Banks

SCOTUS makes it easier for president to fire CFPB director

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Republicans have been trying for years to kill the Consumer Financial Protection Bureau (CFPB) — the brainchild of Senator Elizabeth Warren — an agency responsible for consumer protection in the financial sector. Republicans were unsuccessful in killing the CFPB, but today the Supreme Court did give the president the freedom to fire the CFPB director. Donald … Read more

With friends like these … Senate Democrats pass the ‘bank lobbyist act’

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Only a decade after the banksters of Wall Street engaged in  casino capitalism and the largest fraud ever perpetrated in human history, nearly destroying the world’s financial system and causing the Great Recession, the banksters of Wall Street have reasserted their stranglehold over members of the U.S. Congress.

In a 67-31 vote, the U.S. Senate approved the most sweeping changes yet to Dodd-Frank that have earned bipartisan support. All present Republicans and 16 Democrats and Independent Angus King voted to approve the measure, sending it to the House.

Bennet (D-CO), Carper (D-DE), Coons (D-DE), Donnelly (D-IN), Hassan (D-NH), Heitkamp (D-ND), Jones (D-AL), Kaine (D-VA), Manchin (D-WV), McCaskill (D-MO), Nelson (D-FL), Peters (D-MI), Shaheen (D-NH), Stabenow (D-MI), Tester (D-MT), Warner (D-VA); King (I-ME).

The Washington Post reports, Senate passes rollback of banking rules enacted after financial crisis:

The Senate on Wednesday passed the biggest loosening of financial regulations since the economic crisis a decade ago, delivering wide bipartisan support for weakening banking rules despite bitter divisions among Democrats.

The bill, which passed 67 votes to 31, would free more than two dozen banks from the toughest regulatory scrutiny put in place after the 2008 global financial crisis. Despite President Trump’s promise to do a “big number” on the Dodd-Frank Act of 2010, the new measure leaves key aspects of the earlier law in place. Nonetheless, it amounts to a significant rollback of banking rules aimed at protecting taxpayers from another financial crisis and future bailouts.

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House Speaker Paul Ryan maligns the CFPB days after it discloses major fraud scandal at Wells Fargo Bank

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So the GOP’s alleged boy genius, Ayn Rand fanboy Paul Ryan, “the zombie-eyed granny starver from the state of Wisconsin, ” recently posted this on Twitter.

Screen Shot 2016-09-14 at 3.41.29 PM

Note the date of this tweet: September 12, 2016. Matt O’Brien of the Washington Post mocks, And now, a case of really bad Republican timing.

Ryan’s tweet is just days after the Consumer Financial Protection Bureau (CFPB) scored one of the biggest consumer fraud victories in its short history against a bankster of Wall Street. 5,300 Wells Fargo employees fired over 2 million phony accounts:

Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn’t even sign up for.

That’s exactly what happened to Wells Fargo customers nationwide.

On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts — without their customers knowing it — since 2011.

The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.

“Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses,” Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.

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