News Archives financial regulation Archives - Justice, Peace, and Integrity of Creation
Mea Minima Culpa October 2nd, 2013
Rev. Seamus P. Finn, OMI has written a new blog on Huffington Post, called Mea Minima Culpa.
“There is more than a little irony in the long list of stories about the major CEOs of banks negotiating settlements with government regulators and agreeing to fines before going to court to settle…” Read more….
A Strong Dose of Mo Needed August 23rd, 2013
Five years after the near meltdown of the global financial system, federal regulators are still struggling to institute reforms, and build in protections for the millions of ordinary consumers exposed to risk due to a lack of regulation. They are up against the banks and other financial firms, which have spent billions on lobbying against the proposed regulations.
In this recent blogpost, Fr. Seamus Finn, OMI calls on everyone to remember how close the global system came to utter disaster, and how much the lives of ordinary people were turned upside down.
He argues, “We need to get the rules and regulations that respond to real needs and to the needs of communities across the country. The social purpose of the financial system and the institutions that operate in that space must be given priority over quarterly profit goals and expectations.”
“This would be a good time for all banks and their trade associations to work more constructively with regulators to keep the momentum going in the right direction, to restore confidence and rebuild trust.”
Follow Rev. Seamus P. Finn, OMI on Twitter: www.twitter.com/SeamusPFinn
Bank Scandal…Yet Again July 25th, 2012
Recent revelations of bank manipulation of the all-important LIBOR (London Interbank Offered Rate) form the basis for this most recent commentary, Here They Go Again, by Fr. Seamus Finn OMI on Huffington Post.
LIBOR is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks. It is recognized as the primary benchmark for along with the Euribor (Euro Interbank Offered Rate), for short-term interest rates around the world
Commonly, financial institutions, mortgage lenders and credit card agencies set their own rates relative to it, hence its importance. At least $350 trillion in derivatives and other financial products are reportedly tied to the Libor
Interfaith Investor Group Urges Fed and Top Banks to Restore Public Confidence in Financial System April 20th, 2011Citing Widespread Confidence Loss in U.S. Banks, Members of the Interfaith Center on Corporate Responsibility Advance Shareholder Proposals at Citigroup and Other Top Banks.
New York, NY
Today, a task force from the Interfaith Center on Corporate Responsibility (ICCR) meets with representatives from the Federal Reserve to discuss its progress implementing regulation passed as part of the Dodd-Frank Bill last July. At issue are structures created by the Operations Management Group to monitor the global trading of derivatives in an effort to limit the excessive risk-taking that nearly toppled the financial system in 2008, left millions jobless and homeless, and shook global confidence in the markets to its core.
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New Haven Declaration on Corporate Financial Transparency Brings Together Unique Coalition of Asset Management Firms and Civil Society Organizations January 16th, 2011
A unique coalition of asset management firms and civil society organizations issued a statement on January 11th committing to call on governments and relevant multilateral institutions to establish a country-by-country financial reporting standard for multinational corporations. The “New Haven Declaration on Corporate Financial Transparency” establishes links between corporate accountability, business practices, and economic development and poverty alleviation.
The Missionary Oblates of Mary Immaculate was among the initial signatories of the declaration, alongside groups like Trillium Asset Management and Wealth for the Common Good. The signatories together represent $20 billion in combined assets under management.
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Fr. Seamus Finn Speaks on Need for Greater Corporate Transparency at Yale Conference December 14th, 2010
On December 7th and 8th The Global Financial Integrity Project convened a conference entitled “Socially Responsible Investing and Corporate Financial Reporting: The Need for Transparency” at Yale University. Fr. Seamus Finn from the OMI JPIC office participated and presented a paper on the work of the office in promoting greater transparency by corporations on tax and tariff payments made in different jurisdictions. His paper also discussed the efforts of faith communities to ensure that the US Congress adopts greater transparency standards for the financial industry.