The Securities and Exchange Commission is supposed to regulate Wall Street. But it has become a "captured" agency, using its power to block regulation of Wall Street instead of enforcing regulation.
Contrary to industry lies, predatory payday loans do not provide access to credit. Instead, lenders take advantage of borrowers’ financial need to trap them in debt indefinitely.
The gap between how payday lenders advertise their product and the reality of taking out a payday loan is something the CFPB should be paying close attention to as they sift through the comments submitted by the public.
You saw what happened recently with Wells Fargo. They scammed some of their customers some of the time. Payday lending is about scamming all of the customers all of the time.
People looking for drama in Wells Fargo CEO John Stumpf’s Senate testimony on Tuesday did not come away disappointed – even if he did not crack on the stand and admit everything like the villain in a Perry Mason episode.
Wells Fargo used job insecurity, poverty-level wages, extreme sales quotas and high pressure as financial incentives to force employees to fraudulently open accounts.
Here are seven concerns, and seven sets of questions, that should be posed to Stumpf – either at Tuesday's Senate Banking Committee hearing or as part of a more rigorous investigation.
Wells Fargo has just been hit with the biggest banking consumer fraud penalty ever. Yet the bank’s execs are walking out the door with multiple millions in bonuses. Can we stop them?
Chalk it up to a culture of criminality ... Bank executives need to understand that the public’s anger is deep – and justified. If Democrats like Hillary Clinton are smart, they will grasp the depth and rationality of that anger.
The world’s first great analyst of management urged us to limit the gap between CEO and worker pay. We didn’t listen. How many more life-threatening scandals like EpiPen must we have before we do?
Many of the Fed officials who met with Fed Up activists expressed support, at least in principle, for the group's goals. That's commendable. But the Fed is hamstrung by its own ambiguous structure.
The Consumer Financial Protection Bureau needs to hear your support for strong rules to protect Americans from the predatory payday loan industry and their business model of trapping people in an endless cycle of debt.
The Consumer Financial Protection Bureau (CFPB) is proposing new rules regulating debt collection agencies. It's about time the government starting acting like a government again.
"The Zero Hour" interviewed Sen. Tammy Baldwin about ending Wall Street's huge bonuses for employees who enter government service and other key reforms sought by progressives.
Billionaire banker Jamie Dimon says he’s fighting inequality. If we take him in the least seriously, the joke — and much worse — will be on us.
A Financial Transactions tax would slow down extreme speculation while raising money to pay for essential public services. This week, Rep. Peter DeFazio (D-Ore.) introduced a new transactions tax bill.
Matt Taibbi called Eric Holder a "double agent" for Wall Street, but it's doubtful that he sees himself that way. Few of us think of ourselves as bad people. But then, how does the former attorney general justify his behavior to himself?
The answer to the question "Does this language really matter?" doesn’t lie with Hillary Clinton, or Debbie Wasserman Schultz, or the Democratic Party as an institution. It lies with the people themselves.
Meet the "Hedge Fund 13," the House Democrats who joined Republicans in voting to protect private equity and hedge funds from regulatory oversight. Votes like this one should have consequences.
The Democratic National Committee chair, in supporting the payday lending industry before changing course, had become a symbol of the failure of Democratic elites to understand that there is an uprising in the land.
The Consumer Financial Protection Bureau (CFPB) is releasing the first-ever proposed federal rules that rein in payday lenders. Grassroots pressure led to the rules; we'll need more pressure to fend off the industry attack.
Sen. Elizabeth Warren explains in this video taken at the launch of the "Take On Wall Street" campaign why we need a new level of financial reform to finish the work of the Dodd-Frank bill.
When Wall Street got in over its head, the U.S. government stepped in with trillions of dollars to bail them out. Now that Puerto Rico is in trouble, conservatives respond with a broken "PROMESA."
More than 20 progressive organizations representing millions of voters starting Tuesday are putting their weight behind a five-point agenda for the next stage of Wall Street reform.
Several watchdog groups note that the Obama administration's proposed rules on disclosure of the people behind now-secret shell companies won't deal with existing companies, and offer a road map for evasion.
A new regulation proposed by the Consumer Financial Protection Bureau restores the right of banking and credit card customers to have their day in court and hold companies accountable for their wrongdoing.
The Panama Papers help reveal the extent to which the global financial system is rigged to favor the wealthy and powerful, says Eryn Schornick, policy adviser at Global Witness, in this Burning Issues video.
Instead of moving forward with breaking up too-big-to-fail banks, we're having a debate over whether "too big to fail" is even a thing. If the debate seems complicated, maybe some people want it that way. But it's not.
Even though it’s an excellent idea championed by a major candidate, a financial transactions tax isn’t being discussed this election year because Wall Street won’t abide it.
Porter McConnell, the director of the Financial Transparency Coalition, discusses the amount of money hidden in shell companies and how the next president of the United States could address the issue in this Burning Issues video.
$5.1 billion with Goldman Sachs, $1.2 billion with Wells Fargo – how many settlements will it take to convince some fact-resistant pundits and politicians that there is an epidemic of fraud on Wall Street?
In spite of Florida's problems with payday lenders, Rep. Debbie Wasserman Schultz, a Florida Democrat and chair of the Democratic National Committee, is fighting, not helping, efforts to to rein them in. Here's how she's being exposed.
Tom Cardamone, managing director of Global Financial Integrity, discusses the Panama Papers and the ramifications of having so much of the world's wealth hidden in offshore tax havens in this Burning Issues video.
The Consumer Financial Protection Bureau is the only federal agency out to protect the financial interests of American consumers. Naturally, big money interests want to shut it down. A new campaign says, “Not without a fight.”
The disclosure of records from Panama's Mossack Fonesca offers a wider view into the world of shadowy shell companies used by the wealthy to hide wealth. Legislation awaits action in Congress that would help address this issue.
Banking is a competitive business run by competitive people. Fraud isn't just a sideline. It gives bankers a much-needed edge. Play by the rules? For bankers, Rule #1 is “win at any cost.”
Debbie Wasserman Schultz's advocacy for payday lenders forces a defining question for fellow Democrats: Are you with the financial superpredators that besiege poor communities or with people trying to bring them to heel?
A new organization, Bank Whistleblowers United, calls on candidates to not take contributions from financial companies that have engaged in fraud and to commit to a set of actions that will "restore the rule of law" on Wall Street.
Getting the names and faces of hedge fund billionaires before the public can help us tell a vivid story of what’s gone wrong with our economy and our politics — and help us build a movement to slice away at that billionaire power.
People are questioning Hillary Clinton over millions in speaking fees and contributions from Wall Street. There are specific steps she can take now, and pledges she can make about what she will do if elected. Will she?
Our analysis and commentary on the 2016 presidential campaign