Biden has empowered a crop of aggressive financial regulators. They’ll need to look beyond the banking industry and into finance’s darker corners.
FDIC
Posted inEconomic Policy
USPS Begins Postal Banking Pilot Program
The test allows customers to cash business or payroll checks at the post office and place them onto a gift card.
Posted inEconomic Policy
Big Banks Charged Billions in Overdraft Fees During the Worst Months of the Pandemic
Recent financial disclosures show overdraft to be lucrative for commercial banks, and a burden on their most vulnerable customers.
Posted inCoronavirus
Sheila Bair Floated as Bailout Oversight Panel Chair
The Republican former FDIC chair would be a strong voice for the public interest, oversight watchdogs say.
Posted inMoney, Politics, and Power
Trump’s Bank Regulators Open the Door to More Predatory Lending
A new proposed rule would allow ‘rent-a-bank’ schemes that could permit unlimited interest rates on loans as long as they come via a chartered bank.
Posted inPolitics
Chuck Schumer Has an Important Choice to Make on Regulatory Personnel
By custom, the Senate minority leader has broad authority to name commissioners to independent agencies. Schumer must select Democrats willing to take on corporate power.
Posted inMoney, Politics, and Power
Can Democrats Stop McConnell and Trump’s Quiet Regulatory Takeover?
Republicans have stymied the filling of Democratic seats in independent agencies. There doesn’t appear to be any plan to confront this.
Posted inEconomic Policy
Commissioner’s Exit Would Leave the SEC Without a Democrat
Rumors of Rob Jackson’s departure would give Wall Street a boost, with anti-regulatory Republicans in complete charge of the agency.
Posted inEconomic Policy
The Ultimate Anti-Competitive Mergers
“Fintech” is promoted as great for consumers. Mainly it’s about more market power.
Posted inMoney, Politics, and Power
Steve Mnuchin: Evictor, Forecloser, and Our New Treasury Secretary
Trump’s appointee is the very model of a predatory lender.