By Carter Dougherty Bloomberg News The Federal Deposit Insurance Corp. plans to investigate claims that U.S. banks are offering products resembling so-called payday loans faulted by regulators for taking advantage of lower-income borrowers. “The FDIC is deeply concerned about these continued reports,” Martin Gruenberg, the
Huffington Post By Robert Weissman At the time the bill was under consideration, critics (including Public Citizen) suggested the JOBS Act was basically pro-fraud legislation. “The legislation is premised on the dangerous and discredited notion that the way to create jobs is to weaken regulatory
Think Progress By Josh Israel and Adam Peck But in Congress, the Tea Party has toed the line for big banks. Eleven of the 15 have become co-sponsors of H.R. 3461, a top priority for the ABA. According to Americans for Financial Reform, the legislation would “tilt the playing field further
American Banker By Joe Adler MAY 18, 2012 In a conference call with reporters Friday, Americans for Financial Reform argued — counter to claims by the Wall Street giant — that the trades by the firm’s London investment office resulting in at least $2 billion
By Zach Carter (HuffingtonPost) “Hedging is not about profits, it’s about reducing risk,” said Marcus Stanley, policy director at Americans for Financial Reform, a coalition of consumer, small business and labor groups that backs financial reform. “If you look at [JPMorgan’s] Chief Investment Office, they
Dr. Marcus Stanley, Policy Director of AFR, discusses JPMorgan Chase’s $2 billion trading mistake on Fox 5 News.
JPMorgan prepares for D.C.’s worst By: Anna Palmer (POLITICO) May 14, 2012 The scandal is also expected to reinvigorate supporters of stricter regulations for the financial services industry, particularly among those who feel the industry has been overly dismissive of concerns. Marcus Stanley of Americans for
London’s “Whale” Loses $2 Billion for JPMorgan BY MARLENE Y. SATTER, ADVISORONE May 11, 2012 “These losses underline the need for a strong Volcker Rule to prevent risky proprietary trading,” Americans for Financial Reform said in a statement. “Regulators need to get the rule done, and
FDIC Seeks to End ‘Too Big to Fail’ Bailouts ABC News May 10 Marcus Stanley, policy director of Americans for Financial reform, a public interest coalition in favor of financial reform based in Washington D.C., said there were still unresolved questions about these complex institutions.
Wall Street Sues for Pre-Crisis Rules, CFTC’s Chilton Says By Silla Brush and Steven Sloan “They want us to write off the 2008 financial crisis as an aberration and ignore countless reputable scholars who’ve found that the costs of opaque, unregulated derivatives markets are borne