by Dave Johnson | Oct 14, 2016 | Blog, Financial Reform
The Securities and Exchange Commission (SEC) 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 of Wall Street. Now Senator Elizabeth Warren (D-Mass.) is fed up...
by Liz Ryan Murray | Oct 6, 2016 | Blog, Financial Reform
You wouldn’t toss a drowning man a life vest filled with cement and claim to be their savior. Neither would you take credit for offering gasoline to a family whose house was on fire. Offering a 300 percent interest loan to someone struggling to pay the bills is just...
by Jacob Swenson-Lengyel | Oct 5, 2016 | Blog, Financial Reform
Grassroots and consumer organizations are in the final days of a giant battle with the payday lending industry, which appears to have pulled out all the stops to protect itself from tough new regulations from the Consumer Financial Protection Bureau. Since March 2015,...
by Dave Johnson | Sep 26, 2016 | Blog, Financial Reform
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. At Ourfuture.org, we have long been warning about and exposing the payday lending debt-trap...
by Richard Eskow | Sep 20, 2016 | Blog, Financial Reform
People who came looking for drama in Wells Fargo CEO John Stumpf’s Senate testimony on Tuesday did not come away disappointed. Stumpf was called before the Senate Banking Committee after his bank was fined $185 million for opening more than two million accounts in...
by Dave Johnson | Sep 20, 2016 | Blog, Financial Reform
The manager instructed her to push accounts but not to tell the customers about the downfalls and fees of new accounts. "Make them read the paperwork." She replied, "But you know no one ever reads the paperwork." His response: "Exactly." You might have heard that...