Media Mentions – January 2012

January 31, 2012

Authored by: Bryan Cave

With offices all over the world, Bryan Cave attorneys are often quoted in the news.  Recent Media Mentions of Financial Institutions Group attorneys include:

Blanchard in GBA Bulletin

Atlanta Partners Jerry Blanchard, Nicole Wade and Associate Wendy Godfrey were highlighted in the December 16, 2011 Georgia Bankers Association (GBA) e-bulletin for their participation in a recent panel discussion at the 2011 GBA Credit Conference, held in Atlanta, Ga.  The forum focused on current developments in foreclosure and problem loan collections in Georgia.  Participants at the conference included senior lenders from around the state.  Click here to read more about the discussion in the GBA e-bulletin.

Rinearson in Forbes, Wall Street Journal Online

New York Partner Judith Rinearson was quoted January 5 by Forbes online and January 6 by The Wall Street Journal online regarding the controversial appointment of Richard Cordray to head the new U.S. Consumer Financial Protection Bureau (CFPB).  Cordray, a former Ohio attorney general, was President Barack Obama’s pick to head the CFPB, a watchdog group created by last year’s financial law.  But for months, Senate Republicans had refused to confirm him — or anyone — to the post.  Obama used his executive constitutional power to appoint Cordray while Congress was in recess.  The Senate GOP says the chamber was not fully in recess, and that Obama had no right to push through a “recess” appointment.  One interesting aspect of the appointment is how it will impact non-banks.  “It’s generally acknowledged that the CFPB has power to oversee banks but what’s interesting is what this oversight means for nonbanks,” Rinearson told Forbes.  Click here to read the full piece.

Rinearson in Atlanta Journal-Constitution

Judith Rinearson was also quoted January 10 in The Atlanta Journal-Constitution regarding an odd twist to the Durbin Amendment, which caps swipe fees on debit cards at 21 cents per transaction, plus a small surcharge of up to a few cents to cover fraud costs.  Previously, issuers had assessed debit fees of about 1.5 percent of the total sale, or about 44 cents for the average transaction.  To make up for an estimated $6 billion loss annually that card issuers may have to eat, debit and credit card issuers are considering raising fees on smaller purchases to offset lost revenue from lower fees on larger ones.  “The [high fees for] small dollar amounts, this is kind of an ironic twist in the whole Durbin Amendment issue,” Rinearson said.  It was an “unintended consequence” that Congress might address this year  Click here to read the full article.