of the American dream.    » read more »

Provisions Bean championed in Recovery Act extended

October 29, 2009 -- Washington, D.C. - As part of her ongoing commitment to promoting access to capital for small businesses, Congresswoman Melissa Bean joined colleagues in passing the Small Business Financing and Investment Act of 2009, which extends and expands successful changes to SBA (Small Business Administration) lending programs advocated by Bean and first included in the Recovery Act earlier this year.

The bill, H.R. 3854, passed 390-31.    » read more »

October 29, 2009 -- WASHINGTON, DC - U.S. Rep. Michael Arcuri (NY-24) called on the CEOs of Bank of America and Citigroup to end the unreasonable new credit card interest rates and fees that the two banks are allegedly going to be charging consumers for not carrying a consistent balance on their credit card.

"To see two companies that came before Congress only a year ago and asked for federal funding to save their banks and gouge the consumer is despicable," Arcuri said, "The American people have done more than their fair share to rescue our country from this economic downturn and it is time for these banks to recognize that they are in the business of customer service and are not set up to prey on the consumer, but rather help them succeed."    » read more »

October 29, 2009 -- WASHINGTON, March 31 –The Senate banking committee today narrowly approved and sent to the Senate legislation to ban abusive credit card practices.

Senator Bernie Sanders (I-Vt.) cosponsored the bill that cleared committee, but he said that when the legislation reaches the Senate floor he will press for a nationwide cap on credit card interest rates.

Sanders on March 12 introduced a measure to place a 15 percent ceiling on interest rates on credit cards and loans to consumers and businesses.

Banks that have received the largest taxpayer bailout in U.S. history, he said, should not be allowed to slap consumers with heavy fees on top of interest rates that have shot up to 30 percent or more.    » read more »

Bill Aims to Prevent Credit Card Issuers from Squeezing Americans in Final Months Before New Consumer Protections Take Effect

October 29, 2009 -- WASHINGTON, D.C. – Although landmark legislation protecting consumers from abusive and predatory practices used by credit card companies was enacted in May, credit card companies across the nation have been jacking up rates in an effort to squeeze customers before all of the new bill’s provisions can take effect.

In response, U.S. Senator Sherrod Brown (D-OH) has joined his colleagues on the Senate Banking Committee in introducing a bill that would immediately freeze credit card interest rates, fees, and finance charges on existing balances.    » read more »

October 26, 2009 -- Today Senate Banking Committee Chairman Chris Dodd (D-CT) will introduce a bill to immediately freeze credit card interest rates on existing balances.

The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act enacted in May prevents arbitrary interest rate, fee and finance charge increases on a customer’s existing balance. Unfortunately, credit card companies have been jacking up rates in a last ditch effort to squeeze customers before all of the bill’s provisions can take effect.    » read more »

Firm Hires Services, Consulting and Sales Staff to Serve Local Clients and Prospects

SINGAPORE and BOSTON, 19 October 2009 — Eagle Investment Systems LLC, a leading provider of financial services technology and a wholly owned subsidiary of BNY Mellon Asset Servicing, today announced the opening of a new operational centre in Singapore. The new office is Eagle's first in Asia1*.

While Eagle has been servicing clients in the region for more than seven years, the company has recently decided to establish an office here in response to continued growth in business opportunities across Asia Pacific over the last two years.    » read more »

Will Sell Retail Asset Management Business, Including Van Kampen Investments, to Invesco and Maintain Minority Stake in Combined Firm

Oct 19 2009 -- New York -- Morgan Stanley (NYSE: MS) today announced as part of a restructuring of its investment management division a definitive agreement to sell its retail asset management business, including Van Kampen Investments, Inc., to Invesco Ltd. (NYSE: IVZ), a leading independent global investment management company. This transaction allows the Firm to focus on its institutional client base - including corporations, pension plans, large intermediaries, foundations and endowments, sovereign wealth funds, and central banks, among others.    » read more »

Joined by Consumer Advocate, Connecticut Consumer who was Unfairly Hit with Overdraft Fees

October 19, 2009 -- At a press conference at Stamford Government Center today, Senate Banking Committee Chairman Chris Dodd (D-CT) unveiled The Fairness and Accountability in Receiving (FAIR) Overdraft Coverage Act, a bill to protect Americans from excessive checking account overdraft fees.

Dodd was joined at the event by Attorney Ellery Plotkin, a consumer advocate, and Mario Livieri, a resident of Branford who was unfairly hit with overdraft fees earlier this year.    » read more »

October 19, 2009 -- WASHINGTON – U.S. Senator Sherrod Brown (D-OH) joined Senate Banking Committee Chairman Chris Dodd (D-CT) and Sens. Charles E. Schumer (D-NY) and Jack Reed (D-RI) to announce the introduction of The Fairness and Accountability in Receiving (FAIR) Overdraft Coverage Act. This legislation would protect Americans from excessive checking account overdraft fees.

“Taxpayers helped stabilize the financial services industry – big banks should not return the favor by slamming consumers with billions of dollars in overdraft fees,” said Brown, who chairs the Senate Banking Subcommittee on Economic Policy. “In Ohio alone, it’s estimated that consumers paid nearly $900 million in overdraft charges last year. This is about putting consumers first.”    » read more »

High-Ranking Corporate Executives Also Charged in Scheme That Generated More Than $25 Million in Illicit Gains

Washington, D.C., Oct. 16, 2009 — The Securities and Exchange Commission today charged billionaire Raj Rajaratnam and his New York-based hedge fund advisory firm Galleon Management LP with engaging in a massive insider trading scheme that generated more than $25 million in illicit gains. The SEC also charged six others involved in the scheme, including senior executives at major companies IBM, Intel and McKinsey & Company.    » read more »

Manhattan U.S. Attorney Charges Hedge Fund Managers, Fortune 500 Executives, and Management Consulting Director in $20 Million Insider Trading Case

October 16, 2009 -- PREET BHARARA, the United States Attorney for the Southern District of New York, and JOSEPH DEMAREST, JR., Assistant Director-in-Charge of the New York Office of the Federal Bureau of Investigation ("FBI"), today announced charges against six individuals arising out of their alleged involvement in the largest hedge fund insider trading case in history.    » read more »

Obama Administration Special Pay Master Responds to Requests by Anna Burger, 10,000 Taxpayers to Take Action on Ken Lewis Pay

Sets Precedent for Protecting Americans from CEO Pay Abuse -- Washington, D.C.--The Service Employees International Union (SEIU) released a statement from Secretary-Treasurer Anna Burger following news that Ken Lewis will not be receiving his 2009 compensation and bonus pay in light of his multimillion-dollar retirement package.    » read more »

Obama Administration Special Pay Master Responds to Requests by Anna Burger, 10,000 Taxpayers to Take Action on Ken Lewis Pay

Sets Precedent for Protecting Americans from CEO Pay Abuse -- Washington, D.C.--The Service Employees International Union (SEIU) released a statement from Secretary-Treasurer Anna Burger following news that Ken Lewis will not be receiving his 2009 compensation and bonus pay in light of his multimillion-dollar retirement package.    » read more »