Tag Archives: banking

Trump Administration Strips Enforcement Powers From Consumer Bureau In Cases Of Lending Discrimination

The Washington Post reports: The Trump administration has stripped enforcement powers away from Consumer Financial Protection Bureau office that specializes in pursuing cases against financial firms for breaking discrimination laws, according to two people familiar with the matter and emails reviewed by The Washington Post. The move comes about two months after President Trump installed his budget chief Mick Mulvaney …

Read More »

Feds Drop Suit Against Predatory Payday Lenders

Bloomberg reports: The Consumer Financial Protection Bureau is dropping a lawsuit against a group of payday lenders associated with an American Indian tribe in a sign the regulator is changing direction under Mick Mulvaney, the acting director appointed by the Trump administration. The agency had accused the lenders of deceiving consumers and failing to disclose the true cost of the …

Read More »

DOJ Blindsided Banks With Reversal On Legal Pot

Bloomberg reports: When the U.S. Justice Department said last week it was reversing policy on the $7 billion marijuana business, it failed to first notify federal officials who advise banks in states where the drug is legal, sources in Congress said. The announcement by U.S. Attorney General Jeff Sessions, a longtime critic of legalizing marijuana, caused confusion among banks about …

Read More »

Trump Administration Waives Punishments For Major Banks, Including One Trump Owes At Least $130 Million

The International Business Times reports: The Trump administration has waived part of the punishment for five megabanks whose affiliates were convicted and fined for manipulating global interest rates. One of the Trump administration waivers was granted to Deutsche Bank — which is owed at least $130 million by President Donald Trump and his business empire, and has also been fined …

Read More »

Senate Kills Obama-Era Rule Allowing Consumer Class Action Against Banks, Pence Casts Tie-Breaking Vote

Reuters reports: Banks, credit card issuers and other financial companies will be able to block customers from banding together to sue over disputes, after the U.S. Senate on Tuesday narrowly killed a rule banning the firms from using “forced arbitration” clauses. Republican Vice President Mike Pence appeared on the Senate floor at 10:11 p.m. EDT to cast the tie-breaking vote …

Read More »

Trump’s Financial Disclosure Reveals He Owes Hundreds Of Millions To Banks Currently Lobbying Congress

The International Business Times reports: Financial disclosure documents released Friday by the Office of Government Ethics shed new light on President Trump’s finances, even as he refuses to release his tax returns. The documents show that Trump owes hundreds of millions of dollars to major financial institutions — some with business before Trump’s administration. According to section 8 of the …

Read More »

Mnuchin Flip-Flops On Breaking Up Big Banks, Elizabeth Warren Rants “This Is Straight Out Of Orwell” [VIDEO]

Bloomberg reports: Treasury Secretary Steven Mnuchin said breaking up the biggest banks would be a “huge mistake,” easing concerns that the Trump administration plans a major revamp of Wall Street. “We do not support a separation of banks and investment banks,” Mnuchin said Thursday at a Senate Banking Committee hearing, just weeks after President Donald Trump said his administration was …

Read More »

Elizabeth Warren Expresses Dismay Over Obama’s $400K Wall Street Speech: I Was Troubled By That

The HuffPost reports: Sen. Elizabeth Warren (D-Mass.) voiced her concerns over President Barack Obama’s plans to accept $400,000 for giving a speech to Cantor Fitzgerald LP, saying money in politics is “a snake that slithers through Washington.” The senator appeared on Sirius XM’s “Alter Family Politics” program to promote her new book, “This Fight Is Our Fight,” and she was …

Read More »

Wells Fargo Claws Back $75M In Bonuses From Former Top Executives Over Roles In Fake Accounts Scandal

USA Today reports: Wells Fargo said Monday that it would claw back tens of millions in additional compensation from top former executives after an investigation concluded that the leaders had not acted swiftly to contain alleged “improper and unethical behavior.” Independent board members, paired with outside investigators hired by the company to review its fake accounts scandal, blasted Wells Fargo …

Read More »

Trump Signs Order Backing Rollback Of Wall Street Reforms Meant To Prevent Another Banking Meltdown

So this just happened. Reuters reports: U.S. President Donald Trump on Friday will scale back major regulations that resulted from the financial crisis, directing a review of the Dodd-Frank Act and putting the brakes on a retirement advice rule. The executive order Trump will sign on the 2010 Dodd-Frank law on Wall Street reform will be largely symbolic towards rolling …

Read More »

