banks

Washington, D.C. -- November 17, 2009 -- "Good afternoon. I am joined here by some of my partners in the new effort we are launching today, Secretary of the Treasury Tim Geithner, Secretary of Housing and Urban Development Shawn Donovan, and Robert Khuzami, the Director of Enforcement at the Securities and Exchange Commission, who is here representing SEC Chairwoman Mary Schapiro.    » read more »

November 17, 2009 -- WASHINGTON -- Attorney General Eric Holder, Treasury Secretary Tim Geithner, Housing and Urban Development (HUD) Secretary Shaun Donovan, and Securities and Exchange Commission (SEC) Chairwoman Mary Schapiro today announced that President Barack Obama has established by Executive Order an interagency Financial Fraud Enforcement Task Force to strengthen efforts to combat financial crime.    » read more »

Federal Reserve action does not stop significant overdraft loan abuses; FAIR Act is needed to provide comprehensive consumer protections.

November 17, 2009 -- Washington, DC -- The Consumer Federation of America today urged the Senate to protect consumers from unauthorized and extremely expensive overdraft loans. Jean Ann Fox, Director of Financial Services for the Consumer Federation of America testified before the Senate Banking Committee on the need for Congress to pass the FAIR Overdraft Coverage Act, S. 1799, to rein in overdraft loan abuses.    » read more »

November 17, 2009 -- Washington, DC – Today, U.S. Rep. Ed Perlmutter (D-CO) will introduce amendments to the Financial Stability Improvement Act (HR 3996) aimed at helping prevent future economic downturns.

The first amendment enables regulators to limit the size of financial firms that could pose a risk to the system on an institution-by-institution basis. Once a financial holding company becomes subject to stricter standards, the amendment would allow the regulators to work with the company to divest its commercial or investment banking activities in an orderly manner without causing the traditional banking side of the organizations to fail.    » read more »

November 17, 2009 -- Washington, DC -- Today, Congressman Hodes introduced and passed an amendment to financial industry reform legislation that would prevent more taxpayer-funded bailouts from occurring in the future. Congressman Hodes offered his amendment to the Financial Stability Improvement Act of 2009 in order to ensure that taxpayers are never again forced to pay for the reckless mistakes of Wall Street executives. The Financial Services Committee passed the amendment unanimously.    » read more »

November 17, 2009 -- “While it is good to know that 14,700 people have now disclosed previously hidden offshore bank accounts, the U.S.–Swiss Annex disclosed today, designed to compel disclosure of the names of U.S persons with Swiss accounts at UBS, is very disappointing.

"It complicates and muddies what should have been a straightforward agreement by UBS and the Swiss Government to disclose Swiss accounts hidden from the United States by U.S. accountholders.

"UBS admitted last year that it ‘participated in a scheme to defraud the United States’ out of tax revenue. Since then, UBS has been prohibited by its government from simply turning over the names of the 52,000 U.S. clients suspected of participating in that tax evasion scheme with UBS.    » read more »

November 17, 2009 -- WASHINGTON, DC – Senator Ted Kaufman (D-DE), a member of the Senate Judiciary Committee, released the following statement after the Obama Administration’s announcement of a Financial Fraud Enforcement Task Force earlier today:

“I applaud the President’s creation today of an interagency Financial Fraud Enforcement Task Force. As I’ve said since my first week in office, we need to hold accountable the people and institutions whose criminal behavior contributed to the worst financial crisis in my lifetime. That is the only way for investors and the public again to have confidence in the financial markets.”    » read more »

Senator has pushed for action to investigate and prosecute financial fraud

November 17, 2009 -- (WASHINGTON, D.C.) – U.S. Senator Byron Dorgan (D-N.D.) said today’s announcement that the Justice Department will ramp up efforts to crack down on financial fraud “is critical to bring these modern day bank-robbers to justice, necessary to restore confidence in our financial system, and I applaud the Department of Justice for taking this action.”

Dorgan has been pushing for increased investigations and prosecutions of those who wrongly profited from the financial collapse. In January, Dorgan introduced the Taxpayer Protection Act (S. 195), which would, among other things, investigate and prosecute financial fraud that contributed to the collapse of our financial markets.    » read more »

Unprecedented Response in Voluntary Tax Disclosure Program

November 17, 2009 -- WASHINGTON – Deputy Attorney General David W. Ogden released the following statement regarding the announcement today by the Department of Justice and the Internal Revenue (IRS) regarding the results arising from previous settlements of civil and criminal cases against Swiss banking giant UBS AG.

The Justice Department and IRS announced that over 14,700 taxpayers have come forward to report previously-undisclosed foreign bank accounts under the voluntary disclosure program the IRS implemented following the settlement. This figure represents almost double the initial numbers the IRS announced in October and dwarfs the number of voluntary disclosures received in 2008.    » read more »

Nov. 16, 2009 -- WASHINGTON, D.C. - While Congress has debated legislation to reform Wall Street, the financial services industry has showered members of the Senate and House banking committees with about two and a half times as much money, on average, as other members of Congress, according to a new Public Citizen report.

The industry - including banks, investment firms, insurance companies and real estate companies - has given $42 million in campaign contributions to lawmakers and their leadership political action committees since the current election cycle began in November 2008. The industry has concentrated its contributions on members of the House and Senate banking and the congressional leadership, the report showed.    » read more »

National Mobilization Continues to Demand End to Multi-Billion Dollar Bonuses at Bailed Out Banks and the Too Big To Fail Doctrine

November 16, 2009 -- Washington, D.C.--Today, hundreds of workers, clergy members, community leaders, and other taxpayers converged on the Washington, D.C. headquarters of Goldman Sachs to demand the bank put an end to multi-billion dollar bonuses, reject the Too Big To Fail Doctrine, and use their anticipated $23 billion bonus pool to help families facing foreclosure.

Taxpayers also called on Congress to take immediate action on real financial reform.    » read more »

Russ Carnahan Is Co-Sponsor of Bipartisan Bill to Enact Closer Monitoring of TARP Program

November 16, 2009 -- (WASHINGTON, DC) - Congressman Russ Carnahan (MO-03) today urged the U.S. House of Representatives to pass bipartisan legislation that will create strong new accountability measures to monitor the Troubled Assets Relief Program (TARP).

Carnahan is a co-sponsor of the legislation, which amends the Emergency Economic Stabilization Act with stricter accountability and monitoring measures to ensure that financial institutions are effectively utilizing funds provided under TARP.    » read more »

November 10, 2009 -- PREET BHARARA, the United States Attorney for the Southern District of New York, announced today that MICHAEL KOULOUROUDIS, an accomplice of a former UBS investment banker, pleaded guilty before United States District Judge PAUL G. GARDEPHE on charges of conspiracy and securities fraud as a result of trading based on inside information stolen from UBS.

According to the Complaint and Superseding Indictment previously filed in this case, and statements made during KOULOUROUDIS's guilty plea:    » read more »

Good First Step But More Protections Are Needed; CFA Calls On Congress to pass the Overdraft Protection Act of 2009 to limit these abusive fees.

November 12, 2009 -- Washington, DC --- Consumer Federation of America (CFA) applauds the final overdraft rule issued today by the Federal Reserve Board as an important first step toward protecting consumers from abusive overdraft lending. The Reg E rule requires banks to get affirmative consent from consumers before charging fees on debit card purchases and ATM withdrawals that overdraw consumers’ bank accounts.    » read more »