Showdown over ‘Volcker Rule’ Looms as Conferees Begin Work on Financial Reform Bill

As House and Senate conferees June 10 kick off the process of finalizing sweeping financial regulatory reform legislation, a key area of controversy is…

Democrats Predict Quick Action as Financial Reform Moves to Conference

Congressional Democrats vowed May 21 that they will move swiftly to resolve differences between the House and Senate financial regulatory reform bills (H.R. 4173, S. 3217) and predicted that…

Heartland to Pay MasterCard $41.4 Million to Settle Claims from Massive Data Breach

Heartland Payment Systems Inc. has agreed to pay $41.4 million to settle claims by MasterCard issuing and processing banks related to a massive payment card data breach, the payment card transaction…

Court Gives Preliminary Approval to Heartland Breach Consumer Class Action Settlement

A settlement agreement to end some seventeen consumer class actions related to a massive payment card data breach by Heartland Payment Systems Inc. was preliminarily approved by…

Senate Talks Expected to Yield Fruit with Quicker Pace on Financial Reform

The Senate is expected to pick up the pace on a broad financial reform bill (S. 3217), with voting scheduled to resume May 11 following several days of high-stakes deal-cutting…

Goldman Sachs Bet Against Housing Market, Profited at Clients’ Expense, Senator Levin Contends

Sen. Carl Levin (D-Mich.) April 26 released excerpts of e-mails between employees at Goldman Sachs Group Inc., (GS) which he said show that the firm held significant short positions against…

House Approves Legislation to Curb Duplicative Financial Services Consumer Privacy Notices

The House April 14 approved bipartisan legislation (H.R. 3506) designed to cut down on duplicative privacy notices sent to financial services consumers under the…

SEC Files Fraud Charges Against Goldman Sachs over 2007 CDO Tied to Subprime Mortgages

The Securities and Exchange Commission April 16 filed fraud charges against Goldman Sachs & Co. (GS) and one of the firm’s senior executives over alleged misstatements and omissions in…

U.S., Switzerland Sign Tax Treaty Protocol to Allow Handover of UBS Account Holder Names to IRS

The United States and Switzerland March 31 announced a new protocol to a U.S.-Swiss treaty, adding technical amendments that would allow the Swiss government to provide information on U.S. account holders in Swiss banking giant UBS, following a defeat on the issue in that country’s courts.

Washington Now Second State with Retailer Card Breach Liability Law, Joining Minnesota

As of July 1, Washington merchants and agencies that process 6 million or more payment card transactions per year face liability to financial institutions for certain credit and debit card breach costs, under a bill signed March 22 by Gov. Christine Gregoire (D).

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