Even as some of Congress’ recently enacted credit card reforms go into effect today, a New York Times editorial reminds Washington that the banks are still cheating customers with overdraft fees charged to debit card users. These fees, which average $27 a More…
As voluntary mortgage modifications have failed to keep pace with foreclosures, House Financial Services Committee Chairman Barney Frank (D-Mass.) said Wednesday that it might be time to bring back the stick of bankruptcy reform. That proposal, which would empower homeowners to escape foreclosure through bankruptcy, was More…
Less than two weeks after Goldman Sachs posted record quarterly profits, some congressional lawmakers are wondering if the Wall Street giant isn’t taking dangerous risks in its investment strategy — risks similar to those that led to the recent financial collapse.
In a letter today to Federal Reserve More…
Congressional Democrats — the same Democrats who delayed implementation of their credit card reform bill for nine months — just didn’t anticipate that the country’s credit card issuers would race to exploit that postponement by hiking rates in the meantime.
Or did they?
In a letter today to More…
During George W. Bush’s ill-fated push to privatize Social Security, conservatives condemned the use of surplus retirement taxes to help offset the deficit. But few Democrats or Republicans decry the government’s custom of padding its coffers with fees from an agency with a mission that’s more significant than ever: the More…
Via Patrick.net, here’s more about how some banks abandoned their foreclosed properties and left innocent neighbors to deal with the blight. And no, this isn’t just happening in Cleveland. In Petaluma, Calif., one neighbor got so fed up fighting with Bank of America– More…
After years of lively debate and partisan wrangling, sweeping new protections for credit card users are law. President Obama on Friday attached his signature to the Credit Card Holders Bill of Rights, which prohibits rate hikes on most existing balances and provides borrowers a wider window to pay their bills. More…
The headlines about stress tests released Thursday seemed sort of reassuring, after all the concern about the banking system going under. Ten banks need more capital but the others are safe. Federal Reserve Chairman Ben Bernanke made a point of declaring that none are insolvent. Everyone should breathe easier. More…
An investigation out today from the Center for Public Integrity details the nearly $370 million spent by top subprime lenders over the past decade to fend off regulation in Washington. While that’s disturbing enough, the study make clear that some of the major banks being bailed out by taxpayers More…
Paul Krugman raises a point worth thinking about as you hear more about stress test results for banks, which are expected to be publicly disclosed on Thursday. Why have so many of the results already been leaked — and who is doing the leaking? For example, we’ve known More…
rss