When an appeals court ruled that President Obama’s recess appointments of members of the National Labor Relations Board was unconstitutional, it also threw into doubt the validity of the recess appointment last January of Richard Cordray, director of the Consumer Financial Protection Bureau. There was already a clash shaping up over …
financial reform
Viewpoint: How Wall Street Rigs the Game
If you watched the recent presidential debates or the Republican and Democratic conventions, you might have gotten the impression that the practices of Wall Street that led to the worst financial crisis since the Great Depression …
CFPB Cracks Down on Lies in Credit Card Marketing
The Consumer Financial Protection Bureau has the credit card industry in its crosshairs, and it’s making banks who flout the law pay up.
Yesterday, the CFPB along with other federal regulators fined American Express $112.5 …
CFPB Plans to Fix “Anti-Housewife” Credit Card Law
The Credit CARD Act of 2009 ushered in a slew of new protections for credit cardholders, but it also led to some unintended consequences. One of the biggest was the clause that can be thought of as the “stay-at-home-mom penalty,” and the Consumer Financial Protection Bureau now says it’s going to fix that.
Mutual Fund Pioneer Jack Bogle: How to Fix Wall Street
Jack Bogle, the founder of mutual fund giant Vanguard, and the man who popularized index funds, is part of an older generation of financiers, including people like Warren Buffett, who believe in long-term, low-cost investing, …
CFPB Shows Its Teeth: Capital One Fined $210 Million For Deceptive Marketing
The Consumer Financial Protection Bureau flexed its enforcement muscle for the first time today, fining Capital One Bank for deceptive credit-card marketing practices. The mega-bank has to pay $210 million in total, the vast …
Credit Bureaus Will Get New Federal Oversight
It’s a move consumer advocates say has been needed for a long time: This morning, the Consumer Financial Protection Bureau announced that it will start supervising large credit reporting agencies — the first time these companies have ever been subject to such oversight at the federal level.
Money Talking: Could Dodd-Frank Fix the Financial Sector?
On this week’s edition of WNYC’s Money Talking, Rana Foroohar of Time and Joe Nocera of the New York Times weigh in on whether the Dodd-Frank financial reform law would have prevented the financial snafus that have plagued the banking sector recently.
Dimon Hearing Reveals Lingering Questions About the Health of the Financial System
JPMorgan Chase CEO Jamie Dimon withstood a barrage of verbal flak yesterday in the Senate Banking Committee hearing which sought to investigate the over $2 billion trading loss that his bank suffered this spring. But the …
Is the CFPB Anti-Housewife? Unintended Consequences Strike Again
Credit card reform legislation has done lots of great things for consumers, like eliminating universal default and preventing card companies from jacking up interest rates just for the heck of it. But a provision intended to make sure issuers don’t let people run up more debt than they can pay off has the unintended consequence of …
Why We Need More Female Traders On Wall Street
The resignation of JPMorgan Chase exec Ina Drew in the wake of the banking giant’s recent $2 billion trading loss is troubling news for many reasons, but one of the most important rarely gets mentioned: Trading operations need …
Swipe Fee Caps Are Here — So Where Are the Savings?
One of the most contentious parts of the Dodd-Frank financial reform legislation enacted in the wake of the credit crisis was the Durbin Amendment. You may not know it by name, but you know its primary effect: higher bank fees. …