A landmark court ruling on Wells Fargo's outrageous overdraft scam has the potential to return hundreds of millions of dollars in stolen funds to consumers all over the country. But like many of the banking scandals from the past decade, there's more to the story than simple bank predation. more »
No reformers question whether Elizabeth Warren is the best candidate to head the new Consumer Financial Protection Bureau. She's a lauded scholar, an inspiring advocate who will draw talented and dedicated reformers to the new agency and she came up with the whole idea for creating the CFPB in the first place. more »
Some version of Wall Street reform is going to pass the Senate this week. The question now is how strong that reform will be. There are still three crucial battles to be waged, all of which would significantly change the way Wall Street does business. We will not fix Wall Street with this round of legislation, but we can reduce taxpayer exposure to bailouts and rein in consumer banking abuses. more »
There are two consumer protection amendments getting serious attention on the Senate floor this week, one of them positive, one of them incredibly destructive. Both revolve around the concept of "preemption"—the ability of federal regulators to block states from enforcing laws aginst banks that operate within their borders. more »
The Financial Crisis Inquiry Commission hearings continue to be a boring mess, peppered with a few moments of significant insight. Throughout most of yesterday's hearing featuring the nation's top bank regulator, Comptroller of the Currency John Dugan, Commissioners treated their witness as a credible expert, rather than a culpable catalyst of the crash. more »
The Office of the Comptroller of the Currency (OCC) is the top bank regulatory agency in the United States. It oversees the largest banks in the country, and completely failed to regulate them effectively in the years leading up to the Great Financial Crash of 2008. more »
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