We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • Iowa firms uncertain of financial reform bill's potential effects

    June 28, 2010 by Karen Mracek

    By KAREN MRACEK • kmracek@dmreg.com • June 26, 2010

    The financial regulation reform is a compromise, say Iowa companies and experts.

    “It was very important that we did something. … At some point you have to say we have passed the best thing we can get,” said John Spitzer, a professor of finance at the University of Iowa.

    The bill reserves many of the details for regulators to write, which left Iowa’s financial services industry – 6,100 businesses and 81,000 employees, according to the state – waiting to see the full impact of the changes.

    One amendment, added late in the process by Sen. Tom Harkin, D-Ia., will have a profound effect on Iowa companies, without changing anything.

    Harkin’s amendment exempts indexed annuities from the oversight of the Securities and Exchange Commission, which tried to take over the regulation of the investments in 2008.

    Indexed annuities are insurance products that offer minimum guaranteed return and interest based on the performance of a market index, such as the Standard & Poors 500.

    Several major sellers of annuities are based or have operations in the state. Regulation by the SEC would have increased costs for companies, the insurers argued, because their sales force would have to acquire additional licensing to sell the products if they were classified as a security instead of an insurance product.

    Iowa bankers are still figuring out what the bill, which is almost 2,000 pages long, will mean for them.

    John Sorensen, president of the Iowa Bankers Association, said, “Bankers have supported key principles in regulatory reform from the beginning of this debate, such as creating a systemic risk council and addressing the issue of too big to fail.”

    Sorensen added, “But these important provisions are overshadowed by a number of other provisions in the bill which we think run far afield from Wall Street reform and will ultimately impact main street – and main street Iowa.”

    Bankers worry additional regulation – particularly from a new Consumer Financial Protection Bureau – could increase costs for banks because they will have to put additional time, personnel and resources into providing proof of compliance.

    That could result in higher fees for customers, less innovation of banking products and perhaps even consolidation in the industry, Sorensen said.

    The financial reform bill also includes changes to mortgage lending, including the elimination of loans without proof a borrower can pay back the loans.

    Wells Fargo Home Mortgage, the largest producer of mortgages, is based in West Des Moines.

    Spokeswoman Vickee Adams said the company is “turning our focus to understanding how these reforms will affect our customers, our company and how they will work in practice, so we can ensure we can continue to live up to our vision of helping our customers succeed financially.”

    Originally Posted at The Des Moines Register on June 26, 2010 by Karen Mracek.

    Categories: Industry Articles
    currency