According to ABC News, President Obama is about to appoint Elizabeth Warren to a position reporting directly to the President and residing in the Treasury Department. Her role will be setting up the new Consumer Financial Protection Bureau. This is a brilliant move. Rather than getting into a fight over her nomination as permanent...
The Obama Administration has been steadily losing its luster in many areas, but perhaps nowhere more so than in the field of financial regulation, where leadership is more urgently needed than anywhere else. Today’s American Banker (proprietary content, unfortunately) carries a story, appropriately entitled “White House backs itself into a corner letting CFPB remain...
Under the Dodd-Frank Act the Federal Reserve is now empowered to regulate interchange fees charged by card issuers to merchants when customers use their debit cards. The Fed is required to ensure that the fees are “reasonable and proportional.” (An exception has been provided for cards issued by small banks, i.e. those with less...
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