Category: Financial regulation

Commission Reports The Big Four Don’t Provide Enough Competition for the U.K.

The U.K. Competition Commission has released preliminary findings that conclude that the audit market is not serving shareholders, citing “the tendency for auditors to focus on satisfying management rather than shareholder needs”.  Overall, the commission found fault with the lack of effective competition, noting that 67 percent of FTSE 100 companies and 52 percent of …

Continue reading

Permanent link to this article: http://betweenthenumbers.net/2013/02/commission-reports-the-big-four-dont-provide-enough-competition-for-the-u-k/

FTC Study on Debt Collection Buying Hints at Need for Greater Regulation

The Federal Trade Commission (FTC) issued a report on January 30, 2013 regarding the debt buying industry and the related debt collection efforts of the buyers. The FTC indicated that this is the first major empirical study of debt buying and related collections. Debt buying and related collection practices are of concern. The FTC states: …

Continue reading

Permanent link to this article: http://betweenthenumbers.net/2013/02/ftc-study-on-debt-collection-buying-hints-at-need-for-greater-regulation/

“We the People” Creates Opportunity for Change

From building the Death Star to deporting Piers Morgan, to disclosing the truth about aliens, lately the White House has been pelted by wild petitions. Whitehouse.gov explains that, “the right to petition your government is guaranteed by the First Amendment to the U.S. Constitution. Throughout our history, Americans have used petitions to organize around issues …

Continue reading

Permanent link to this article: http://betweenthenumbers.net/2013/01/we-the-people-creates-opportunity-for-change/

The Vatican is “Cash-Only” as Italian Banks Stop Card Payments

The Italian central bank, Banca D’Italia, and the Vatican’s main bank, the Italian branch of Deutsche Bank, stopped electronic payments and ATM withdrawals within Vatican City last week.  Italian banks set the ban in place due to the city-state’s failure to comply with European Union money laundering regulations.  Vatican City and the Vatican museums are …

Continue reading

Permanent link to this article: http://betweenthenumbers.net/2013/01/the-vatican-is-cash-only-as-italian-banks-stop-card-payments/

Credit Agency Reform should be a Congressional Priority

My post yesterday summarized a recent SEC inspection report that showed dramatic continuing failures by the credit reporting agencies.  The post also indicated that the SEC is unable to address the needed changes on its own. In mid-December, the SEC issued a separate report required under section 939F of Title IX, Subtitle C. The SEC …

Continue reading

Permanent link to this article: http://betweenthenumbers.net/2012/12/credit-agency-reform-should-be-a-congressional-priority/

SEC Inspection of Credit Rating Agencies Shows Drastic Change Needed

Credit rating agencies (more formally known as Nationally Recognized Statistical Rating Organizations or “NRSROs”) have been under attack for what seems like forever. Yet the basic system remains unchanged. By way of example, this article describes the state of affairs around two years ago. The continuing criticism involves both the enormous conflicts of interest that …

Continue reading

Permanent link to this article: http://betweenthenumbers.net/2012/12/sec-inspection-of-credit-rating-agencies-shows-drastic-change-needed/

Business Treasury function will be more complicated in 2013

The Transaction Account Guarantee Program provided for a temporary full FDIC guarantee for funds held at FDIC-insured depository institutions in noninterest-bearing transaction accounts above $250,000. This coverage began on October 14, 2008, during the height of the financial crisis, and has been extended in steps through December 31, 2012. Last week, the Senate failed to …

Continue reading

Permanent link to this article: http://betweenthenumbers.net/2012/12/business-treasury-function-will-be-more-complicated-in-2013/