Wells Fargo Targeted for ‘Alarming Pattern’ of Zelle Fraud
From today’s New York Times: Fraud on Zelle, the instant-payments system owned by seven of the nation’s biggest banks, has been rising in the past year, leaving hundreds of thousands…
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American economy
consumer protection
gender gap
racial inequality
technology
women's rights
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Fintechs Need Strong Consumer Protections, Diversity, Inclusion Asserts Key Congressman
From tdoay’s Forbes Magazine: Fintechs need to include strong consumer protections, diversity, and inclusion, Rep. Ed Perlmutter (D-CO), chair of the House Financial Services Committee’s panel on consumer protection and…
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American economy
corporate governance
fair wages
labor market
wage stagnation
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Lawmaker in Congressional hearing on bank CEOs’ pay: “It doesn’t look good”
From today’s CBS News Online: Making their first appearance before Congress since the financial crisis a decade ago, the CEOs of America’s biggest banks told lawmakers their financial institutions are…
FICO Plans Big Shift in Credit-Score Calculations, Potentially Boosting Millions of Borrowers
From today’s Wall Street Journal: Credit scores for decades have been based mostly on borrowers’ payment histories. That is about to change. Fair Isaac Corp. FICO -4.72% , creator of the widely used FICO credit…
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American economy
consumer protection
Democratic Party
domestic politics
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Some Dems ready to loosen tough bank regulations passed after financial crisis
From today’s LA Times: Before the 2008 financial crisis, BAC Community Bank in Stockton made about 100 mortgage loans a year. Now, after new regulations mandated in the Dodd-Frank Wall Street…
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American economy
campaign finance
Congress
consumer protection
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Democratic Party
domestic politics
economics
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income inequality
political corruption
politics
poverty
Republican Party
worker rights
When Wall Street Writes Its Own Rules, It’s An Age of Unprecedented Corruption
From today’s New York Times: On July 25, 2013, a high-ranking federal law enforcement officer took a public stand against malfeasance on Wall Street. Preet Bharara, then the United States attorney…
How Wells Fargo and Federal Reserve Struck Deal to Hold Board Accountable
From today’s New York Times: On a Thursday evening in mid-January, a group of top Wells Fargo executives sat down for dinner in an upscale surf-and-turf restaurant near the White House.…
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American economy
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economics
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Unemployment
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FED Chair says risk of financial crisis increases if Trump deregulates economy
From today’s LA Times by Jim Puzzanghera: Federal Reserve Chairwoman Janet L. Yellen told senators Thursday that the risk of another financial crisis would increase if some Trump administration proposals to roll back regulations were enacted. In…
Moody’s to downgrade large banks
FROM THE NYT DEAL BOOK BLOG: If true, this is an important step by the market to correct for false advertising. One question is whether it will make a difference…
S&P profits get bounce from inflating the ratings of bank investments
Here is an example of why American democracy and, by extension, the economy is irrational in real terms. Banks and financial institutions such as investment ratings agencies like Standard and…