Jamie Dimon testifies before the Senate Banking Committee tomorrow, and this Bloomberg report should be a nice template for the Senators questioning him. It alleges that he was personally responsible for keeping regulators at bay from the chief investment office, the one responsible for all the Fail Whale losses, which could reach past $5 billion [...]

The Consumer Financial Protection Bureau has sprung into action pretty decently since Richard Cordray was installed as director. CFPB has presented new, simple-to-read mortgage forms, and submitted a plan to regulate debt collection agencies and credit reporting bureaus. Today, Cordray is in New York to discuss overdraft fees, a particularly egregious money-making scheme for banks. [...]

While many people think of the Federal Reserve as an independent body set up by the banks to enrich themselves – and for the most part, it is – there are certainly ways to influence it in the proper direction. The best way is for Congress to threaten to take away much of its power. [...]