Trump Taps Goldman Sachs Advisor To Head SEC

Swampity swamp swamp. The New York Times reports: President-elect Donald J. Trump said on Wednesday that he planned to nominate Jay Clayton, a partner with the prominent New York law firm Sullivan & Cromwell, to lead the Securities and Exchange Commission, the latest appointment with strong ties to Wall Street. If confirmed, Mr. Clayton will be responsible for “encouraging investment …

Read More »

Progressive Group Launches Campaign Pressuring Senate To Reject Trump’s Treasury Nominee [VIDEO]

Politico reports: A progressive advocacy group is launching a television ad campaign designed to pressure Republican Sens. Dean Heller and Jeff Flake to oppose Steven Mnuchin’s nomination as Treasury secretary. The ads, paid for by the group Allied Progress, are scheduled to begin airing Wednesday in the senators’ home states of Nevada and Arizona. The TV spots highlight the money …

Read More »

SWAMP THING: Trump Names Zillionaire Goldman Sachs President Gary Cohn To Run Economic Council

The Hill reports: Donald Trump has picked Goldman Sachs president Gary Cohn to direct the National Economic Council in the White House, NBC News reported Friday morning. The council helps advise the president on economic policy. Cohn would be the second Goldman-linked appointment for the president-elect, who already named former Goldman Sachs partner Steven Mnuchin as Treasury secretary. Cohn met …

Read More »

WHO’S SORRY NOW: Woman Who Lost Her Home To Bankster Steve Mnuchin Regrets Voting For Trump

The Associated Press reports: When Donald Trump named his Treasury secretary, Teena Colebrook felt her heart sink. She had voted for the president-elect on the belief that he would knock the moneyed elites from their perch in Washington, D.C. And she knew Trump’s pick for Treasury, Steven Mnuchin, all too well. OneWest, a bank formerly owned by a group of …

Read More »

Treasury Pick Scrubbed Address Of His $26M Mansion From The Web Due To Mortgage Crisis Protesters

The New York Daily News reports: Donald Trump’s Treasury pick treasures his family’s privacy. Steven Mnuchin told a judge during his 2014 divorce he wanted his home address kept private because he was worried protesters upset by foreclosures might harm his three young kids – and he even got the address wiped off the internet. In a sworn statement requesting …

Read More »

Warren Rips Trump Over Goldman Sachs Picks [VIDEO]

CNN reports: Democratic Sen. Elizabeth Warren, who’s been an outspoken critic of President-elect Donald Trump, slammed him for saying he’s “for the American people” before he selected Steven Mnuchin, a former Goldman Sachs banker, to be treasury secretary in his administration. “He promised that he was going to run this government for the American people and not for Wall Street. …

Read More »

SWAMP THING: Trump Considers Goldman Sachs President Gary Cohn For Senior Administration Position

Via Politico: President-elect Donald Trump is considering Goldman Sachs President Gary Cohn for a senior administration job, possibly as director of the Office of Management and Budget, several sources close to the situation said on Wednesday. People familiar with the matter say Cohn’s meeting with Trump on Tuesday included talks about a potential job in the new administration, possibly to …

Read More »

SWAMPY SWAMP SWAMP: Trump Names Goldman Sachs Bankster Steve Mnuchin As Treasury Secretary

The Wall Street Journal reports: President-elect Donald Trump will name longtime banker and former Goldman Sachs executive Steven Mnuchin as Treasury secretary, turning to a campaign loyalist and fundraiser for the incoming administration’s top economic cabinet post, a transition official said Tuesday. Mr. Mnuchin built his career sniffing out undervalued assets and converting them into massive profits. But perhaps his …

Read More »

DRAIN THE SWAMP: Trump Poised To Name Goldman Sachs Exec Steve Mnuchin As Treasury Secretary

Salon reports: Despite his promise to “drain the swamp,” it looks like President-elect Donald Trump is prepared to nominate one of Wall Street’s most notorious bog monsters to be America’s next secretary of the Treasury. Steven Mnuchin, who served as the Trump campaign’s national finance chairman, has been recommended by the Trump transition team for the top post in the …

Read More »

Wells Fargo CEO Resigns After Massive Scam Scandal

Via press release: Wells Fargo & Company announced today that Chairman and Chief Executive Officer John Stumpf has informed the Company’s Board of Directors that he is retiring from the Company and the Board, effective immediately. The Board has elected Tim Sloan, the Company’s President and Chief Operating Officer, to succeed him as CEO, and Stephen Sanger, its Lead Director, …

Read More »