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 regulation
More Evidence That We’re Getting Hammered With Bank Fees
It’s hard to tell which is piling up faster — the fees bank customers have to pay these days or the research showing just how pervasive these fees are.
Bankrate.com just issued a new survey of checking account fees. (Spoiler …
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.
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 …
“Not Unless the Earth Gets Struck by the Moon” and Other Highlights from Jamie Dimon’s House Hearing
Jamie Dimon returned to Capitol Hill yesterday for round two of his congressional testimony concerning JPMorgan’s springtime trading fiasco.
Wednesday at 10:00 a.m.: The Public Whipping of Jamie Dimon
It’s one of the few things Congress is demonstrably good at these days: the open flagellation of American businessmen. The unprecedented sums of money doled out by Congress to private industry since 2008 has given Congress 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 …
Four Takeaways from the Latest MF Global Revelations
It’s 2011 all over again. The European debt crisis is nipping our incipient recovery in the bud. There’s talk of a growing battle over the nation’s debt ceiling. And now there are new revelations of former U.S. Senator and …
Should You Get a Prepaid Debit Card?
There’s no question anymore: Prepaid debit cards have shifted from the fringe to the mainstream. The tipping point was Tuesday, when JPMorgan Chase & Co. announced a pilot program to launch a prepaid debit card called Liquid. …
Will the JOBS Act Live Up to Its Name?
President Obama just affixed his signature to the JOBS Act in a public signing ceremony you may have caught on CNN. The Jumpstart Our Business Startups Act, which passed both houses with bipartisan support, sounds like a win for …
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7 Ways of Seeing Goldman Sachs
The business press descended upon Greg Smith’s New York Times Op/Ed with a predictable alacrity. Since the financial crisis, the nation has been embroiled in a debate about our financial system, and Greg Smith is that debate …
Should We Find Comfort in the Fed’s Stress Tests Results?
The Federal Reserve announced late Tuesday the details of its latest “stress test” of major American financial institutions, and the markets greeted the results with qualified optimism. Nineteen banks submitted capital plans to …
