“The clamp down.” “The crackdown.” “The crushing blow.” Headline writers found no shortage of dramatic ways to characterize the final version of the CFPB’s short-term lending rule that dropped yesterday (Oct. 5). Reactions to the regulations have run the gamut, as one might have expected after what...
“The clamp down.” “The crackdown.” “The crushing blow.” Headline writers found no shortage of dramatic ways to characterize the final version of the CFPB’s short-term lending rule that dropped yesterday (Oct. 5). Reactions to the regulations have run the gamut, as one might have expected after what...
In response to mounting bad debt in the sector, the European Central Bank (ECB) will ask eurozone banks to put more cash aside to cover bad bank loans, according to a report in Reuters — and could request more measures to protect against it in the...
Top Democrat Maxine Waters has introduced a bill outlining a process to break apart big banks that engage in widespread consumer abuse. According to American Banker, the bill – which was backed by seven by other Democrats – is the result of several scandals involving...
Maxine Waters, the top Democrat on the House Financial Services Committee, issued a report last week suggesting that regulators might want to consider shutting down the scandal-ridden Wells Fargo. According to CNN Money, the 38-page report also slammed regulators for failing to punish the bank...
By now, the sobering statistics are familiar: Nearly half of American adults say they could not cover an unexpected expense of $400, according to the Federal Reserve. Now, a new study by the Consumer Financial Protection Bureau (CFPB) similarly shows that more than 40 percent...
Australia has introduced tougher rules on banks that will go into effect as early as next month, including capping executives’ salaries, delaying their bonuses and driving them out of the industry if they are guilty of wrongdoing. According to news from Reuters, the changes follow...
A new sanctions order bans banks doing business in North Korea to also operate in the United States. Reuters reported that the new international finance order is aimed at obstructing Pyongyang’s nuclear and missiles program. “No bank in any country should be used to facilitate Kim...
The European Union wants market supervision to integrate more fully than has been the case, with the price tag borne by the very banks being scrutinized. According to a Reuters news report, that strategy gives a hint as to how capital markets may reconfigure the...
