American Bankers Association

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Banks Will Say 'Up Is Down' to Make a Buck

In fighting consumer agency, they prove they're hypocrites

(Newser) - The American Bankers Association is lobbying hard to kill the consumer protection agency, arguing that separating consumer protection from "safety and soundness" regulations would destabilize banks. Which might be a more credible argument, had they not made the opposite one in a 2006 memo, notes TARP oversight chair Elizabeth... More »

Boehner to Bankers: Beware Pro-Reform 'Punk Staffers'

Still, House minority leader says bill will take a year to pass

(Newser) - John Boehner gave comfort to an “enthusiastic” gathering of bankers yesterday, telling them that even if the Senate passes financial reform legislation it will languish in the House for many moons. “It’s just as likely that we’ll be talking about the same issue a year from... More »

More Americans Falling Behind on Loans

Balances surge on bank credit-cards as Americans struggle to pay bills

(Newser) - Delinquencies on consumer and home-equity loans rose in the first quarter as unemployed Americans struggled to pay their bills, the Wall Street Journal reports. The number of borrowers at least 30 days late on their consumer loans, which include auto loans, rose slightly to 3.23% from the previous quarter.... More »

US Weighs Shaving Bankers' Pay

Planned rules may apply to banks that weren't bailed out

(Newser) - The Obama administration has begun an ambitious project to overhaul compensation practices across the financial  sector, including at firms that received no bailout, reports the Wall Street Journal. The government may use the powers of the Fed or the SEC, as well as congressional legislation, to prevent banks from rewarding... More »

SEC Relaxes 'Fire Sale' Assets Rule

Aims to ease pressure by freeing assets from free-market value

(Newser) - The SEC is relaxing enforcement of a controversial rule in a bid to ease pressure on banks during the financial crisis, the New York Times reports. Current accounting rules require companies to value assets at a fluctuating fair market price. In the current financial chaos, values are rapidly heading south,... More »

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