Category Archives: In the News

In The News: Banks Fine-Tune Critiques of US Capital Plan to Sway Fed’s Michael Barr (Bloomberg)

Banks are spending “vast lobbying dollars to cloak themselves in the mantle of preserving access to credit,” [AFR] said. “But the truth that the banks avoid debating is that the overwhelming impact of higher bank capital is — by design — to restrict how risky and how big the more speculative aspects of their business, notably their trading and investment bank operations, can grow.”

In The News: How Banks Keep You Trapped (The American Prospect)

“Banks make it very hard for consumers to choose where they want to go if they’re not happy with services,” Elyse Hicks, a lawyer specializing in consumer policy at the nonprofit consumer advocacy group Americans for Financial Reform, told The Lever and The American Prospect.

In The News: Lending Risk Is Growing Under the Radar (Bloomberg)

Alexa Philo of Americans for Financial Reform told the House Financial Services Committee last month that the 2008 crisis had devastating impacts on the wealth of people and communities of color. Foreclosures on subprime loans and falling home prices wiped out many Black and Latinx owners’ home equity, which was a large part of their net worth, she said.