State Rep. Jeff Clemens, D-Lake Worth, has filed a bill that would ban banks from charging fees on debit cards.
Yesterday, Wall Street giant J.P. Morgan Chase announced a $4.4 billion profit in the third quarter. Wall Street analysts should have cheered. Instead, they golf-clapped, while the bank’s chief executive officer, Jamie Dimon, went on the defensive on an earnings call.
[Economy1] The reason: foreclosures, again threatening everything from More…
Soon after Rep. Brad Miller (D-N.C.) came to Washington in 2002, a fellow member of the House Financial Services Committee told him to pick an arcane financial issue — any issue — and to make it his pet topic. Miller chose mortgage finance. He knew little about it. Banking lobbyists More…
This morning, the Federal Deposit Insurance Co. announced that the banks it insures earned $18 billion in the first quarter of 2010, up $12.5 billion from the first quarter of 2009, as money set aside for loan losses decreased 17 percent. The percentage of banks losing money fell More…
Brian Beutler at Talking Points Memo reports that Democrats plan to hold off on altering Sen. Blanche Lincoln’s (D-Ark.) derivatives language until after her primary challenge on Tuesday.
Democrats reportedly want to weaken or strike Lincoln’s provision to force banks to spin off their derivatives desks. Everyone from Sen. More…
Earlier today, the Senate also approved — by an overwhelming 90 to 9 margin — a bipartisan amendment allowing the Federal Reserve to continue to supervise state-chartered banks and banks with less than $50 billion in assets. Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill initially transferred supervisory authority to More…
Today, the Federal Deposit Insurance Corporation, the independent federal agency headed by Sheila Bair that regulates banks and insures deposits, announced it plans to ask a number of big banks to write “living wills” or “funeral plans,” which it describes as “analysis, information, and contingent resolution plans that address More…
On Friday, Sheila Bair — the head of the Federal Deposit Insurance Corporation, which performs banking oversight and consumer protection as well as guaranteeing most bank deposits — wrote a letter to Sen. Chris Dodd (D-Conn.) and Sen. Blanche Lincoln (D-Ark.) urging them not to force banks to spin off More…
Elizabeth Warren warned in February that commercial real estate was the next recovery-killer, and since nothing improved by March, Tim Geithner yesterday took to CNBC to acknowledge the problem with commercial real estate and push the administration’s program to incentivize small banks to lend to small More…
Sen. Robert Menendez (D-N.J.), who chairs the Democratic Senatorial Campaign Committee, is under fire in The Wall Street Journal today for a poorly written letter drafted by a legislative assistant and likely signed by the office auto-pen.
In his letter to the Fed July 21, Mr. Menendez said
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