The crypto industry paints a picture of crypto as a tool for financial inclusion and economic prosperity. However, when one looks at the actual numbers, the industry’s record tells quite a different story – one of fraud, crime, scams, and economic hardship. Straightforward facts and figures outline the scope and scale of financial loss and harm that the crypto industry has inflicted on consumers and investors in the U.S. and around the world.
The $35 billion takeover bid would vault Capital One into 6th place among the biggest U.S. banks and create the largest U.S. credit card lender, ahead of current leader JPMorgan Chase. This new company could raise prices for cardholders, especially lower-income consumers and Black and Latine households and give Capital One the power to jack up debit card fees on merchants. In short, it would reinforce the megabank monopoly power that is already a serious problem in the American economy. The Biden administration must stand up for consumers, communities, and small businesses and block the Capital One-Discover merger.
A new survey by a bipartisan set of pollsters, Lake Research Partners and Chesapeake Beach Consulting reveals support for tough regulation of the financial services industry and acute alarm at Wall Street’s move to buy up health care companies. The poll, commissioned by Americans for Financial Reform and the Center for Responsible Lending, is consistent with a decade of
From A for Ambulance to Z for Zamboni, this book takes the reader on an alphabetical journey through the myriad ways that private equity has encroached into most parts of everyday life.
Bankers, lobbyists, elected officials uttered some choice words on 2018’s bank deregulation legislation and the impact of mid-sized banks on financial stability that belong in any good collection of famous last words.
The Federal Reserve’s deregulatory and light touch approach to regulation and supervision paved the way for the bank failures that have shaken the financial system this year and that led to extraordinary government intervention to preserve financial stability. Below we suggest a set of changes the Fed can make without Congressional action that would increase financial stability and put the welfare of the public ahead of the narrow interests of big banks and Wall Street.