Supreme Court May Undermine Consumer Rights
From today’s Politico News: Democrats who created the Consumer Financial Protection Bureau a decade ago thought they could shield the agency from political pressure by funding it through the Federal…
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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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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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…
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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…
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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…
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…
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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…
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…