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NEWS ABOUT: bank regulation

Banks Blitz Customers to Keep Overdraft Fees Coming

$20B in penalty fees threatened by Fed's new opt-in rule

(Newser) - Expect your mailbox to be stuffed in the coming weeks with entreaties from your bank, which desperately wants you to sign up for pricey overdraft fees it used to be able to slip into the small print. Under new Fed rules going into effect July 1, bank customers must opt-in... More »

Banks' Lobbying Blitz a Betrayal of Public Trust

After toppling economy, Wall St. now opposes consumer protections?

(Newser) - “Banking is based on trust,” Elizabeth Warren argues in the Wall Street Journal , yet lately banks have “thrown away customer trust like so much worthless trash.” After ripping off the public for years with deceptive mortgages and credit card tricks, they’re now lobbying furiously against... More »

Sarah Palin, Tea Partiers Are Actually Anti-Populist

The real Populists were anti-Wall Street and for big government

(Newser) - Calling what Sarah Palin and the Tea Partiers practice “populism” is backwards, writes Peter Beinart. In fact, they’re “anti-Populists.” The original Populists, in the late 19th century, “cursed Washington because it wasn’t powerful enough” to protect the people from the greed of “the... More »

Miffed at Obama, Wall St. Closes Wallet to Democrats

GOP swoops in to take advantage of 'buyer's remorse'

(Newser) - As President Obama pushes for tighter regulation of the financial industry, offended Wall Street donors are shifting ever more money to the Republicans. Obama's financial ties helped him pull in record Wall Street donations in 2008; now his policy proposals and anti-fat-cat rhetoric have the industry grumbling that "even... More »

Dodd, Shelby at 'Impasse' Over Financial Reform

Prospect of bipartisan deal fades

(Newser) - Attempts to craft a bipartisan financial regulatory overhaul have broken down, Chris Dodd announced today, raising the possibility of another partisan brawl like the health care debate. “Last night, Senator Shelby assured me that he is still committed to finding a consensus,” the Senate Banking Committee chairman said... More »

Scott Brown Got Late Push From Wall Street

Financial firms poured $450,000 into his Senate campaign

(Newser) - In the 6 days before the special election for US senator from Massachusetts, employees of financial companies gave a whopping $450,000 to Scott Brown. The donations came just after President Obama proposed a fee on Wall Street’s biggest players to help pay back lost TARP funds. The influx... More »

Volcker Trumps Geithner With Tough Bank Rules

Treasury Secretary's influence over Obama fading

(Newser) - Paul Volcker scored a major victory yesterday as Barack Obama endorsed his proposal for tough new bank regulations over the objections of Tim Geithner. Obama even dubbed the proposal, which would prevent banks from making speculative investments that don't benefit their customers, the “Volcker Rule.” It’s a... More »

Europe Applauds Bank Crackdown; Markets Swoon

Bank shares hit hard by pledge to curb risk-taking

(Newser) - European leaders today lauded President Obama's plan to limit the size and risk-taking of the nation's banks, but stock markets worldwide were rattled. Asian markets fell sharply today and European markets opened down, following a 213 point drop in the Dow yesterday, its biggest 2-day loss since March. Europeans said... More »

Crisis Probe Bares Fools' Guilt-Free Fantasy

Deregulation, greed made crash inevitable

(Newser) - The Financial Crisis Inquiry Commission hasn't extracted admissions of wrongdoing from top bankers, but it has exposed stunning cluelessness among the captains of American finance, writes Paul Krugman. The honchos testified that a financial crisis is something that just happens from time to time, Krugman writes in the New York ... More »

Now Dodd Can Make a Real Difference

Lame duck can cut a deal with GOP on financial oversight

(Newser) - Sen. Chris Dodd’s decision not to seek reelection could make financial regulatory reform more likely while burnishing his own tainted legacy. Oddly, the route to legislative success for the historically Wall Street-connected Dodd would require him to back away from the more populist, pro-consumer stance he took when his... More »

Banks Screw Customers in Regulatory Pout

Fees soar in revenge for tougher rules in the works in Congress

(Newser) - With a slew of new regulations headed their way, banks are jacking up their fees and credit card rates, in a blatant attempt to squeeze every last penny out of their customers. They say they’re just trying to recoup the money these new consumer protections will cost them. For... More »

Shelby, Dodd Expect Bipartisan Financial Reform

January markup possible as fears of a partisan battle fade

(Newser) - Hoping to avoid a repeat of the health care dogfight, Chris Dodd and Richard Shelby think they’ve made “meaningful progress” on a bipartisan deal on financial regulatory reform. Dodd’s initial solo draft of the bill drew Republican jeers asked top members of his Senate Banking committee to... More »

McCain, Cantwell Join Forces to Break Up Banks

Unlikely duo sponsor bill to reinstate Glass-Steagall

(Newser) - John McCain, reconnecting with his inner maverick, has teamed up with liberal firebrand Maria Cantwell on a bill to break up Wall Street banks by reinstating the Glass-Steagall Act. The Depression-era law, dumped a decade ago, enforced a split between commercial banking and investment banking. The effort to bring it... More »

Ron Paul Poised to Finally Pass Fed Audits

For first time in nine tries, amendment goes to House floor

(Newser) - For Ron Paul, it's got to be sweet. The financial regulatory reform bill that opened for debate in the House today contains Paul's amendment to subject the Fed to congressional audit—his ninth try in 11 years in office to get a Fed-curbing proposal into play. Until now, none of... More »

Give Thanks We're Not Thanking Wall St.

Be grateful for new skepticism on financial industry

(Newser) - There won't be a lot of people thanking the financial industry this Thanksgiving, and that in and of itself may be cause to be thankful, writes Thomas Frank. There's been a shift in thinking and newly skeptical Americans no longer believe that the market is omniscient or that colossal Wall... More »

Danger Signs Ignored at Failed Banks

Regulators knew loans were toxic but didn't act

(Newser) - "Post-mortems" on banks that failed during the financial crisis are exposing serious misjudgment by state and federal regulators. Inspectors-general are finding at bank after bank that regulators were aware that risky and potentially toxic loans were being made while the economy was booming, but failed to take action, the... More »

Financial Reform: How to Prevent Another Greenspan

Reform plans may hand regulation over to fervent deregulators

(Newser) - There's a lot riding on reform of the financial industry, but the administration's plans to overhaul financial regulation carries the seeds of its own destruction, writes Thomas Frank. Taking oversight away from the present confusing array of agencies and making the Federal Reserve One Big Regulator means that when the... More »

Dodd Unveils Sweeping Financial Overhaul Bill

It would create new oversight agencies

(Newser) - Chris Dodd introduced a sweeping financial regulation bill that creates no fewer than three new agencies to oversee the banking industry. Dodd’s bill creates an Agency for Financial Stability to identify systemic risks to the economy as a whole. It entrusts all bank supervision to the Financial Institutions Regulatory... More »

Dodd Declares War With Senate Bank Bill

Senator readies radical overhaul of finance regulation

(Newser) - A Senate bill that would fundamentally change the structure of banking regulation is headed for a clash with both the House and the White House. Christopher Dodd is readying a proposal to strip the Fed and FDIC of almost all bank-supervision powers, creating in their place a new agency that... More »

Geithner to Bankers: Crackdown Is 'War'

Treasury secretary tells Wall Street it must accept regulation

(Newser) - Tim Geithner had tough words for Wall Street bankers yesterday, telling the financial industry's annual conference that they had no credibility to protest new regulation. The Treasury secretary said government had a responsibility to crack down on dangerous practices on the Street and design new laws allowing seizures of institutions... More »

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