Financial institutions like insurers, banks, and mortgage lenders, might raise prices or simply withdraw from major markets they deem environmentally risky. If that sounds trivial, consider that in the case of property insurance we’re already seeing these exclusions cover entire states.
Physical risks from climate change are growing, and the pace is accelerating. In 2023, the United States set an unfortunate record by experiencing 28 weather and climate disasters that each inflicted over $1 billion in damage.
The Federal Trade Commission (FTC) announced its final rule targeting deceptive conduct in the sale and financing of motor vehicles, titled the “Combatting Auto Retail Scams” (CARS) Rule. The rule holds great promise, safeguarding consumers and promoting transparency within the motor vehicle industry. This crucial regulation is poised to bring much-needed protection to car buyers
On November 29th and 30th, the Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra will testify before Congress regarding the Semi-Annual Report of the CFPB.
We should be clear about the motives of the banks’ strong opposition to the bank capital proposals released by federal regulators on July 27. The proposals will make it harder for bank executives to pursue riskier short-term financial gains and mobilize capital for their own benefit by paying excessive dividends and buying back shares. It is that simple, and any debate that does not include this fact is disingenuous.
The famously gruff Volcker had no patience for the arguments of the big-bank lobby against higher capital requirements and other regulations just after the 2008 financial crisis. An equally fitting word is “nonsense,” a favorite of Anat Admati, an economist at Stanford University, who has also applied it repeatedly since 2008.