“Loosening this regulation is a straight-up giveaway to the biggest Wall Street banks whose high-risk trading activities got us all into deep trouble in 2008,” Carter Dougherty, a spokesperson for Americans for Financial Reform, told Sludge. “This rule is critical for protecting bank affiliates that handle customer deposits.”
Private Equity Giants Converge on Manufactured Homes, a report released this year by three nonprofits—Manufactured Housing Action, the Private Equity Stakeholder Project and Americans for Financial Reform—maps this rapidly changing industry. The report notes, “The top 50 manufactured housing community owners own around 680,000 home sites. With more that 150,000 home sites, private equity firms and institutional investors now control a substantial portion of manufactured home communities.” Some of these firms have familiar names like Blackstone or Carlyle.
Kathleen Kraninger, who has helmed CFPB for a scant four months, is unfortunately already making a name for herself as someone willing to let the bad guys off the hook. She is a protégé of Mick Mulvaney, who spent much of 2018 doing his best to lay waste to the CFPB’s work and structure as its acting director.
Trump-appointed regulators came into office saying they would pare back Wall Street’s postcrisis rulebook. More than two years into the administration’s tenure, most of the work remains unfinished, particularly for the biggest banks.
Teaching students how to manage their money has become mandatory in many K-12 classrooms. But can it substitute for real enforcement of financial fraud?
As part of a larger package, the Securities and Exchange Commission this week adopted the new “Regulation Best Interest,” which requires that stock broker/dealers act in their customers’ “best interest,” a term that is not defined.