Payday lenders more than doubled their spending on federal lobbying to $9.2 million in 2009-10, an investment that defeated Congressional attempts to cap short-term loan interest rates but failed to win a carve-out from regulation by the new Consumer Financial Protection Bureau.
The Federal Deposit Insurance Corp. has sued former executives and board directors of only five failed banks during the past three years, including some from IndyMac, which collapsed in January 2008.Kevork Djansezian/Associated Press
With the FDIC struggling to manage huge losses to its insurance fund, critics say the agency should do more to hold executives of failed banks financially accountable.
As budget-conscious House Republicans try to kill a $1 billion program to help unemployed Americans avoid foreclosure, Democrat Barney Frank today suggested another funding source: Require the big banks to pick up the tab.
Senior Securities and Exchange Commission officials today defended the agency’s request for a $264 million budget increase in fiscal 2012, saying the extra money is needed to carry out the financial reform law as well as updating corporate disclosure requirements which have remained unchanged for nearly three decades.
A West Virginia judge has slapped online mortgage giant Quicken Loans Inc. with more than $2.7 million in punitive damages and legal costs after finding the lender had defrauded a borrower by misleading her about her loan and using an inflated property appraisal.
Bankers dueling with retailers over a Federal Reserve plan to limit debit card processing fees took the fight into friendly territory today at a House Financial Services subcommittee hearing.
As Congress begins to tackle the future of Fannie Mae and Freddie Mac, the government-chartered mortgage giants that have been kept alive with $150 billion in taxpayer aid, a whistleblower lawsuit has been given the green light to proceed.
Government data analyzed by Federal Reserve economists shows what many home owners have already learned the hard way: Consumers have a much better chance of renegotiating a distressed mortgage if the original bank lender still holds it.
U.S. bankers are asking Congress to halt a proposed Dodd-Frank regulation that would cut debit card revenues by claiming it would also discourage smaller banks from making “job-producing loans.”
