CFPB’s Project Catalyst Relies on Financial Innovation Fairy to Rescue the Underbanked
The CFPB’s Project Catalyst relies on the financial innovation fairy to produce consumer-friendly financial products rather than regulation.
Read more...Category Archives: Credit cards
Wolf Richter: Wells Fargo Hasn’t Changed One Iota – Aggressive Cross Selling Baked In
This is Naked Capitalism fundraising week. 1282 donors have already invested in our efforts to combat corruption and predatory conduct, particularly in financial realm. Please join us and participate via our Tip Jar, which shows how to give via check, credit card, debit card, or PayPal. Read about why we’re doing this fundraiser, what we’ve accomplished in the […]
Read more...CFPB Looks Here to Stay: What Does the Future Hold?
A decision by the D.C. Circuit Court of Appeals overturning the CFPB director structure allows the agency to pursue its ongoing policy and enforcement agenda. With separate new regulations on payday lending and mandatory arbitration expected soon, will consumers finally get the more effective financial product regulation we deserve?
Read more...Stumpf is Still Faking It – Claims 75% Couldn’t Resist Wells Fargo Credit Cards
In a not-exactly-shocking development of the ongoing Wells Fargo account faking scandal (see our previous coverage here, here and here if you’re late to the party and need a quick catch-up) CEO John Stumpf, fighting a rear-guard action, is making outlandish claims about how, having begun the process of contacting customers who it has cause to […]
Read more...Wells Fargo Fake Accounts Hidden by Fake Whistleblowing: Former Employees, Including HR Officials, Allege Systematic Retaliation
As short seller David Einhorn says, “No matter how bad you think it is, it’s worse.” That’s proving true at Wells Fargo as former employees allege systematic whistleblower retaliation.
Read more...DoJ Opens Investigation Into Wells Fargo Fake Accounts; Why Top Execs Are Responsible
Sanctimonious Wells Fargo may finally be getting its comeuppance.
Read more...Wells Fargo Exec Who Oversaw Fake Accounts Received $125 Million Upon Recent Retirement, Praise from CEO; Senate Hearings Next Week
The Wells Fargo “fake accounts” scandal gets uglier.
Read more...Wells Fargo Fined $185 Million for Opening Phony Customer Accounts, Charging Fees Without Consent; Executives Go Scot Free
Wells Fargo executives make a clean getaway despite the bank engaging in large-scale, systematic consumer fraud.
Read more...Business Groups Aim to Strong-Arm CFPB on Arbitration
Business groups seek to thwart proposed CFPB regulations to limit forced arbitration clauses and allow consumers to bring class actions.
Read more...How Much Do Shady Financial Practices Cost You, Exactly?
The average U.S. household loses over $100,000 to destructives activities of bankers and financiers
Read more...How Finance Costs Too Much and Fails to Deliver
The costs of looting by the financial services industry are even more staggering than you probably imagined.
Read more...Neoliberalism’s Press Gangs: How Markets Raise Costs
Neliberalim’s press gangs – forcing citizens to participate in capitalism when even it produces worse outcomes than public ownership would.
Read more...The New Abnormal: “Disequilibrium Flirting with Deflationary Depression”
The New Abnormal: a period of profound disequilibrium as the aftershocks of the Crisis collide with and complicate structural changes.
Read more...Wolf Richter: Business Loan Delinquencies Spike to Lehman Moment Level
While consumer credit card and mortgage delinquencies are tame, business loan delinquencies have taken a big turn for the worse.
Read more...Consumer Financial Protection Bureau to Put End to Mandatory Arbitration for Consumer Loans, Credit Cards
Ding, dong, the witch of mandatory arbitration is (on its way to being) dead.
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