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The Dodd Frank financial reform and consumer protection act had three core goals: Prevent financial crashes, Wall Street bailouts and another Great Recession; Protect consumers and investors from being ripped off; and... Read More
Wall Street’s Biggest Banks Are Gambling with Derivatives and Evading Regulation Again, Setting Us Up for Another Financial Crash An all-star financial panel of former Federal Reserve Chair Paul... Read More
Trump’s Nomination of Permanent CFPB Director Is Nothing More Than a Shameless Ploy to Continue The Brazen Dismantling of the Nation’s Premier Consumer Protection Agency In a move designed to attract as little... Read More
The wisdom and effectiveness of the Volcker Rule’s ban on proprietary trading can be seen since it was put into place: it has forced banks to shift from bonus-boosting but reckless short-term trading to... Read More
The book is an eye-opening, panoramic, tour de force that connects the dots of what has happened and is happening in America.  It has that rare combination of historical information, in-depth reporting, insightful... Read More
Signaling a retreat from the more frequent and substantial sanctions imposed by the Securities and Exchange Commission (SEC) in the past, a new report shows that enforcement activities by the SEC continued to... Read More
Why Put Taxpayers on the Hook by Allowing High Risk, Bonus-boosting Gambling Called “Proprietary Trading” at Wall Street’s Biggest Banks? Want to go to Las Vegas with someone else’s credit card with... Read More
Described by a former CFPB official as a move that “defangs the watchdog and instead turns the office into a lapdog for the industry” acting director Mulvaney last week announced that the Bureau’s student... Read More
It seems almost everyone in finance is cheering on the deregulation frenzy in Washington and the demise of consumer protection and enforcement in the financial markets.  Given that an historic crash happened just ten... Read More
Along with many, many others, we took note of CFPB acting director Mick Mulvaney’s recent remarks to the American Bankers Association, but not for the same reason.  There’s no denying that his comments about... Read More
In an effort to bring a new weapon to their fight, opponents of common sense regulations of all types are seeking to use the Congressional Review Act in a new, untested, and dangerous way that could potentially threaten... Read More
Fed Vice Chairman for Supervision Randy Quarles in testimony before the House Financial Services Committee and the Senate Banking Committee made it clear that the pace of deregulation will be increasing at the key... Read More
Wall Street’s biggest banks keep breaking records for revenues, profits and lending.  While all the banks’ first quarter results were uniformly pretty terrific, some were historically good.  For... Read More
When you put your hard-earned money at risk by providing it to a broker for advice, shouldn’t he or she have to act in your best interest when giving you that advice?  That would be a... Read More
This morning, Securities Exchange Committee (SEC) Chairman Jay Clayton will be testifying before a House Appropriations Subcommittee to discuss the fiscal priorities of the SEC for the 2019 Fiscal Year. Though it is... Read More
As we have been saying for a long time, Federal Reserve Chair Jay Powell stated after a speech to the Economic Club of Chicago that he does not see any proof that post-2008 crisis regulation have hurt the biggest... Read More
After a lengthy, secretive and controversial process, the Federal Reserve Bank of New York has a new President: John Williams, currently the president of the Federal Reserve Bank of San Francisco. The criticism of the... Read More
When the Dodd-Frank financial protection law was passed in 2010 -- and virtually nonstop since then -- the financial industry and its political allies have claimed that it would kill banks’ revenue, profits and ability... Read More
A provision tucked into the spending bill this week illustrates so much of what’s wrong with the current wave of financial de-regulation we’re witnessing.  It means more risk for everyday investors,... Read More
We couldn’t agree more with Fed Chairman Jay Powell’s view of the critical role of bank boards of directors (as stated in a speech last August when he was a Governor): “We need financial... Read More