Fed Cracks Down on New Mergers at the Biggest Banks

By: Thursday December 13, 2012 9:15 am

I do go on about the lack of regulation at the big banks. But I’ll have to grant the Federal Reserve a modicum of credit for this action: The Federal Reserve is pushing large U.S. banks to forget about all but the smallest acquisitions for a while amid a raging debate over the risk big [...]

CFPB Getting Reputation as a Fearsome Regulator

By: Thursday September 13, 2012 1:41 pm

You might have guessed that I don’t have a ton of respect for our nation’s regulatory apparatus, particularly in the finance space. Too often, regulators listen to their Wall Street friends over the nuances of the law, are slow to identify abuses and slower still to crack down on them, and when they finally get [...]

Warren Delivers Refreshing Dose of Honesty in DNC Speech

By: Thursday September 6, 2012 6:22 am

It’s hard not to get blinded by the searing light of Bill Clinton. But Elizabeth Warren gave the speech that spoke more to me last night. Strip away the reason all these speeches are happening – support for the President – and the stories that Warren and Clinton told were a little different. Clinton told [...]

Credit Card Debt Collection Looks a Lot Like Foreclosure Fraud

By: Monday August 13, 2012 7:36 am

Considering how banks got away with submitting false documents to state courts on mortgage and foreclosure issues, why should we be surprised that they brought the same eye for detail to credit card debt collection? We’ve known this for a while – back in March, JPMorgan Chase was found to have robo-signed documents and shredded [...]

CFPB Gets Full Refund for Capital One Customers Abused by Add-On Credit Card Fees

By: Wednesday July 18, 2012 9:35 am

In a proof of concept one year after the standing up of the agency, the Consumer Financial Protection Bureau announced an enforcement action that will give consumers a full refund on illegal credit card fees extracted by Capital One. The enforcement action, the first from the CFPB, accomplishes the rare feat of clawing back exactly [...]

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