Commercial banks – the traditional focus of financial regulation – no longer stand at the center of the financial system. Broker-dealers, money market funds, asset managers, and insurance companies have become key actors, with the potential to shake the stability of the whole economy. Join prominent experts, reform advocates, and regulators for a discussion of the “shadow banking” system of market-mediated credit and the steps needed to integrate it into a safer and more sustainable financial system.
While many in Washington would rather stand pat or turn back the clock, Americans are strikingly united in wanting more financial reform, not less, according to a national survey of likely voters conducted this summer.
Congress will soon be back from recess – and back to gnashing its teeth over the budget and the various important things that, too many in that branch of government now contend, our country can no longer afford to do. They could expand their sense of the possible by considering a source of revenue they have so far largely ignored – a small tax on sales of stocks, bonds, and complex financial instruments.
In today’s global financial markets, risk is not bounded by geographic borders but instead flows to whatever entity is ultimately liable for a transaction. While the CFTC hasmoved forward in the face of intense industry pressure, its guidance leaves some doubt about a potential cross-border loophole.
The Consumer Bureau is a place to go for anyone with a problem involving a mortgage, a student loan, a credit card, a bank account, a car loan, a money transfer, or a credit report.
With too many in Washington once again echoing the “What’s good for us is good for America” mantra of Wall Street, the Senate’s new findings should shred any argument for retreat from key reforms.
“These findings of widespread and damaging errors… underscore once again how important the [CFPB] is, and how important it is for the Senate to confirm Richard Cordray as Director.”
A new report from the National Consumer Law Center analyzes the record of the government’s main mortgage modification initiative, and where we go from here.