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 agency’s acting chairman, wrote in a letter Tuesday to Lisa
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 protections,” wrote a public interest coalition headed by the Consumer Federation of
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 in the direction of excessive deference to industry interests and tie
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 in losses is exactly the type of transaction that former
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 were going like gangbusters. JPMorgan was making quite a lot
Dr. Marcus Stanley, Policy Director of AFR, discusses JPMorgan Chase’s $2 billion trading mistake on Fox 5 News.