What can only be described as a blockbuster opinion was just handed down by the DC Circuit in the case of Canning v NLRB, the validity of President Obama’s recess appointments has been slapped down. Here is the full opinion. The three judge panel was Chief Judge David Sentelle, Karen Henderson and Thomas Griffith, all Republican appointees.
|By: bmaz Saturday January 26, 2013 4:00 pm|
|By: DSWright Thursday January 24, 2013 2:15 pm|
President Obama announced his nominees for heading the Securities and Exchange Commission and the Consumer Financial Protection Bureau today.
|By: David Dayen Thursday December 20, 2012 5:54 am|
Dealbook had an item about the qualified mortgage rule and the bid by mortgage lenders to acquire a “safe harbor,” essentially a shield against consumer lawsuits, in the process. I’ve already gone over this topic and continue to oppose giving banks a safe harbor of any kind on the merits. But just to shift gears away from the precise details for a moment, consider why you would want to give any entity that does something like this protection from legal exposure:
|By: David Dayen Tuesday November 20, 2012 6:45 am|
With the dismaying foreclosure fraud settlement in the rear view mirror and happy days here again for the housing market (at least that’s what the analysts tell me), you’d be surprised to know that lenders continue to work their hardest to rip off their customers. Two regulators have opened an investigation into their deceptive marketing tactics
|By: David Dayen Wednesday November 14, 2012 3:25 pm|
After consolidating the financial sector rather than seeing it broken up over the last few years, Wall Street actually faces competition, in the form of big box retailers.
It shows you just how much trust banks have lost when people would rather do financial lending business with Home Depot or Sam’s Club.
|By: David Dayen Monday October 22, 2012 9:00 am|
The Consumer Financial Protection Bureau released an eye-opening report on student lending late last week that got me thinking about a simple truth I think I had overlooked previously. I’ve documented for well over a year the extent to which mortgage servicers make their profits almost entirely through ripping off their customers, adding on unnecessary fees, and basically using opaque processes to skim money off the top.
|By: David Dayen Tuesday October 16, 2012 6:40 am|
CFPB’s credibility is on the line with this rule.
|By: David Dayen Thursday September 13, 2012 2:45 pm|
You might have guessed that I don’t have a ton of respect for our nation’s regulatory apparatus, particularly in the finance space. Too often regulators listen to their Wall Street friends over the nuances of the law, are slow to identify abuses and slower still to crack down on them, and when they finally get around to accountability measures, give the lightest slaps on the wrist possible. This makes sense for them, as they wouldn’t want to upset their future employers with rules and regulations and enforcement actions that cut into their profits. The common phrase used is “regulatory capture” – at this point, I’m not sure they have to be captured. Everybody knows the deal.
|By: David Dayen Thursday September 6, 2012 7:28 am|
It’s hard not to get blinded by the searing light of Bill Clinton. But Elizabeth Warren gave the speech that spoke more to me last night. Strip away the reason all these speeches are happening – support for the President – and the stories that Warren and Clinton told were a little different. Clinton told a story of Democratic policy ideas building a foundation for growth, and creating opportunity, and bringing back shared prosperity. He added an important moral component that “poverty, discrimination and ignorance restrict growth.”
Warren told the truth. “The game is rigged,” she said, and then she explained how.
|By: David Dayen Friday August 24, 2012 8:16 am|
What we’ve learned over the past few years is that banks base a large segment of their profits on their ability to flat-out rip off their customers. Here’s a great example, courtesy McClatchy. Banks have been charging their business customers what is labeled an “FDIC fee,” presumably to recoup costs from the deposit insurance fund into which they pay. Problem is, there’s no such thing as an FDIC fee, and the FDIC has warned banks to stop using their name to gather fees from their customers.